₿$73,459.79▼ 0.12%

Strategy Inc.

MSTR🇺🇸Leveraged

Strategy (formerly MicroStrategy) is a business intelligence software company that became the world's largest corporate Bitcoin holder. The company systematically raises capital through equity and convertible debt offerings to accumulate BTC.

BTC Holdings

843,738 BTC

180d

Stock PriceUpdated 11h ago

$159.09▲ 4.91%

180d

Total financing

18.10B USD

180d

mNAV

~0.97x▲ 5.04%

180d

Leverage

7.3%

180d

Amplification

25.6%

180d

BTC Risk

0.38%3.9x

Sats/Share

225,203

180d

Mkt capFD

~60.01B USD

SharesFD

~377.21M

Fiat reserve

2.21B USD

Total reserve

64.19B USD

Dilution

7.3%

Coverage

50.6 yr

BTC mix

100%

Analytics

In-the-Money

10% ITM

ITM: $800M

Maturity Profile

ConvOther

Nearest: 7moWAM: 2.0yr

BTC Coverage

Capital Stack

3.9x · 5 bps

ConvertiblePreferredOtherBTC NAV: $62B

BTC Risk

0.38% avg

P(BTC Rating < 1x at maturity) · 45% vol, 30% ARR

BTC Credit

5 bps avg

Credit spread to offset BTC Risk · 45% vol, 30% ARR

Cumulative Financing Cost

CouponsSTRFSTRCSTRESTRKSTRDRedemptions

FinancialsUnverified

US-GAAPQuarterlyAs of 2026-03-31

Balance Sheet

Total Assets$54.3B▼26.3%

Total Liabilities$8.6B▼44.3%

Stockholders' Equity$36.7B▼30.0%

Cash & Equivalents$2.2B▲3966.0%

Total Debt$8.2B▲0.3%

Digital Assets$51.6B▼29.4%

Income Statement

Revenue$124.3M▼3.4%

Operating Income$-14.5B▼471.9%

Net Income$-12.5B▼550.4%

Interest Expense$1.8M▼90.3%

Cash Flow

Operating Cash Flow$14M▲130.7%

ATM Programs

CommonSTRKSTRFSTRDSTRC

Instruments

Total

6.71B USD

Instrument	Term	Coupon	Principal	Outstanding	Conv. price	BTC Rating
MSTR-Sep28	Sep '24 – Sep '28	0.625%	1.01B USD	1.01B USD	183.19 USD	>10x
MSTR-Dec29	Nov '24 – Dec '29	0%	3.00B USD	1.50B USD	672.40 USD	>10x
MSTR-Mar30A	Mar '24 – Mar '30	0.625%	800.00M USD	800.00M USD	149.77 USD	>10x
MSTR-Mar30B	Feb '25 – Mar '30	0%	2.00B USD	2.00B USD	433.43 USD	>10x
MSTR-Mar31	Mar '24 – Mar '31	0.875%	603.75M USD	603.66M USD	232.72 USD	>10x
MSTR-Jun32	Jun '24 – Jun '32	2.25%	800.00M USD	800.00M USD	204.33 USD	>10x
Total				6.71B USD

Recent Changes

Mon, May 25, 2026

Debt OutstandingRepurchaseMSTR-Dec29

3.00B→1.50B-1.50B(-50.0%)

$1.5B Repurchase of 0% Convertible Notes due 2029 Completed

Sun, May 17, 2026

BTC Holdings

818.9K→843.7K+24,869 BTC(+3.0%)

Form 8-K (ATM update + BTC acquisition May 11-17, 2026)

ATM Activity2026-05-11 – 2026-05-17

430.3K shares$83.7M

Form 8-K (ATM update + BTC acquisition May 11-17, 2026)

ATM Activity2026-05-11 – 2026-05-17

$1.95B

Form 8-K (ATM update + BTC acquisition May 11-17, 2026)

Sun, May 10, 2026

BTC Holdings

818.3K→818.9K+535 BTC(+0.1%)

Form 8-K (ATM update + BTC acquisition May 4-10, 2026)

ATM Activity2026-05-04 – 2026-05-10

231.3K shares$42.9M

Form 8-K (ATM update + BTC acquisition May 4-10, 2026)

ATM Activity2026-05-04 – 2026-05-10

$100.0K

Form 8-K (ATM update + BTC acquisition May 4-10, 2026)

Sun, May 3, 2026

ATM Activity2026-04-27 – 2026-05-03

492.2K shares$82.0M

Form 8-K (weekly ATM update)

Sun, Apr 26, 2026

BTC Holdings

815.1K→818.3K+3,273 BTC(+0.4%)

Form 8-K (ATM update + BTC acquisition Apr 20-26, 2026)

Shares Outstanding

333.8M→350.4M+16.7M(+5.0%)

Form 10-Q (Q1 2026)

ATM Activity2026-04-20 – 2026-04-26

1.5M shares$255.0M

Form 8-K (ATM update + BTC acquisition Apr 20-26, 2026)

Sun, Apr 19, 2026

BTC Holdings

780.9K→815.1K+34,164 BTC(+4.4%)

34,164 BTC acquired April 13-19, 2026 at $74,395 avg; purchases funded by ATM proceeds

Form 8-K (ATM and BTC updates)

ATM Activity2026-04-13 – 2026-04-19

2.2M shares$366.0M

Form 8-K (ATM and BTC updates)

ATM Activity2026-04-13 – 2026-04-19

$2.18B

Form 8-K (ATM and BTC updates)

Sun, Apr 12, 2026

BTC Holdings

767.0K→780.9K+13,927 BTC(+1.8%)

Form 8-K (ATM and BTC updates)

View all changes

Instrument

Term

Coupon

Principal

Outstanding

Conv. price

BTC Rating

MSTR-Sep28

Sep '24 – Sep '28

0.625%

1.01B USD

183.19 USD

>10x

MSTR-Dec29

Nov '24 – Dec '29

3.00B USD

1.50B USD

672.40 USD

>10x

MSTR-Mar30A

Mar '24 – Mar '30

0.625%

800.00M USD

149.77 USD

>10x

MSTR-Mar30B

Feb '25 – Mar '30

2.00B USD

433.43 USD

>10x

MSTR-Mar31

Mar '24 – Mar '31

0.875%

603.75M USD

603.66M USD

232.72 USD

>10x

MSTR-Jun32

Jun '24 – Jun '32

2.25%

800.00M USD

204.33 USD

>10x

Total

6.71B USD

Recent Changes

Mon, May 25, 2026

Debt OutstandingRepurchaseMSTR-Dec29

3.00B→1.50B-1.50B(-50.0%)

$1.5B Repurchase of 0% Convertible Notes due 2029 Completed

Sun, May 17, 2026

BTC Holdings

818.9K→843.7K+24,869 BTC(+3.0%)

Form 8-K (ATM update + BTC acquisition May 11-17, 2026)

ATM Activity2026-05-11 – 2026-05-17

430.3K shares$83.7M

Form 8-K (ATM update + BTC acquisition May 11-17, 2026)

ATM Activity2026-05-11 – 2026-05-17

$1.95B

Form 8-K (ATM update + BTC acquisition May 11-17, 2026)

Sun, May 10, 2026

BTC Holdings

818.3K→818.9K+535 BTC(+0.1%)

Form 8-K (ATM update + BTC acquisition May 4-10, 2026)

ATM Activity2026-05-04 – 2026-05-10

231.3K shares$42.9M

Form 8-K (ATM update + BTC acquisition May 4-10, 2026)

ATM Activity2026-05-04 – 2026-05-10

$100.0K

Form 8-K (ATM update + BTC acquisition May 4-10, 2026)

Sun, May 3, 2026

ATM Activity2026-04-27 – 2026-05-03

492.2K shares$82.0M

Form 8-K (weekly ATM update)

Sun, Apr 26, 2026

BTC Holdings

815.1K→818.3K+3,273 BTC(+0.4%)

Form 8-K (ATM update + BTC acquisition Apr 20-26, 2026)

Shares Outstanding

333.8M→350.4M+16.7M(+5.0%)

Form 10-Q (Q1 2026)

ATM Activity2026-04-20 – 2026-04-26

1.5M shares$255.0M

Form 8-K (ATM update + BTC acquisition Apr 20-26, 2026)

Sun, Apr 19, 2026

BTC Holdings

780.9K→815.1K+34,164 BTC(+4.4%)

34,164 BTC acquired April 13-19, 2026 at $74,395 avg; purchases funded by ATM proceeds

Form 8-K (ATM and BTC updates)

ATM Activity2026-04-13 – 2026-04-19

2.2M shares$366.0M

Form 8-K (ATM and BTC updates)

ATM Activity2026-04-13 – 2026-04-19

$2.18B

Form 8-K (ATM and BTC updates)

Sun, Apr 12, 2026

BTC Holdings

767.0K→780.9K+13,927 BTC(+1.8%)

Form 8-K (ATM and BTC updates)

View all changes