Strategy (MicroStrategy)
MSTR · NasdaqTreasury vehicleHighUnited States
BTC held
845,050
as of Aug 30, 2026 · 4.024% of 21M
Value now
$65.9B
at BTC $78,038
Basic mNAV
0.76×
mkt cap $50.1B as of Aug 31, 2026
Sats per share
219,933
384M shares as of Jul 24, 2026
Cost basis
- Average cost per BTC
- $75,412
- Total invested
- $63.7B
- Unrealized gain
- $2.2B (+3.5%)
Treasury debt
- 2028 Convertible Senior Notes; conversion price $183.19; holder put Sep 15, 2027 (per Q2 2026 10-Q) · 0.625%$1B · due 2028-09-15
- 2029 Convertible Senior Notes; $3.0B at issuance, reduced to $1.5B outstanding during H1 2026; conversion price $672.40; holder put Jun 1, 2028 · 0%$1.5B · due 2029-12-01
- 2030A Convertible Senior Notes; conversion price $149.77 · 0.625%$800M · due 2030-03-15
- 2030B Convertible Senior Notes; conversion price $433.43 · 0%$2B · due 2030-03-01
- 2031 Convertible Senior Notes; conversion price $232.72 · 0.875%$604M · due 2031-03-15
- 2032 Convertible Senior Notes; conversion price $204.33. Beyond converts, ~$15.2B notional of STRF/STRC/STRK/STRD/STRE perpetual preferreds rank senior to common (as of Aug 2026) · 2.25%$800M · due 2032-06-15
Recent activity
8-K of Aug 31, 2026: purchased 4,603 BTC (Aug 24-30) at an average $80,318, funded by ATM stock sales, bringing holdings to 845,050 BTC (avg cost $75,412, $63.73B total). The same filing discloses $151.8M of STRC preferred repurchases — Strategy resumed buying after an eight-week pause.
Risk notes
~$22B of senior claims ($6.71B convertible principal plus $15.2B preferred notional) rank ahead of common, with annual interest plus preferred dividends running ~$1.74B against the $4.8B USD reserve. Average cost of $75,385/BTC left holdings ~$10B underwater at the $64k BTC prices of early Aug 2026; mNAV has compressed to ~1.0x EV and the company has begun selling both stock and bitcoin to service preferred obligations.
Sources
- https://www.sec.gov/Archives/edgar/data/1050446/000119312526375463/mstr-20260831.htm
- https://www.sec.gov/Archives/edgar/data/1050446/000119312526361845/mstr-20260824.htm
- https://www.sec.gov/Archives/edgar/data/1050446/000119312526329565/mstr-20260803.htm
- https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm
- https://bitcointreasuries.net/public-companies/strategy
- https://www.theblock.co/news/business/2026-08-17-michael-saylor-strategy-btc-411942
- https://finance.yahoo.com/markets/crypto/articles/strategy-owns-4-bitcoin-mstr-150433806.html
- https://www.theblock.co/treasuries/mstr
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding MSTR securities.