$MSTR Strategy
Strategy pioneered the corporate Bitcoin treasury model and continues to develop enterprise analytics software. MSTR is its publicly traded common stock.
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Current snapshot
- Bitcoin held
- 849,327 BTC
- Holdings as of
- 26-11-01
Shares outstanding
- Basic
- 423,533,000
- ADSO
- 453,112,000
Bitcoin per share · sats
- Basic
- 200,534
- ADSO
- 187,443
- Strategy Net BPS
- 153,513
- CEBE
- —
CEBE capital: 26-11-01 · Mixed-date estimate
Market-based values loading…
Valuation & leverage
- Strategy Net BPS ($)
- $118.70
- mNAV (market cap)
- —
- mNAV (Strategy)
- 1.14×
- Amplification (Strategy)
- 1.29×
13.55% premium to issuer Net BPS.
Financing & liquidity
- Annual financing cost
- $1.484B
- USD coverage
- 39.8 months
Coverage, not operating cash runway.
As of Nov 1, 2026
Bitcoin activity: 811 BTC purchased; BTC sales not specified. ATM program marked active in this snapshot; see the filing for issuance details.
Of the $164.0M in net MSTR proceeds, $65.5M funded bitcoin purchases and $98.5M went to USD Cash. Strategy used $208.2M of USD Cash to repurchase STRC and $43.4M of the USD Reserve to pay preferred dividends.
26-11-02 8-K · Share-count source: Strategy's share table. The saved snapshot is dated 26-11-01; calculation precision is limited to the company's disclosed share counts. ADSO BTC/share changed approximately −0.165% versus the previous saved snapshot.
Latest 12 BTC/share changes
| As of | Δ | |
|---|---|---|
| 26-08-17 | 196,684 | DILUTIVE-0.81% |
| 26-08-24 | 188,628 | DILUTIVE-4.10% |
| 26-08-31 | 187,751 | DILUTIVE-0.46% |
| 26-09-08 | 187,739 | FLAT-0.01% |
| 26-09-13 | 187,742 | FLAT+0.00% |
| 26-09-20 | 187,955 | ACCRETIVE+0.11% |
| 26-09-27 | 187,712 | DILUTIVE-0.13% |
| 26-10-04 | 187,748 | FLAT+0.02% |
| 26-10-11 | 187,750 | FLAT+0.00% |
| 26-10-18 | 187,753 | FLAT+0.00% |
| 26-10-25 | 187,752 | FLAT-0.00% |
| 26-11-01 | 187,443 | DILUTIVE-0.16% |
BTC/share snapshots
| As of | BTC | Form | |
|---|---|---|---|
| 20-12-31 | 70,469 | 56,598 | YE |
| 21-12-31 | 124,391 | 83,353 | 10-K |
| 22-12-31 | 132,500 | 84,874 | 10-K |
| 23-12-31 | 189,150 | 91,097 | 10-K |
| 24-12-31 | 447,470 | 158,826 | 10-K |
| 25-12-31 | 672,500 | 194,986 | 10-K |
| 26-11-01 | 849,327 | 187,443 | 8-K |
ADSO measures diluted common ownership. Clean BTC/share separately adjusts the Bitcoin pool for senior claims when that calculation is available.
View STRC preferred details →Era
- YE 2020 sats/share on ledger: 56,598.
- YE 2021 → YE 2022: 83,353 → 84,874 ADSO sats/share.
- YE 2023 → YE 2025: 91,097 → 158,826 → 194,986 ADSO sats/share.
- 2026 H1: 26-03-31 201,170 · 26-06-30 210,824 sats/share.
- 26-08-30 8-K: bought 4,603 BTC and issued approximately 4.53M shares; BTC/share moved 188,628 → 187,751 (-0.46%).
Behind the numbers
Methodology & sources
Company disclosures, issuer observations and independently calculated net backing. Open a section for definitions, dates and assumptions.
Issuer API, observation times & fallback rules
Saved fallback — not current · 2026-11-02 16:16 UTC
Strategy Net BPS uses the issuer's diluted-share and conversion treatment, not basic-share CEBE. BTC price in this observation: $77,323.33.
Checking the issuer feed…
Source & update details
Checks approximately every two minutes while this page is visible. The server shares a validated two-minute cache. Observation time is from the issuer, not the time we checked. A saved fallback keeps its original date; it is not a current quote.
Strategy bitcoinKpis ↗ · Issuer methodology ↗
Snapshot ID: 1793636198402:849327:153512.9014:77323.33:mnav=1.1355:amp=1.2942:ctx=1483787308.5,39.8062442384073,50744900298.91,70594791898.91. Saved response originally supplied by the site owner.
Shared links recalculate when opened. PNGs preserve the observation displayed at export. No historical series is inferred from this current feed.
One issuer observation supplies Net BPS, headline mNAV, amplification, financing and reserve context. Missing optional fields stay unavailable; — means unavailable, not zero. This timestamp does not date our CEBE capital inputs or the separate stock-price quote.
CEBE calculation, capital dates & sources
GROSS & NET BITCOIN EXPOSURE
MSTR · CEBE
Net Bitcoin-equivalent backing after debt and preferred claims, offset by cash.
Basic common shares · Snapshot 2026-11-01
Mixed-date estimate reviewed 2026-11-02: BTC, shares and cash dated 2026-11-01; preferred values rechecked November 2; convertible debt rechecked November 2 and other secured debt from 2026-06-30.
Preferred claims use stated/notional amounts. Actual liquidation preferences may be higher.
- Net claims / BTC value
- —
- Net sats / $100 of stock
- —
- Net mNAV
- —
- Direct BTC sats / $100
- —
Loading market quotes…
Calculation, dates & sources
- BTC held
- 849,327
- Common shares
- 423,533,000
- Debt principal
- $6,754,044,000
- Preferred claims
- $13,135,900,000
- Cash offset
- $4,922,700,000
- Net claims
- $14,967,244,000
Net sats/share = [BTC − net claims ÷ BTC price] ÷ common shares × 100,000,000. Net claims = debt + preferred − cash.
Net sats/$100 = net sats/share × 100 ÷ stock price. Net mNAV = stock price ÷ net backing per share in dollars. Direct BTC assumes no fees.
Mixed-date capital estimate reviewed 2026-11-02. The capital date 2026-11-01 identifies the BTC, basic shares and cash snapshot, not a common observation date for every balance. This is not a fully reconciled same-date balance sheet.
Convertible debt uses $6.714B of rounded principal from the Strategy debt table checked November 2. The table does not provide a separate principal-balance observation date. Market value is not deducted. All convertibles remain claims; conversion shares are not added.
Other secured debt adds $40.044M of principal from the 2026-06-30 10-Q, carried forward unchanged. Subsequent amortization, repayment or refinancing is not established by this review. The approximately $6.754B combined debt input is an estimate, not a fresh total-debt disclosure.
Preferred modeled claims total approximately $13.1359B across STRF, STRC, STRE, STRK and STRD. These are rounded issuer-page USD notionals rechecked November 2; the pages did not expose observation timestamps. They are not certified November 1 balances. STRE uses the displayed USD equivalent with an unspecified FX observation time, fixed in this snapshot, not a live FX conversion. Adjusted liquidation preferences and accrued dividends are not independently reconciled.
Cash offset is $132.7M treasury USD Cash plus $4.79B USD Reserve, each added once, from the November 2 SEC filing. This is not total balance-sheet cash. Basic common shares are published in thousands. Q3 accounting gains and deferred tax balances are outside this debt-and-preferred model; they are not added to cash or gross BTC. Clean/issuer Net BPS and this basic-share CEBE estimate are different measures.
- BTC and cash disclosure ↗ · 2026-11-01
849,327 BTC; $132.7M USD Cash and $4.79B USD Reserve. Verified against the November 2 SEC 8-K. Does not restate total debt or all preferred balances. - Strategy basic shares ↗ · 2026-11-01
423,533,000 basic shares from the November 1 issuer table, published in thousands. Not ADSO or FDSO. - Convertible principal (reviewed issuer table) ↗ · 2026-11-02
November 2 issuer debt table rechecked. Rounded notionals: $1,010M + $1,500M + $800M + $2,000M + $604M + $800M. The issuer table explicitly excludes other indebtedness. - Other secured debt (carried forward) ↗ · 2026-06-30
Debt maturities table: $40,044 thousand principal. Net carrying value and market value are not used. Later payments are unverified. - STRF issuer notional ↗ · 2026-11-02
Review date, not an issuer observation date. Displayed USD notional $1,284.0M; rounded and fixed in this estimate. - STRC issuer notional ↗ · 2026-11-02
Review date, not an issuer observation date. Displayed USD notional $8,182.2M; rounded and fixed in this estimate. - STRE issuer notional ↗ · 2026-11-02
Review date, not an issuer observation date. Displayed USD notional $865.2M; rounded and fixed in this estimate. - STRK issuer notional ↗ · 2026-11-02
Review date, not an issuer observation date. Displayed USD notional $1,402.1M; rounded and fixed in this estimate. - STRD issuer notional ↗ · 2026-11-02
Review date, not an issuer observation date. Displayed USD notional $1,402.4M; rounded and fixed in this estimate. - Strategy metric and cash definitions ↗ · 2026-11-02
USD Assets = USD Reserve + USD Cash. Issuer Net BPS uses its separate diluted-share and conversion methodology.
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; asset offsets, preferred claim bases and reporting dates may differ. This notional model retains signed net claims; CEBE Tracker floors net senior claims at zero.
From gross Bitcoin value to issuer net reserve
- Gross Bitcoin value
- $65.67B
- + USD Assets (derived)
- $4.92B
- − Modeled senior claims (derived)
- $19.85B
- Issuer net reserve
- $50.74B
Gross value = issuer BTC holdings × its accompanying BTC price. Net reserve is the issuer’s netBtcReserve. All figures use the same API observation; displayed amounts are rounded.
Where available, USD Assets = total reserve − gross Bitcoin value; modeled senior claims = total reserve − net reserve. These are derived issuer-model amounts, not independently verified debt or cash balances.
The issuer deducts out-of-the-money debt and preferred notionals, offsets USD Assets, and assumes conversion of in-the-money instruments. This is not balance-sheet equity, liquidation proceeds or our basic-share CEBE. Actual preferences, taxes and other liabilities can differ.
Saved fallback — not current · 2026-11-02 16:16 UTC. Issuer methodology ↗
Financing, USD coverage & limitations
Financing & liquidity
- Annual interest + preferred dividends
- $1.484B
- USD coverage at current financing cost
- 39.8 months
Illustrative coverage, not operating cash runway. Assumes no other use of USD assets; excludes principal repayments and other spending. Financing rates and balances can change.
Saved fallback — not current · 2026-11-02 16:16 UTC
Financing definitions & sources
The issuer calls the annualized cost “Annual Int + Div.” It covers interest on indebtedness and preferred dividends, not dividends paid to MSTR common shareholders. The API field is totalAnnualDividends.
USD coverage uses usdMonthsOfDividends: USD Assets divided by annual interest and preferred dividends, expressed in months. USD Assets includes USD Reserve and treasury USD Cash; it is not total balance-sheet cash. No assumption of selling Bitcoin is used for this USD-only measure.
USD Assets implied by this API observation: $4.92B. Derived from total reserve less gross Bitcoin value, not copied into our filing cash records.
— means unavailable or not reconciled, not zero. No missing field is borrowed from an older observation.