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As of June 30, 2026, Strategy reported about 846,000 BTC at an average purchase price of $75,578 per bitcoin. A subsequent disclosure says it sold about 2,225 BTC between July 1 and July 24, leaving approximately 843,775 BTC. At a Coinbase price of $64,164 at 4:00 p.m. Eastern Time on July 24, that balance had a mathematical market value of about $54.14 billion.
Those figures answer only part of the question. A useful tracker must keep the reporting date, cost basis, spot-price timestamp, debt principal, debt carrying value, debt fair value, cash reserves and senior claims separate. The method below shows how to reproduce the numbers from SEC filings and calculate clearly labeled net-value views without treating an estimate as a GAAP measure.
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The latest reported Bitcoin position
Strategy’s June 30, 2026 Form 10-Q reports approximately 846,000 bitcoins held at the quarter end. The same filing gives an average price paid of $75,578 per bitcoin for that holding. Average purchase price is a historical cost-basis statistic; it is not the current Bitcoin price, a liquidation value or a forecast of returns.
The filing also reports a subsequent event. From July 1 through July 24, Strategy sold approximately 2,225 BTC for aggregate gross proceeds of approximately $135.2 million, an average sale price of $60,773 per bitcoin. As of July 24, the company therefore held approximately 843,775 BTC. That is a later balance than the June 30 quarter-end figure and should be labeled with its own date.
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At 4:00 p.m. Eastern Time on July 24, 2026, the filing used a Coinbase price of $64,164. Multiplying 843,775 BTC by that timestamped price gives an estimated gross Bitcoin value of approximately $54.14 billion. Strategy cautions that its market-value amounts are mathematical calculations based on the Coinbase price and may differ materially from realizable fair value.
Why dates and definitions matter
A Bitcoin treasury tracker can look precise while combining incompatible dates. A quarter-end BTC count, a later exchange price and a debt balance from another filing do not describe one point in time. Keep each observation tied to its date and label subsequent events separately.
- Holdings: the BTC balance at a stated reporting date or subsequent-event date.
- Average purchase price: the accumulated cost basis divided by the BTC held, generally including transaction fees and expenses when the filing says so.
- Spot price: a market quote from a named exchange at an exact timestamp.
- Gross Bitcoin value: BTC held multiplied by the selected spot price. It is an estimate, not automatically cash proceeds.
- Debt: distinguish face or principal amount from accounting carrying value and fair value.
- Net exposure: a calculation you define. It is not automatically a GAAP subtotal.
Historical checkpoint: the February 2026 filing
Strategy’s 2025 Form 10-K reported 717,131 BTC and an aggregate purchase price of approximately $54.5 billion as of February 13, 2026. It stated an average purchase price of approximately $76,027 per bitcoin, inclusive of fees and expenses.
| Reporting point | BTC held | Aggregate purchase price | Average purchase price | What the number represents |
|---|---|---|---|---|
| February 13, 2026 (2025 Form 10-K) | 717,131 | Approximately $54.5 billion | Approximately $76,027 | Quarterly/annual historical cost basis, including fees and expenses as described in the filing |
| June 30, 2026 (2026 Form 10-Q) | Approximately 846,000 | Not separately stated in the figures summarized here | $75,578 | Average price paid for BTC held at quarter end |
| July 24, 2026 subsequent disclosure | Approximately 843,775 | Not separately stated | Not separately stated | Post-quarter-end balance after approximately 2,225 BTC of sales |
The lower June average does not mean Bitcoin was trading at $75,578. It reflects the company’s cumulative accounting cost for the coins retained at that date. Sales can change the remaining pool’s average cost, and a later purchase or sale can supersede a quarter-end figure.
Build a dated tracking ledger
Use one row for every relevant Form 10-Q, Form 10-K, material Form 8-K and company purchase or sale announcement. Do not overwrite an older row; preserving the history makes revisions and subsequent events auditable.
| Ledger column | What to enter | Why it matters |
|---|---|---|
| Document and filing date | Form type, period end and filing date | Separates a balance-sheet date from when the information became public |
| BTC held | Period-end amount and any later disclosed amount | Shows whether a subsequent event superseded the quarter-end count |
| Aggregate cost basis | Total purchase price, with fees or expenses included when stated | Allows an independent average-cost check |
| Average purchase price | Company-reported figure and your calculated cross-check | Prevents confusion between cost and market price |
| Transactions after period end | BTC purchased or sold, proceeds and transaction dates | Explains changes between filings |
| Spot-price input | Exchange, price and exact time zone and timestamp | Makes gross-value calculations reproducible |
| Debt by tranche | Principal, carrying value, fair value, coupon, maturity and put date | Shows both economic obligations and accounting presentation |
| Liquidity | Cash, short-term investments and any reserve designation | Cash is separate from Bitcoin collateral or market value |
| Senior claims | Preferred-stock obligations and other claims | Common-equity exposure can be overstated if these are omitted |
How to calculate average purchase price
When a filing gives both an aggregate cost basis and a BTC count, calculate:
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Average purchase price = aggregate cost basis ÷ BTC held
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Keep the unit and date in the ledger. “$75,578 average” without “per BTC held at June 30, 2026” is ambiguous. The average can move when Strategy buys at a different price, sells part of the pool, recognizes fees or updates the cost-basis calculation.
Track debt in three different ways
At June 30, 2026, Strategy reported $6.713659 billion of outstanding convertible-note principal. The filing reported a combined net carrying value of $6.670114 billion and a combined fair value of $6.259499 billion. These are not interchangeable:
- Principal is the contractual face amount before accounting adjustments and is the clearest starting point for a conservative debt subtraction.
- Net carrying value is the balance-sheet amount after applicable discounts, premiums or issuance-cost accounting.
- Fair value is an estimate of what the notes would be worth in a market transaction at the measurement date; it can be below or above principal.
The filing also lists $11.1 million of other long-term secured debt. Keep that obligation outside the convertible-note subtotal and show it separately before deciding whether to include it in a net-value calculation.
| Convertible tranche | Principal at June 30, 2026 | Maturity indicated by tranche name | Coupon | Holder put date |
|---|---|---|---|---|
| 2028 notes | $1.010 billion | 2028 | Not stated in the figures summarized here; use the note table in the Form 10-Q | Not stated in the figures summarized here; use the note table in the Form 10-Q |
| 2029 notes | $1.500 billion | 2029 | Not stated in the figures summarized here | Not stated in the figures summarized here |
| 2030A notes | $0.800 billion | 2030 | Not stated in the figures summarized here | Not stated in the figures summarized here |
| 2030B notes | $2.000 billion | 2030 | Not stated in the figures summarized here | Not stated in the figures summarized here |
| 2031 notes | $603.659 million | 2031 | Not stated in the figures summarized here | Not stated in the figures summarized here |
| 2032 notes | $0.800 billion | 2032 | Not stated in the figures summarized here | Not stated in the figures summarized here |
| Total convertible notes | $6.713659 billion | Multiple maturities | Not stated as one rate | Not stated as one date |
| Other long-term secured debt | $11.1 million | Not stated in the figures summarized here | Not stated | Not stated |
For refinancing-risk analysis, add the coupon, maturity and holder-put fields from each filing’s debt footnote. A single total can hide a large payment due in one year and much longer-dated notes in another.
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Include cash and the U.S. dollar reserve separately
The June 30, 2026 Form 10-Q reports $2.40 billion for U.S. entities and $51.4 million for non-U.S. entities in cash and short-term investments, a combined $2.4514 billion when simply added. This is a liquidity figure, not part of the Bitcoin cost basis.
For July 24, the filing reports $3.75 billion in cash and short-term investments, including unsettled proceeds from an at-the-market financing program. Because unsettled proceeds can change before cash is received, label this as the July 24 disclosure and do not blend it with the June 30 balance.
Calculate gross Bitcoin value with a timestamp
- Select the holdings date. Use 846,000 BTC for June 30 or approximately 843,775 BTC for July 24; do not silently mix them.
- Select a spot quote. Record the exchange, price, time and time zone. The July 24 filing uses Coinbase at $64,164 at 4:00 p.m. Eastern Time.
- Multiply quantity by price. The July 24 calculation is 843,775 × $64,164 ≈ $54.14 billion.
- Save the input alongside the result. A different price five minutes later produces a different estimate.
- Apply the realizability caveat. Large sales can move the market, execution prices can vary and the filing says the mathematical market-value amount may differ materially from realizable fair value.
For a June 30 gross-value estimate, you need a June 30 spot price with a stated timestamp. The average purchase price cannot be used as a substitute because it is a historical cost number.
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Readers usually want to know what might remain after debt. Show at least two views and name every exclusion.
View 1: gross Bitcoin value less convertible-note principal
Using the July 24 gross estimate and June 30 debt principal as a deliberately mixed-date illustration:
$54.14 billion − $6.713659 billion = approximately $47.426341 billion
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This is not a period-end balance-sheet measure because the BTC value is dated July 24 while the debt figure is dated June 30. It is useful only as an explicitly labeled approximation. If the $11.1 million secured debt is also subtracted, the result is approximately $47.415241 billion, still excluding preferred stock and other claims.
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For a common-equity analysis, start with gross Bitcoin value, subtract debt, and then subtract preferred-stock obligations and any other senior claims that apply. The supplied June 30 figures do not state a preferred-stock total, so a complete common-equity estimate must obtain that amount from the relevant filing rather than assume it is zero.
Do not call either view “net asset value” or a GAAP measure unless you define the calculation and reconcile it to the company’s reported accounting amounts. A fair-value debt subtraction and a principal subtraction answer different questions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to update the tracker after a filing or 8-K
- Archive the old row. Keep the June 30 quarter-end row even after July transactions are disclosed.
- Enter every purchase or sale. Record BTC, gross proceeds or purchase cost, average transaction price and dates.
- Reconcile the ending balance. Starting BTC plus purchases minus sales should approximate the newly disclosed balance; investigate rounding differences.
- Refresh debt tranches. Check new issuance, conversion, repurchase, maturity extension or holder-put information.
- Refresh liquidity. Record cash, short-term investments, reserve balances and whether financing proceeds are settled.
- Timestamp a new market value. Never carry an old spot price forward as if it were current.
- Document the source document. Use SEC EDGAR as the primary record and note the form, period end and filing date.
Recheck at every Form 10-Q and Form 10-K, and sooner after a material Form 8-K involving a Bitcoin purchase, sale, financing or debt repurchase.
Common tracking mistakes and fixes
Calling the average purchase price the Bitcoin price
Why it fails: $75,578 is a cost-basis average for coins held at June 30, not a live quote. Fix: place cost basis and timestamped spot price in different columns.
Using 846,000 BTC after the July sales
Why it fails: the subsequent disclosure reduces the balance to approximately 843,775 BTC as of July 24. Fix: retain both rows and label the later figure “subsequent disclosure.”
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Subtracting carrying value without saying so
Why it fails: carrying value, fair value and principal differ materially. Fix: present each debt measure and state which one your formula uses.
Adding cash to Bitcoin value without a purpose
Why it fails: liquidity and treasury assets are different analytical buckets, and the July cash figure includes unsettled ATM proceeds. Fix: show cash in a separate liquidity section, then explain any net-cash adjustment.
Presenting gross value as sale proceeds
Why it fails: a price-times-quantity estimate ignores market impact, spreads, execution timing and taxes or fees. Fix: use the filing’s mathematical-market-value warning and call the result an estimate.
Ignoring preferred stock
Why it fails: common shareholders may not have a first claim on all assets after debt. Fix: add preferred-stock and other senior claims when the objective is common-equity exposure.
What the company says about its strategy
Strategy’s 2025 Form 10-K says, “Our bitcoin holdings represent a core component of our balance sheet and capital structure and provide the economic backing for our equity and fixed income securities, which enables our capital markets strategy.” It also says, “We view our bitcoin holdings as long-term holdings and expect to continue to accumulate bitcoin.” These statements describe management’s intended role for the assets; they do not remove the need to track liquidity, maturities, dilution and market risk.
The Form 10-Q’s market-value caution is equally important: “The amounts reported as ‘Market Value’ in the above table represent a mathematical calculation consisting of the price for one bitcoin reported on the Coinbase exchange (our principal market for bitcoin) in each scenario defined above.” Treat that calculation as a transparent input-output exercise, not a promise that the entire balance could be sold at one quoted price.
A practical dashboard layout
A spreadsheet or database can keep the analysis reproducible with five linked tabs:
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- Cost basis: aggregate purchase price, fees, average price and reconciliation checks.
- Debt: each note’s principal, carrying value, fair value, coupon, maturity and put date, plus secured debt.
- Liquidity: U.S. and non-U.S. cash, short-term investments, USD reserve and unsettled proceeds.
- Valuation: exchange, timestamp, BTC price, gross value, debt subtraction and senior-claim adjustments.
At the top of the dashboard, display the “as of” date for each metric. A reader should be able to tell in seconds whether a number is a June 30 quarter-end figure, a July 24 subsequent disclosure or a live market input.
Bottom line
Start with the latest filed BTC balance, then update it for disclosed transactions. Keep the $75,578 average purchase price in the cost-basis column, not the market-price column. Track the $6.713659 billion convertible-note principal separately from its $6.670114 billion carrying value and $6.259499 billion fair value, and show the additional $11.1 million secured debt. Finally, timestamp every gross-value calculation, keep cash and preferred claims visible, and label any debt-adjusted result as an analytical estimate rather than a GAAP measure.
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