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).
CEBE BPS and Amplification are pending for MSTR· its senior-claims figures (debt + preferred) aren't reliably sourced yet, so we publish gross BPS and mNAV rather than a guess. CEBE BPS is the bitcoin per share after senior claims; the gap from gross BPS is Amplification, the senior leverage Michael Saylor frames as the risk metric.
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 live mNAV is published at galaxymind.space/treasuries/MSTR and updates every 5 minutes. mNAV is the company's market cap divided by the value of its bitcoin holdings · below 1.0x means the stock trades for less than the bitcoin it holds.
What is MSTR's net (CEBE) mNAV?
MSTR's CEBE (net-of-senior-claims) mNAV is pending · its debt and preferred figures aren't reliably sourced yet, so Galaxy Mind publishes the gross mNAV rather than a guess. Track it at 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's live bitcoin holdings are published at galaxymind.space/treasuries/MSTR, updated every 5 minutes from bitcointreasuries.net.