₿$76,377.32▲ 0.04%

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

818,334 BTC

180d

Stock PriceMarket Open

$165.78▲ 4.80%

180d

Total financing

19.61B USD

180d

mNAV

0.96x▲ 4.75%

180d

Leverage

9.5%

180d

Amplification

27.7%

180d

BTC Credit

5 bps3.6x

Sats/Share

226,281

180d

Mkt capFD

60.19B USD

SharesFD

363.05M

Fiat reserve

2.30B USD

Total reserve

64.80B USD

Dilution

8.3%

Coverage

51.0 yr

BTC mix

100%

Analytics

In-the-Money

8% ITM

ITM: $800M

Maturity Profile

ConvOther

Nearest: 8moWAM: 2.1yr

BTC Coverage

Capital Stack

3.6x · 5 bps

ConvertiblePreferredOtherBTC NAV: $62.5B

BTC Risk

0.43% 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

Financials

US-GAAPAnnualAs of 2025-12-31

Balance Sheet

Total Assets$61.6B▲138.5%

Total Liabilities$10.6B▲39.2%

Stockholders' Equity$44.1B▲142.0%

Cash & Equivalents$2.3B▲5937.9%

Total Debt$8.2B

Digital Assets$58.9B▲229.2%

Income Statement

Revenue$477.2M▲83.8%

Operating Income$-5.4B▼393.8%

Net Income$-3.8B▼429.8%

Interest Expense$65M▲1580.9%

Cash Flow

Operating Cash Flow$-67.2M▼226.8%

ATM Programs

CommonSTRKSTRFSTRDSTRC

Instruments

Total

8.21B 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	3.00B 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	603.75M USD	232.72 USD	>10x
MSTR-Jun32	Jun '24 – Jun '32	2.25%	800.00M USD	800.00M USD	204.33 USD	>10x
Total				8.21B USD

Recent Changes

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→335.2M+1.5M(+0.4%)

333,752,708 prior + 1,451,601 MSTR ATM shares Apr 20-26

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

ATM Activity2026-04-06 – 2026-04-12

Form 8-K (ATM and BTC updates)

ATM Activity2026-04-06 – 2026-04-12

$1.00B

Form 8-K (ATM and BTC updates)

Sun, Apr 5, 2026

BTC Holdings

762.1K→767.0K+4,871 BTC(+0.6%)

Form 8-K (ATM and BTC updates)

ATM Activity2026-04-01 – 2026-04-05

593.3K shares$72.1M

Form 8-K (ATM and BTC updates)

ATM Activity2026-04-01 – 2026-04-05

$102.6M

Form 8-K (ATM and BTC updates)

Tue, Mar 31, 2026

ATM Activity2026-03-30 – 2026-03-31

582.5K shares$72.1M

Form 8-K (ATM and BTC updates)

ATM Activity2026-03-30 – 2026-03-31

$227.3M

Form 8-K (ATM and BTC updates)

Sun, Mar 29, 2026

ATM Activity2026-03-23 – 2026-03-29

No shares sold or BTC purchased this period

Weekly 8-K ATM Updates (2026-03-29)

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

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

232.72 USD

>10x

MSTR-Jun32

Jun '24 – Jun '32

2.25%

800.00M USD

204.33 USD

>10x

Total

8.21B USD

Recent Changes

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→335.2M+1.5M(+0.4%)

333,752,708 prior + 1,451,601 MSTR ATM shares Apr 20-26

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

ATM Activity2026-04-06 – 2026-04-12

Form 8-K (ATM and BTC updates)

ATM Activity2026-04-06 – 2026-04-12

$1.00B

Form 8-K (ATM and BTC updates)

Sun, Apr 5, 2026

BTC Holdings

762.1K→767.0K+4,871 BTC(+0.6%)

Form 8-K (ATM and BTC updates)

ATM Activity2026-04-01 – 2026-04-05

593.3K shares$72.1M

Form 8-K (ATM and BTC updates)

ATM Activity2026-04-01 – 2026-04-05

$102.6M

Form 8-K (ATM and BTC updates)

Tue, Mar 31, 2026

ATM Activity2026-03-30 – 2026-03-31

582.5K shares$72.1M

Form 8-K (ATM and BTC updates)

ATM Activity2026-03-30 – 2026-03-31

$227.3M

Form 8-K (ATM and BTC updates)

Sun, Mar 29, 2026

ATM Activity2026-03-23 – 2026-03-29

No shares sold or BTC purchased this period

Weekly 8-K ATM Updates (2026-03-29)

View all changes