The bitcoin treasury, by the numbers
Everything that turns a software company into a leveraged bitcoin holding vehicle — holdings, dilution, and the premium the market assigns.
Bitcoin position
Valuation & capital structure
The premium, over time
- Aug 11, 2020First bitcoin purchase — MicroStrategy buys 21,454 BTC for ~$250M and begins its bitcoin treasury strategy.
- Nov 25, 20242024 buying spree — Post-election accumulation pushes holdings past 386K BTC as bitcoin nears $100K.
- May 31, 2026First reported BTC sale — Strategy reported selling 32 BTC between May 26 and May 31, 2026, with proceeds expected to help fund preferred-stock distributions — the first of two reported 2026 sales.
- Jun 27, 2026mNAV falls below 1.0 — Strategy's market cap slips below the market value of the bitcoin it holds for the first time — the premium becomes a discount.
- Jun 29, 2026Digital Credit Capital Framework: USD Reserve policy, revised STRC dividend policy, $1B preferred + $1B common repurchase programs, BTC Monetization Program (authorization to sell up to $1.25B) — The June 29 8-K reported holdings unchanged at 847,363 BTC and no purchases during the June 22–28 period. The Board authorized a BTC Monetization Program permitting future sales of up to $1.25B to fund the USD Reserve, alongside a USD Reserve policy, a revised STRC dividend policy, and $1B preferred + $1B common repurchase programs. The program authorizes future sales but does not obligate Strategy to sell bitcoin.
- Jul 5, 2026Largest BTC sale to date: 3,588 BTC sold — The July 6, 2026 8-K reported selling 3,588 BTC — 1,363 BTC (June 29–30) and 2,225 BTC (July 1–5) — for roughly $216 million under the BTC Monetization Program, cutting holdings to 843,775 BTC. It is the largest reported sale to date, far exceeding the 32 BTC sold in May.
- Aug 2, 20261,638 BTC sold to fund preferred dividends and STRC buybacks; 912,143 STRC repurchased — The August 3, 2026 8-K reported selling 1,638 BTC during July 27–August 2 for $104.7 million ($52.4M funded preferred dividends, $52.3M funded STRC repurchases), cutting holdings to 842,138 BTC. Strategy also repurchased 912,143 STRC shares for $81.2 million ($893.8M remains under the $1B preferred repurchase program) and resumed MSTR common ATM sales — 3,011,361 shares for $290.6 million net, with $250 million allocated to the USD Reserve.
mNAV = MSTR market cap ÷ the market value of the bitcoin it holds. Market cap uses period-end basic shares outstanding, stepped quarterly. Holdings step at disclosed 8-K purchase dates. Prices are monthly closes. Shares are the approximate input — the live mNAV above uses diluted shares, so it can sit just above this line. See the methodology.
How our numbers reconcile with Strategy
Where our published inputs line up with Strategy's own figures — and the one definitional gap (assumed-diluted vs GAAP if-converted) that explains the share count we use.
BTC per share, diluted market cap, and mNAV are derived live from the figures above using ADSO — the same basis Strategy uses on its dashboard — so they reconcile by construction. Strategy figures hand-verified Jul 5, 2026 against strategy.com/shares and the Q1 2026 10-Q.
The Cash Flow Battery
Strategy’s USD cash reserve — current balance and the week-over-week change from the latest ATM raise.
USD reserve is the “USD Reserve” figure from strategy.com (hand-verified August 23, 2026). Board policy: ≥ 12 months of preferred dividends + interest coverage. Previous week figure is updated manually alongside the current reserve.
See how much capital Strategy has raised through each instrument — common stock, the preferred stack, and notes — across the whole bitcoin era.