Strategy (MSTR)
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.
As of Jul 3, 2026, 1:32 PM UTC
MSTR price
$100.77
+7.90%last sessionMarket closed · last close July 2, 2026
BTC held
847,363
bitcoin on balance sheet
mNAV (mkt cap)
0.75×
discount 25.5%
BTC / share
0.00218
diluted basis
Bitcoin position
Bitcoin holdings847,363 BTC
BTC NAV (live)holdings × BTC price$52.53B
Total cost basis$64.10B
Average cost / BTC$75,650
Unrealized vs cost$-11.57B
Valuation & capital structure
Market capdiluted shares × price$39.16B
Enterprise value$58.83B
mNAV — market cap0.75×
mNAV — enterprise1.12×
Total debt$6.75B
Preferred (liq. value)$15.46B
Cash$2.55B
Diluted shares
388.6M
371.6M basic
BTC per $1,000 MSTR
0.021638
exposure per $1K
Premium to BTC held
-25.5%
market cap vs BTC NAV
The premium, over time
0.71×discount to BTC heldpeaked 6.5×
BTC purchaseMilestoneCapitalBTC sale
- May 1, 2021mNAV first fell below 1.0 — for the first time, MSTR's market cap slipped under the value of the bitcoin it holds (derived from the plotted market-cap series).
- 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.
- 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 — Board authorizes a capital framework across its digital-credit stack, including selling up to $1.25B of bitcoin to fund the USD reserve and preferred dividends — its first framework for selling BTC.
- Jul 1, 2026$1.25B bitcoin sale — Strategy executes its first bitcoin sale under the new framework, ~$1.25B, to fund preferred dividends and 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.
On these figures. Live prices update every minute. Balance-sheet items (holdings, shares, debt, preferreds, cash) are maintained by hand from Strategy's filings and were last verified on July 3, 2026. They change whenever the company issues stock, raises debt, or buys more bitcoin — see the methodology. For the income side of the balance sheet, see the preferred stack.