$MSTR Strategy

BTC held

845,050

Common shares

420,483,000

Debt principal

$6,714,000,000

Preferred claims

$14,803,000,000

Cash offset

$6,714,000,000

Net claims

$14,803,000,000

Net sats/share = [BTC − (debt + preferred − cash) ÷ BTC price] ÷ common shares × 100,000,000.

Net sats/$100 = net sats/share × 100 ÷ stock price. Net mNAV = stock price ÷ net backing per share in dollars. Direct BTC assumes no fees.

Dated estimate using the site's capital-structure ledger. Debt, preferred and cash amounts require a refreshed primary-source reconciliation before this can be treated as current CEBE.

The latest disclosure is 2026-09-20; this calculation retains the complete 2026-08-30 snapshot, including its share count. Subsequent capital changes are not included.

Cash offset includes USD Reserve plus treasury USD Cash, which Strategy defines separately. This is not total balance-sheet cash.

• BTC holdings disclosure ↗ · 2026-08-30
  BTC holdings; capital amounts are the existing ledger estimate, not all independently established by this filing.
• Strategy share counts ↗ · 2026-08-30
  Basic common shares, rounded as reported; no assumed conversion.
• Strategy cash definitions ↗ · 2026-08-30
  USD Cash excludes USD Reserve; the two ledger amounts are added once.

Uses unconverted claims and basic/effective common shares. Options and potential conversion shares are excluded. Debt and preferred amounts are modeled notionals, not a comprehensive liquidation waterfall. Other liabilities, accrued or future dividends, operating costs and taxes are excluded.

CEBE means Common Equity Bitcoin Exposure. Framework credited to Bobby Tierney / CEBE Tracker. BTCperShare calculates independently; cash definitions and reporting dates may differ.