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Strategy’s bitcoin treasury gives MSTR shareholders exposure to a company whose assets, financing and share count can all change—not direct ownership of bitcoin. Bitcoin gains can increase the value of the treasury, but debt, preferred-stock claims, share issuance and the terms on which Strategy raises money affect what may ultimately accrue to common shareholders. The latest dated figures in the company results cited here are from July 26, 2026, not October 7, 2026.
How Strategy’s bitcoin treasury affects common shareholders
Strategy says it treats bitcoin as its primary treasury reserve asset and accumulates it using equity and debt financing as well as operating cash flows. This can expand the company’s bitcoin holdings, but each financing route has a different effect on the balance sheet and on the common stock.
- Bitcoin-price changes: A higher bitcoin price can lift the value of the treasury; a decline can reduce it and contribute to financial volatility. Strategy also says its results depend on access to financing on favorable terms and on whether it sells bitcoin.
- Debt: Borrowing can fund bitcoin purchases, but creates repayment and interest obligations.
- Preferred stock: Preferred securities can bring in capital while adding dividend obligations and claims that rank ahead of common stock.
- Common-stock issuance: Selling new shares can raise capital, but dilutes existing holders’ ownership per share.
Strategy says its liabilities and preferred-stock rights rank ahead of common stock for dividends and in liquidation. As a result, the company’s gross bitcoin holdings are not the same as the bitcoin exposure remaining for common shareholders after senior claims.
What the dated company figures show
Strategy’s July 30, 2026 second-quarter results reported 843,775 bitcoin held as of July 26, 2026. The same release includes a CEO statement describing holdings of 846,000 bitcoin, so those figures should not be treated as interchangeable: the 843,775 figure is the expressly dated July 26 highlight.
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| Measure | Company-reported figure | Date and qualification |
|---|---|---|
| Bitcoin holdings | 843,775 BTC | As of July 26, 2026; Strategy’s July 30, 2026 second-quarter results. |
| Year-to-date capital raised through ATM programs | $17.06 billion | As of July 26, 2026; Strategy-reported year-to-date amount. |
| USD Reserve | $3.75 billion | As of July 26, 2026; company-reported balance. |
| Preferred-dividend and interest coverage | More than 2.1 years | Strategy’s July 26, 2026 highlight; a company-reported coverage figure, not a guarantee of future payment capacity. |
| Convertible-note principal | $6.7 billion | As of May 25, 2026; Strategy’s May 26 capital-structure update. |
| Preferred-stock notional | $15.5 billion | As of May 25, 2026; Strategy’s May 26 capital-structure update. |
| USD Reserve | $871 million | As of May 25, 2026; Strategy’s May 26 capital-structure update. This is an earlier dated balance than the July figure. |
The May update also reported that Strategy retired $1.5 billion principal of 2029 convertible notes for approximately $1.38 billion in cash, and issued $2.0 billion notional of STRC plus $84 million of MSTR to fund bitcoin purchases. These are dated examples of debt reduction and securities issuance, not October 2026 capital-structure balances.
In its July results, Strategy announced a $1.0 billion MSTR repurchase program and said no repurchases had occurred as of July 26. The company also described board authorization to sell bitcoin for specified reserve, dividend, interest and repurchase purposes, and reported about $218.4 million in year-to-date 2026 bitcoin sales to fund part of preferred dividends.
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Why bitcoin per share does not settle the shareholder question
Gross Bitcoin Per Share
Gross Bitcoin Per Share (BPS) divides gross bitcoin holdings by an assumed diluted share count. It can increase even while debt or preferred-stock claims also rise, so it does not by itself show the residual exposure attributable to common equity.
Net Bitcoin Per Share
Strategy’s Net Bitcoin Per Share methodology adjusts bitcoin for specified senior claims and USD assets, then relates the result to fully diluted shares. The company’s methodology includes out-of-the-money convertible debt and preferred-stock notional among deductions, while in-the-money instruments can be reflected in fully diluted shares. This is a company-defined calculation, not a direct claim on a stated number of bitcoins.
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BTC Yield and mNAV
Strategy says BTC Yield is not a traditional investment return, operating income or a measure of shareholder returns. Its bitcoin-per-share measures do not fully account for liabilities and preferred priority, and they rely on specified assumptions about conversion or refinancing. The company also says mNAV is not traditional net asset value; its methodology changed on July 23, 2026, so values before and after that change are not comparable.
Strategy cautions that these metrics do not predict its securities’ trading prices. Net BPS can change with bitcoin prices even if bitcoin holdings and share issuance are unchanged. In a July 2026 statement, CFO Andrew Kang described the company’s BTC Hurdle ARR of 10.8% as its current effective cost of credit and said that, if BTC ARR is above that rate, Net BTC Per Share captures a positive spread and appreciates faster than bitcoin on a go-forward basis. That is management’s description of its metric, not an independently established forecast.
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Why MSTR does not move one-for-one with bitcoin
Strategy says its share price is influenced by factors beyond its bitcoin holdings and can deviate significantly from the fair market value of its bitcoin. The relationship can be affected by financing access and terms, the number of shares outstanding, debt and preferred claims, software-business conditions, investor sentiment and the market’s valuation of the stock relative to the underlying assets.
That is why company bitcoin holdings are not equivalent to bitcoin owned directly by an MSTR shareholder. Direct bitcoin exposure has no Strategy corporate debt or preferred-stock claims. MSTR common equity reflects those claims and the company’s operating business as well as its bitcoin-related assets. Strategy’s preferred securities, including STRC, are distinct from MSTR common stock: their priority, dividend terms and any conversion features affect their exposure to bitcoin and company credit differently.
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Risks that can change the outcome
Strategy identifies risks including bitcoin-price fluctuations; difficulty obtaining financing on favorable terms; bitcoin sales; changes in accounting treatment; legal, regulatory and tax changes; reduced liquidity in bitcoin markets; security breaches, cyberattacks, unauthorized access, lost private keys or fraud; and the size, terms and servicing of substantial indebtedness. It also lists broader business and economic risks, including competition, interest rates, inflation, currency movements, and demand for and execution of its software products.
These risks work through different channels: bitcoin prices affect asset values and reported results, financing terms affect how much bitcoin the company can accumulate and what claims it takes on, and share issuance changes ownership per share. The company’s July coverage figure does not prove that future obligations will be met without selling bitcoin; the July results explicitly describe bitcoin monetization as an available funding mechanism.
Where to verify the figures and definitions
- Strategy’s July 30, 2026 second-quarter results for the dated holdings, reserve, capital-raising, coverage, repurchase and bitcoin-sale figures.
- Strategy’s May 26, 2026 capital-structure update for the May 25 debt, preferred-stock and USD Reserve figures and the financing transactions described above.
- Strategy’s bitcoin metrics and definitions for BPS, Net BPS, BTC Yield and mNAV methodology and limitations.
- Strategy’s official results and risk disclosures for company statements about the relationship between its securities’ trading prices and bitcoin holdings.
The figures above are not an October 7, 2026 balance-sheet snapshot. They are dated company disclosures and should be read with their as-of dates intact.
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