MSTR · Strategy
🇺🇸The original. Software company that pivoted to a leveraged bitcoin treasury strategy in 2020 · now the largest public BTC holder.
Market cap from bitcointreasuries.net (basic share count).
BPS is the bitcoin backing each common share before senior claims (Michael Saylor's growth metric). CEBE BPS is what is left after debt and preferred (the conservative risk metric). The difference between them is Amplification, 1.73x for MSTR: the senior leverage that can make a treasury outperform bitcoin when its BTC annualized return beats its cost of capital, and underperform when short-duration or high-cost liabilities come due. With no debt or preferred, BPS equals CEBE BPS and the stock should track bitcoin like an ETF. Net mNAV divides market cap by the bitcoin left for common shareholders after senior claims ($6.7B debt + $15.5B preferred). Figures as of 2026-05-25; source: Strategy capital-structure update 2026-05-25/26 (Business Wire) · $6.7B converts + $15.5B preferred notional. Full methodology →
Strategy (formerly MicroStrategy) invented the modern bitcoin-treasury playbook in August 2020 and remains the largest public holder by a wide margin. It raises capital through convertible notes and a deep preferred-stock stack (STRC, STRF, STRK, STRD) and turns the proceeds into BTC, aiming to grow bitcoin-per-share over time. That leverage is the whole thesis: accretive while the premium holds, painful when it compresses · which is exactly why the gross and net (CEBE) mNAV diverge so sharply here.
Recent SEC Filings
Source · EDGAR ↗Most recent 8-K, 10-Q, 10-K, and S-3 filings. Updated daily from EDGAR.
Frequently asked about MSTR
What is MSTR (Strategy)?
The original. Software company that pivoted to a leveraged bitcoin treasury strategy in 2020 · now the largest public BTC holder. MSTR is one of the four major public Bitcoin treasury companies tracked on Galaxy Mind alongside MSTR (Strategy), XXI (Twenty One Capital), MPJPY (Metaplanet), and ASST (Strive). See the live mNAV scoreboard at galaxymind.space/treasuries.
What is MSTR's current mNAV?
MSTR's mNAV (market cap divided by the value of its bitcoin holdings) is currently 0.62x. Market cap is 38% below the value of the bitcoin it holds. Historically a strong accumulation signal. The smart money has stopped paying a premium. See live updates and 90-day history at galaxymind.space/treasuries/MSTR.
What is MSTR's net (CEBE) mNAV?
MSTR's CEBE-adjusted net mNAV is 1.07x · market cap divided by the bitcoin left for common shareholders after senior claims ($6.7B debt + $15.5B preferred), which run 42% of its BTC value. The gross mNAV (0.62x) ignores those claims · CEBE (Common Equity Bitcoin Exposure) is the conservative, net-of-leverage view. See galaxymind.space/treasuries/MSTR.
Is MSTR a good Bitcoin investment?
Whether MSTR is a good investment depends on its current mNAV (premium or discount to its bitcoin holdings), your time horizon, and your account type (Taxable / Traditional / Roth). The Galaxy Mind allocation engine at /fit factors mNAV explicitly · when MSTR mNAV is rich (≥1.6x) it auto-trims the sleeve in favor of pure-spot Bitcoin (BTC or IBIT/MSBT). Not financial advice.
How many Bitcoin does MSTR hold?
MSTR (Strategy) currently holds 843,775 BTC on its balance sheet. Data sourced from bitcointreasuries.net, updated every 5 minutes. View the full per-treasury comparison at galaxymind.space/treasuries.