MSTR to BTC Converter
Convert MicroStrategy (MSTR) shares into their bitcoin value and back, at live market prices — plus the MSTR/BTC ratio and the bitcoin actually held per share.
Enter a number of MSTR shares or an amount of BTC.
Two different MSTR-to-BTC ratios
There are two ways to express how much bitcoin an MSTR share represents, and they are not the same number. The price ratio above divides the live MSTR share price by the live BTC price — it is what the market says one share is worth in bitcoin right now, and it drives the converter.
The bitcoin per share figure is different: it is the actual bitcoin on Strategy's balance sheet divided by its assumed-diluted share count, derived from SEC filings. It is the bitcoin genuinely backing each share, regardless of price.
The gap between the two is the premium — when the market values a share above the bitcoin behind it, MSTR trades above its bitcoin NAV. That premium is exactly what the mNAV tracker measures. For the full balance sheet see the MSTR deep-data page.