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Strategy (MSTR) — Bitcoin Treasury Tracker | Crypto Coin Show

Bitcoin Treasury Company

Strategy
MSTR Investor Hub

The world’s largest corporate holder of Bitcoin. Strategy (formerly MicroStrategy) has built an unprecedented Bitcoin treasury through equity, debt, and preferred stock offerings — redefining corporate treasury management for the digital age.

Total Holdings
BTC Held
762,099
~3.6% of all Bitcoin ever mined
Aggregate Cost
Total Invested
$57.69B
Avg. cost basis: $75,696/BTC
YTD 2024
BTC Yield (2024)
74.3%
BTC per share growth metric
21M Cap
% of Bitcoin Supply
~3.6%
More than any public company
Mar 2026
mNAV Ratio
~1.08x
Historically low · peak was ~3–4x

Bitcoin Accumulation Timeline

Year-by-year breakdown of Strategy’s Bitcoin acquisition history from 2020 to present, showing cumulative holdings growth.

Cumulative BTC Holdings (2020–Mar 2026)
Data sourced from SEC 8-K filings
Cumulative BTC Holdings

Purchase History

Key acquisition milestones from Strategy’s Bitcoin treasury operations. Avg. price inclusive of fees.

📋
These dates reflect SEC 8-K filing dates, not purchase dates. Strategy buys Bitcoin every week — typically Sunday through Saturday — then files an 8-K the following Monday disclosing exactly how much they bought, at what average price, and their new cumulative total. So each entry below represents a week of buying, reported ~7 days after the fact. If you don’t see a buy for a given week, they still filed — they just didn’t purchase that week (rare, but it happens).
Year / Period Key Purchase Avg. Price Cumulative BTC

Source: SEC EDGAR 8-K filings · strategy.com dashboard · Data shown is annual/quarterly summary — not every weekly filing

All Tickers Explained

Strategy has engineered a full capital stack around Bitcoin — from leveraged common stock to preferred income vehicles targeting institutional investors.

“Cash is a melting ice cube. Bitcoin is digital gold. We’re building the world’s first Bitcoin treasury company.”

— Michael Saylor, Executive Chairman, Strategy

MSTR
Class A Common Stock
Common

The flagship security — standard equity ownership in Strategy. Acts as a leveraged proxy for Bitcoin, trading at a premium (NAV premium) to direct BTC holdings due to the company’s financial engineering and growth strategy. The most liquid and volatile of all Strategy securities.

Type: Common Stock Dividend: None BTC Leverage: ~1.5–2x Priority: Junior ATM Size: Ongoing
STRK
8% Series A Perpetual Strike Preferred
Preferred

Launched January 2025. Pays 8% annual dividend on $100 par value ($8/share), with a unique convertibility feature allowing holders to swap into MSTR common stock. Blends fixed income yield with Bitcoin equity upside. Targets income-seeking investors who also want BTC exposure.

Dividend: 8% / $8 per share Par Value: $100 Convertible: Yes → MSTR ATM Size: $21B Est.: Mar 2025
STRF
10% Series A Perpetual Strife Preferred
Preferred

Launched March 2025. Pays 10% fixed dividend ($10/share quarterly) with no conversion feature — pure fixed income for stability-focused investors like pension funds. Senior to STRK and MSTR. If dividends are missed, they compound at 10% + 1% annually up to 18%.

Dividend: 10% / $10 per share Par Value: $100 Convertible: No Raised: ~$711M IPO ATM: $2.1B
STRD
10% Series A Perpetual Stride Preferred
Preferred

Launched June 2025. Highest yield preferred with 10% non-cumulative dividend. Rated junior to STRF and STRK, increasing risk but appealing to yield-seeking investors. Non-cumulative means missed dividends do not accrue. Raised nearly $1B on launch, reflecting strong market demand.

Dividend: 10% (non-cumulative) Par Value: $100 Priority: Junior to STRF/STRK ATM Size: $4.2B Est.: Jul 2025
STRC
Variable Rate Series A Perpetual Stretch
Variable

Launched July 2025. Variable-rate preferred designed to compete with money market funds — providing high yield with price stability. Rate adjusts in 0.25% monthly increments to maintain par value appeal. Non-callable under normal conditions. $4.2B ATM program, all proceeds fund Bitcoin acquisitions.

Dividend: Variable Rate Par Value: $100 Competes With: Money Markets ATM Size: $4.2B Est.: Jul 31, 2025
STRE
10% Series A Perpetual Stream (EUR)
Euro

Euro-denominated equivalent of STRF, listed on the Luxembourg Stock Exchange in 2025. €100 par value with 10% cumulative dividends — Strategy’s first non-US preferred stock. Low trading volume; not currently tracked on Strategy’s official dashboard. Targets European institutional investors.

Dividend: 10% (cumulative) Par Value: €100 Exchange: Luxembourg SE Currency: EUR

Capital Structure

Payment priority order — who gets paid first in dividends and liquidation scenarios.

1
Senior Convertible Notes
Private credit / corporate debt · 0–2.25% interest
Highest
Priority claim
2
STRF — Strife Preferred
10% fixed cumulative · $100 par · Senior preferred
Senior
Before STRK & MSTR
3
STRK — Strike Preferred
8% convertible · $100 par · Mid preferred
Mid
After STRF
4
STRD — Stride Preferred
10% non-cumulative · $100 par · Junior preferred
Junior Pref
After STRF & STRK
5
STRC — Stretch Preferred
Variable rate · $100 par · Lowest preferred
Lowest Pref
Below STRD
6
MSTR — Common Stock
Class A common equity · No par · Nasdaq listed
Equity
Most leveraged / most volatile

ATM Program Sizes

At-the-market offering program capacity

Bitcoin Holdings Context

Putting 762,099 BTC in perspective against other major corporate and institutional holders.

762K+
BTC Held by Strategy
vs. 21M total supply cap
Strategy owns approximately ~3.6% of all Bitcoin that will ever exist — more than any public company.
Corporate BTC Holdings Comparison
Top publicly known corporate holders (est. 2025)

The 21/21 Plan & Strategy

How Strategy raises capital and funnels it into Bitcoin, creating a self-reinforcing accumulation engine.

KPI Metrics Saylor Tracks

mNAV (Market NAV Ratio)
Market cap ÷ BTC holdings value. The key valuation metric traders use. ~1.08x as of Mar 2026 — historically low, near par. Bull markets push mNAV to 3–4x; below 1x means MSTR trades at a discount to its BTC.
BTC Yield
Growth rate of BTC per fully diluted share. Key shareholder value metric. 74.3% in 2024.
BTC Gain
Net new Bitcoin acquired in a period. Tracks absolute accumulation velocity.
BTC $ Gain
USD value of new BTC acquired. $2.94B gained Jan 1–Feb 23, 2025.
NAV Premium
MSTR stock price premium to net asset value of BTC holdings. The “Saylor premium” that enables dilutive raises to be accretive.

The Capital Flywheel

1
Issue equity / preferred at NAV premium
MSTR trades above BTC NAV → dilutive raises are actually accretive per share
2
Use proceeds to buy more Bitcoin
All ATM proceeds flow directly into BTC purchases
3
BTC appreciation drives MSTR higher
Larger BTC holdings + rising price = higher NAV = MSTR re-rates upward
4
Premium widens → raise again at better terms
Self-reinforcing loop; broken only by prolonged BTC bear market
Disclaimer: This page is for informational and educational purposes only. Nothing on this page constitutes financial, investment, or legal advice. Bitcoin and all related securities are highly volatile assets. Past performance does not guarantee future results. All holdings data sourced from SEC 8-K filings and public disclosures. Always do your own research (DYOR) and consult a licensed financial advisor before making investment decisions. Crypto Coin Show is a media company and does not hold positions in the securities discussed on this page.

Data as of most recent SEC 8-K filing (March 23, 2026). Holdings: 762,099 BTC / $57.69B aggregate cost / $75,696 avg. price per BTC. CCS is syndicated on Refinitiv/London Stock Exchange reaching 600,000+ institutional subscribers.