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To track MicroStrategy—now reporting as Strategy—use its SEC filings as a dated ledger rather than relying on a live BTC counter. The latest figures in the June 30, 2026 Form 10-Q and its July 24 subsequent-event disclosure show why: the quarter-end holding, the later holding, the average cost basis, debt, cash and a spot-price valuation all describe different dates and concepts.
This guide gives you a repeatable method to verify each figure, calculate gross bitcoin value and debt-adjusted views, and keep the record current when Strategy buys, sells, issues securities or changes its financing.
Current figures and the dates they belong to
Start with the reporting date shown beside every number. A period-end balance is not automatically the balance on the day you read the filing, and a market-value estimate depends on the exchange, price and timestamp used.
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|---|---|---|---|---|
| Strategy 2025 Form 10-K, position reported as of February 13, 2026 | 717,131 BTC | $54.5 billion | Approximately $76,027 per BTC, inclusive of fees and expenses | Historical reference; later filings supersede this balance |
| Strategy Form 10-Q for the quarter ended June 30, 2026 | Approximately 846,000 BTC | Not stated as an aggregate amount in the filing details summarized here | $75,578 per BTC | Quarter-end holding and cost-basis figures |
| Subsequent disclosure dated July 24, 2026 | Approximately 843,775 BTC | Not stated | Not stated for this later balance | From July 1 through July 24, Strategy sold approximately 2,225 BTC for about $135.2 million of gross proceeds, an average sale price of $60,773 per BTC. The remaining holdings had an aggregate market value of approximately $54.14 billion using a Coinbase price of $64,164 at 4:00 p.m. Eastern Time. |
The 846,000-BTC and $75,578 figures are the quarter-end holdings and average price paid at June 30. The 843,775-BTC figure is a later, post-quarter balance after the disclosed sales. Treat the July 24 market value as a timestamped mathematical estimate, not as a promise that the entire position could be sold at that price.
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What “average purchase price” actually measures
Average purchase price is a cost-basis metric. It represents the cumulative amount paid for the bitcoin held, allocated across the number of bitcoins in that holding, with fees and expenses included when the filing says they are included. It is not the current bitcoin price, a forecast, a liquidation value or the price at which Strategy could sell every coin.
For a simple ledger, calculate:
Average purchase price = aggregate bitcoin cost basis ÷ bitcoin held.
Use the company’s reported average when one is provided. If you derive a number yourself, label it as your calculation and preserve the filing’s rounding. For example, multiplying the June 30 holding by the reported average produces an arithmetic estimate of roughly $63.94 billion; that is not a separately reported aggregate cost figure and should not replace the filing’s wording.
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Cost basis changes when Strategy buys or sells bitcoin. A sale can reduce the coin count and the associated cost basis, so the later average may rise or fall depending on which coins and costs are reflected. A market rally does not change historical cost basis; it changes the market value used in a valuation calculation.
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Build a dated tracking ledger
A spreadsheet or database is more reliable than a single “current holdings” cell. Create one row for every 10-Q, 10-K, material 8-K and company bitcoin-purchase or sale announcement.
- Identify the document and event date. Record the filing type, filing date, period end and any separate subsequent-event date. Keep the June 30 quarter-end row separate from the July 24 update.
- Capture the bitcoin fields exactly as reported. Enter BTC held, aggregate purchase price or cost basis, average purchase price and whether fees and expenses are included.
- Add a subsequent-event column. If the filing says that purchases or sales occurred after period end, record the later balance and the transaction window instead of overwriting the period-end row.
- Record the valuation input. For every market-value estimate, save the exchange, quoted BTC price, time zone, timestamp and whether the number is a scenario calculation or a reported balance-sheet measure.
- Keep a source note. Write the document name and page or footnote reference in your own notes so another reader can reproduce the entry from SEC EDGAR.
- Lock historical rows. Never edit an old quarter to make it look current. Add a new row when a later filing supersedes it.
Useful ledger columns are: document, filing date, period end, event date, BTC held, BTC bought, BTC sold, aggregate cost basis, average cost per BTC, spot exchange, spot price, spot timestamp, gross BTC value, convertible-note principal, carrying value, fair value, secured debt, cash, short-term investments, preferred claims and comments.
Track debt by tranche, not as one headline number
At June 30, 2026, Strategy reported $6.713659 billion of outstanding convertible-note principal. The net carrying value was $6.670114 billion, and the fair value was $6.259499 billion. It also reported $11.1 million of other long-term secured debt.
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|---|---|---|
| 2028 notes | $1.010 billion | Not stated in the filing details summarized here |
| 2029 notes | $1.500 billion | Not stated in the filing details summarized here |
| 2030A notes | $0.800 billion | Not stated in the filing details summarized here |
| 2030B notes | $2.000 billion | Not stated in the filing details summarized here |
| 2031 notes | $603.659 million | Not stated in the filing details summarized here |
| 2032 notes | $0.800 billion | Not stated in the filing details summarized here |
| Total convertible-note principal | $6.713659 billion | Use the individual note disclosures for contractual dates and terms |
Principal, carrying value and fair value are different columns
- Principal is the contractual face amount that must be repaid or settled under the note terms. It is the most direct figure for a simple debt-overhang calculation.
- Net carrying value is the accounting amount after applicable issuance-cost and discount adjustments. It is not the amount a market participant necessarily would pay to acquire the notes.
- Fair value is an estimated market-based value for the notes at the reporting date. It can be below or above principal as interest rates, credit spreads, conversion expectations and the share price change.
- Maturity and holder put dates tell you when refinancing, repayment or an investor sale right may become relevant. Keep those dates in separate columns; a maturity is not interchangeable with a holder put date.
For the June 30 figures, the arithmetic gap between principal and net carrying value is about $43.545 million, while fair value is about $454.160 million below principal. Those differences are analytical clues, not additional cash that can automatically be used to buy bitcoin.
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Calculate gross bitcoin value with a timestamped price
Gross bitcoin value is a quantity-times-price calculation:
Gross BTC value = BTC held × BTC spot price.
Use the same date whenever possible. If you combine a June 30 holding with a July 24 price, label the result as a mixed-date estimate and explain why. Strategy’s filing cautions that its “Market Value” amounts are mathematical calculations using the price for one bitcoin reported on the Coinbase exchange, its principal bitcoin market, for each stated scenario. The calculation can differ materially from realizable fair value because a large order may move the market, prices vary among venues, and the company may not be able to liquidate the entire position at one quoted price.
The July 24 disclosure provides a complete worked input: approximately 843,775 BTC valued with a $64,164 Coinbase price at 4:00 p.m. Eastern Time produced an aggregate market value of approximately $54.14 billion. Save the timestamp with the price; a live quote copied later is not the same input.
Produce two debt-adjusted views
No single subtraction answers every investor’s question. At minimum, show two clearly labeled views and state that they are analytical calculations rather than GAAP measures.
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View 1: gross BTC value less convertible-note principal
This view isolates the amount left after subtracting the six convertible-note tranches from the estimated bitcoin value. Using the July 24 market-value estimate and the June 30 principal as a near-date illustration gives approximately $47.43 billion before the $11.1 million of secured debt. Because the holdings and debt are from different dates, mark this as an approximation, not a period-end balance sheet calculation.
View 2: common-equity exposure after senior claims
For a broader common-equity analysis, subtract convertible-note principal, other secured debt and any preferred-stock obligations or other senior claims that are disclosed for the same date. Preferred stock can have liquidation preferences, dividends or redemption rights that rank ahead of common equity. Do not insert an assumed amount: record “not stated” until Strategy discloses the relevant claim, then show the amount and date beside the calculation.
Cash and short-term investments are a separate asset view. At June 30, 2026, the 10-Q reported $2.40 billion for U.S. entities and $51.4 million for non-U.S. entities. The July 24 disclosure reported $3.75 billion in cash and short-term investments, including unsettled ATM proceeds. Decide explicitly whether your model is showing bitcoin collateral alone or a broader asset-and-liability picture that adds cash; never mix the two without labeling the scope.
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- Check every new 8-K and earnings filing. A material purchase, sale, ATM issuance, convertible-note offering, redemption or debt repurchase can change exposure before the next 10-Q.
- Enter transactions in the event ledger. Record BTC acquired or sold, transaction dates, cash proceeds or consideration and the company’s stated average price when available.
- Reconcile to the next filing. Compare your event-adjusted balance with the next reported BTC count. Investigate differences caused by timing, rounding or transactions not separately itemized.
- Refresh debt terms. Add new principal, repayments, conversions, repurchases and changes to carrying or fair value. Keep each tranche identifiable.
- Refresh liquidity. Update cash, short-term investments and any restricted or unsettled amounts separately from bitcoin.
- Recalculate market value only when the price input changes. Preserve old valuations with their original exchange and timestamp so a chart does not imply that a historical estimate used today’s price.
Strategy describes bitcoin as a long-term holding and says it expects to continue accumulating bitcoin. That statement is management’s stated intention, not a guarantee of future purchases; your tracker should continue to rely on disclosed transactions.
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Common tracking mistakes and how to fix them
- Using an old quarter-end count as “today’s” holdings. Fix: check subsequent-event language and later 8-Ks before publishing a current number.
- Calling average purchase price a break-even market price. Fix: label it cost basis and show spot price in a separate field.
- Subtracting carrying value when the question is contractual debt. Fix: use principal for the debt-overhang view, then show carrying and fair value in separate columns.
- Presenting market value as cash proceeds. Fix: repeat the exchange, timestamp and mathematical-estimate caveat beside the result.
- Netting cash automatically. Fix: show bitcoin-only, bitcoin-minus-debt and broader assets-minus-senior-claims views separately.
- Ignoring preferred-stock claims. Fix: add a senior-claims line and populate it only from a dated disclosure.
- Combining dates silently. Fix: flag mixed-date calculations in the spreadsheet and explain which date belongs to each input.
- Rounding too early. Fix: retain full dollar and BTC precision in working cells, then round only the displayed result.
- Assuming a sale changes average cost in a predictable direction. Fix: use the company’s post-sale cost-basis disclosure or document the assumptions behind your own allocation.
A practical spreadsheet layout
Use one “Filings” sheet and one “Calculations” sheet. The filings sheet should preserve reported values; the calculations sheet should contain formulas that reference those cells.
| Column | Purpose | Example entry |
|---|---|---|
| Period end | Defines the reporting date | June 30, 2026 |
| Subsequent date | Captures a later balance without overwriting period end | July 24, 2026 |
| BTC held | Reported quantity | 846,000 or 843,775, with the applicable date |
| Average cost | Reported cost-basis metric | $75,578 per BTC at June 30, 2026 |
| Spot source and time | Makes valuation reproducible | Coinbase, $64,164, 4:00 p.m. ET, July 24, 2026 |
| Debt principal | Contractual face amount | $6.713659 billion |
| Debt carrying and fair value | Accounting and market views | $6.670114 billion and $6.259499 billion |
| Cash and short-term investments | Liquidity context | Enter each entity group and date separately |
Suggested calculation cells are:
=BTC_held*Spot_pricefor gross bitcoin value.=Gross_value-Convertible_principalfor the principal-subtracted view.=Gross_value-Convertible_principal-Secured_debt-Preferred_claimsfor a common-equity exposure view, with preferred claims set to zero only when you explicitly state that no disclosed amount is included.
Keep a notes column beside every formula. Write “mathematical estimate,” “mixed dates,” “includes unsettled ATM proceeds” or another qualification where applicable, so the caveat travels with the number when the sheet is exported.
Where to verify each item
Use SEC EDGAR as the primary verification source. The June 30, 2026 Form 10-Q contains the period-end BTC count, average price, debt amounts, cash disclosures and the subsequent July 24 information summarized above. The 2025 Form 10-K supplies the February 13, 2026 historical reference and management’s description of bitcoin’s role in its capital structure.
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For a current tracker, recheck at every 10-Q and 10-K, then scan material 8-K filings for bitcoin purchases or sales, financing, debt repurchases, conversions and ATM activity. Record the filing date even when the transaction occurred earlier, and distinguish an announcement date from an accounting period end.
Interpreting the numbers responsibly
Strategy has said that its bitcoin holdings are a core component of its balance sheet and capital structure and provide economic backing for its equity and fixed-income securities. That framing explains why investors watch both BTC quantity and financing, but it does not turn a price-times-quantity estimate into a guaranteed recovery value for any security holder.
The most decision-useful dashboard therefore has four separate panels: dated BTC holdings and cost basis; a timestamped gross-value estimate; debt by principal, carrying value, fair value and contractual dates; and liquidity plus preferred or other senior claims. Keeping those panels separate prevents the most common error—treating one attractive number as if it answered every question about Strategy’s bitcoin exposure.
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