MSTR and its bitcoin, right now
Strategy holds more bitcoin than any other listed company, and it borrowed money to get there. That makes the share two things at once: a slice of the bitcoin and a slice of the balance sheet. Here are both, with the figures as filed.
Why MSTR is not just bitcoin
Strategy, formerly MicroStrategy, is a listed company that has spent years buying bitcoin and financing part of it with debt and preferred shares. Holding the stock is not the same as holding bitcoin: you get the bitcoin, and you get everything else on the balance sheet with it.
That is why the share price and the bitcoin price drift apart. Some days the market pays more than the bitcoin is worth, some days less. That gap has a name and a number, and it is the first thing to look at.
What one share is worth in bitcoin (mNAV)
Take the bitcoin the company holds, multiply by the bitcoin price, and that is what the treasury is worth. Divide the company's market value by that figure and you get the multiple at the top of this page: how many times the market pays for each dollar of bitcoin.
Above 1 the market pays a premium over the bitcoin. Below 1 it pays less than the bitcoin is worth. Neither number is a verdict: a premium has historically been what let the company issue shares and buy more bitcoin, and a discount reflects that the debt and the preferred dividend sit ahead of the common shareholder.
The debt, and when it comes due
The multiple is the number everyone quotes. The maturity ladder is the one that decides what a bad year looks like, and it is rarely published in plain sight. These figures come from the company's own filings.
| Long-term debt | – |
| Debt for every 100 dollars of bitcoin held | – |
| Due within 12 months | – |
| Due in year 2 | – |
| Due in year 3 | – |
| Due in year 4 | – |
| Preferred dividend, per year | – |
The preferred dividend is paid every quarter, and it is paid before the common shareholder sees anything. Measured against the bitcoin, it is the running cost of holding the position.
MSTR and the bitcoin cycle
Every figure on this page moves with one price. When bitcoin falls the treasury shrinks, the debt does not, and the ratio between the two changes fast. That is the mechanism behind the share moving further than bitcoin in both directions.
BitPulse publishes a dated range for bitcoin itself, issued before the fact and checked in public afterwards. The full Strategy read, with premium, beta and correlation over five years, is inside the app.
Frequently asked questions
Every number here moves with one price
BitPulse publishes a dated range for bitcoin at 7, 30 and 90 days, before the fact and checked in public. Free account, no card.
Data note: holdings, debt, share count and the preferred dividend come from Strategy's own filings and are refreshed weekly; the snapshot date is shown at the top. Share and bitcoin prices are live market data. This page gives context, not buy or sell signals, and nothing here is investment advice.