Data checked
2026-08-23
Equity data is a dated snapshot. Prices and NAV move intraday.
BTC EquitySoftware / BTC TreasuryMSTRNasdaq Global Select Market
Strategy Inc.
The original and largest public bitcoin treasury company.
6.8/10Overall score = 6.0*25% + 8.5*20% + 6.8*15% + 3.0*15% + 7.0*10% + 10.0*10% + 9.0*5% = 6.8. NAV premium/discount uses common market capitalization versus BTC market value only, before cash, debt, preferred stock, taxes, and operating business value.
Key Metrics
NAV Premium / Discount
-35.04%
Market cap: $41.97B vs BTC value: $64.61B
BTC per Share
₿0.00239
₿840,447 total BTC held
Market Cap
$41.97B
Nasdaq Global Select Market
Share Price
$119.25
Nasdaq Global Select Market
Avg Daily Volume
$5.37B
Liquidity: high
Shares Outstanding
351,963,000
Float: 320,880,000
Total Debt
$6.70B
D/E ratio: 0.19
Revenue (TTM)
$477.2M
Enterprise analytics software business with subscription, pr…
Leverage Ratio
0.1520
Debt / BTC market value
Score Breakdown
Methodology: Overall score = 6.0*25% + 8.5*20% + 6.8*15% + 3.0*15% + 7.0*10% + 10.0*10% + 9.0*5% = 6.8. NAV premium/discount uses common market capitalization versus BTC market value only, before cash, debt, preferred stock, taxes, and operating business value.
View full scoring methodology →Dilution & Share Structure
heavy dilution351,963,000 shares outstanding
Strategy has repeatedly funded BTC purchases through common-stock ATMs, preferred-stock issuance, and convertible notes. Q2 2026 ATM gross proceeds were ~$8.41B (24.99M Class A shares + 54.65M STRC shares); ~$22.0B of MSTR ATM capacity remained after Aug 3-9 sales (Aug 10, 2026). NEW in 2026: a BTC Monetization Program (sold ~$218.4M of bitcoin YTD through July 26, 2026) funds preferred dividends and STRC repurchases, and a $1.0B STRC repurchase program is actively shrinking the preferred share count. Total preferred-stock notional is ~$15.2B (Aug 10, 2026).
Leverage & Debt
Total Debt
$6.70B
Debt-to-Equity
0.19
Leverage Ratio
0.1520
Outstanding debt consists primarily of multiple convertible senior notes due 2028 through 2032, plus a smaller term loan. Preferred-stock obligations are economically important but are not included in total debt.
Operating Business
Revenue (TTM)
$477.2M
CEO
Phong Le
Enterprise analytics software business with subscription, product support, licensing, and services revenue; the BTC treasury strategy now dominates valuation and capital allocation.
Liquidity
Avg Daily Volume
$5.37B
Bid-Ask Spread
0.03%
Liquidity Tier
high
Management & Capital Allocation
CEO
Phong Le
Management Score
9.0/10
Management has executed the longest-running and largest public BTC treasury strategy, but common shareholders face recurring dilution and a complex capital stack.
Highlights
- +Largest reported public-company BTC position: 843,775 BTC as of July 26, 2026; 840,447 as of Aug 16, 2026 (846,000 at June 30, 2026).
- +Nasdaq-listed with very deep trading liquidity and broad institutional access.
- +Experienced management team with a multi-year record of capital-market execution.
Considerations
- !Recurring ATM issuance and preferred-stock programs can materially dilute common shareholders; in 2026 Strategy began SELLING bitcoin under its BTC Monetization Program (funding preferred dividends and STRC repurchases) — a departure from the prior never-sell posture.
- !Common equity is exposed to bitcoin, software-business performance, debt, preferred dividends, and market sentiment.
- !BTC-only NAV estimates are very sensitive to intraday bitcoin and MSTR price moves.
Best for
Investors seeking the most liquid public-equity proxy for a leveraged bitcoin treasury strategy rather than direct bitcoin ownership.
Evidence
Why trust this view
Verification
Sources
6 cited
Each data point is traced back to a named source listed below.
How we score
Equity methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Sources
verifiedOfficial
Strategy June 14, 2026 BTC update (8-K)
Official disclosure reports the acquisition of 1,587 BTC (June 8-14, 2026) and aggregate holdings of 846,842 BTC.
https://bitcointreasuries.net/public-companies/strategy ↗verifiedSEC Filing
Strategy Aug 17, 2026 BTC update + STRC repurchase (8-K)
Official 8-K reports 840,447 BTC held as of Aug 16, 2026 (no BTC bought or sold Aug 10-16), and 1,388,720 STRC shares repurchased for $132.2M under the Digital Credit Securities Repurchase Program.
https://www.sec.gov/Archives/edgar/data/1050446/000119312526353240/mstr-20260817.htm ↗verifiedSEC Filing
Strategy Aug 10, 2026 BTC update + ATM (8-K)
Official 8-K reports the BTC Monetization Program (1,690 BTC sold Aug 3-9 for $108.6M, avg $64,262), 840,447 BTC held as of Aug 9, 2026, and 1,152,020 STRC shares repurchased for $108.6M that week.
https://www.sec.gov/Archives/edgar/data/1050446/000119312526341297/mstr-20260810.htm ↗verifiedSEC Filing
Strategy 2025 Form 10-K
Annual report discloses BTC treasury strategy, capital markets programs, preferred-stock instruments, software business, and $8.25 billion aggregate indebtedness at December 31, 2025. Q2 2026 results (Jul 30 2026) + Q2 10-Q: convertible debt reduced ~18% to ~$6.7B as of June 30, 2026 (verified 2026-08-20).
https://www.sec.gov/Archives/edgar/data/0001050446/000105044626000020/mstr-20251231.htm ↗partialMarket Data
StockAnalysis MSTR statistics
Market-data snapshot used for market capitalization, shares outstanding, float, ownership, and valuation metrics; delayed market data is treated as partial.
https://stockanalysis.com/stocks/mstr/statistics/ ↗partialMarket Data
GoMarketCap MSTR profile
Cross-check for revenue TTM, CEO, share class, float, market capitalization, enterprise value, and company profile.
https://gomarketcap.com/companies/NASDAQ-MSTR/microstrategy-inc ↗Notes
BTC holdings (840,447) and the BTC Monetization Program / STRC repurchase / preferred-stack figures are Verified from Strategy 8-Ks (Aug 16, 2026) and the Q2 2026 10-Q (June 30, 2026: 846,000 BTC, convertible debt $6.71B, 351,963K Class A shares, mezzanine preferred ~$14.5B). Market data is the Aug 21, 2026 close (price $119.25, Yahoo); market cap uses the 10-Q share count and is understated vs the ~394M basic shares Strategy reported on its Aug 10, 2026 investor briefing (~$47B at $119.25). BTC market value uses a $76,876 BTC reference price (CoinGecko, Aug 23, 2026). Float, volume, and spread are delayed/estimated market-data snapshots. Not investment advice.
Not investment advice. Pledge provides comparison data for educational purposes only. This snapshot was checked 2026-08-23. Past performance does not guarantee future results.
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NAV estimates. NAV per share calculations use a reference BTC price and may not reflect all corporate assets, liabilities, debt, taxes, or operating costs.
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