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Strategy’s Bitcoin purchases increase the company’s reserve, but a larger reserve does not automatically mean a larger Bitcoin claim for each common shareholder. The result depends on how each purchase was financed, how many shares were issued, and how much debt and preferred stock stand ahead of common equity.
The most detailed dated figures available here are not an October balance. Strategy reported 846,000 BTC at June 30, 2026, and 840,447 BTC in an investor briefing dated August 23, 2026. The August briefing also reported $6.754 billion of debt, $14.966 billion of notional preferred stock, a $5.10 billion USD Reserve and $1.59 billion of USD Cash. Later transactions should be checked against subsequent SEC filings before treating any figure as current.
What Strategy owned on the reported dates
Strategy’s Form 10-Q for the quarter ended June 30, 2026, reported 846,000 BTC held at an average purchase price of $75,578 per bitcoin. During the second quarter it acquired 85,296 BTC and sold approximately 1,395 BTC. The filing is available from the SEC.
An investor briefing dated August 23, 2026, reported 840,447 BTC and valued its defined BTC Reserve at $64.718 billion using a bitcoin price of $77,004. The lower coin count in that later snapshot should not be reconciled by assumption: the two figures are measured on different dates and reflect activity between them. The briefing was filed with the SEC and can be read here.
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| Reported date | BTC held | Other reported detail |
|---|---|---|
| June 30, 2026 | 846,000 BTC | Average purchase price: $75,578 per BTC; 85,296 BTC acquired and approximately 1,395 BTC sold during Q2 |
| August 23, 2026 | 840,447 BTC | BTC Reserve: $64.718 billion at $77,004 per BTC |
The August briefing is the latest detailed snapshot identified for this analysis. It draws partly on an August 24 Form 8-K, while activity through October 13, 2026, has not been verified here. “As of August 23” is therefore more precise than calling these numbers the company’s current holdings.
How purchases are financed
Strategy has used several forms of capital rather than one permanent funding source. Its Q2 filing says second-quarter Bitcoin purchases were funded primarily by STRC preferred stock and Class A common stock. At other times, convertible debt has supplied funds. Each source changes the company’s obligations and the number or seniority of claims on the reserve.
Common-stock issuance
When Strategy sells Class A common shares, it receives cash without creating a repayment obligation. However, the share count rises. If the new cash buys less BTC per newly issued share than the existing average, gross BTC per share can fall even while total BTC rises. The Q2 filing also says some common-stock proceeds were used for the USD Reserve, preferred dividends and interest rather than for additional BTC. Those uses increased shares without a matching increase in the reserve and reduced or offset the company’s reported BTC Yield for the period. See the filing at the SEC.
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Preferred stock
Preferred securities can raise capital without issuing common shares immediately, but they are not cost-free financing. Their dividend and liquidation terms give holders a claim senior to common equity. Strategy’s August briefing lists $14.966 billion of notional preferred stock and subtracts specified preferred claims when presenting its illustrative residual-value framework.
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Convertible notes and other debt
Borrowing can fund BTC purchases while leaving common share count unchanged at issuance, but it adds interest, maturity and refinancing risk. Convertible notes may eventually convert into common shares, creating potential dilution in addition to the debt claim. Debt therefore affects both the assets available and the number of shares that may ultimately participate in gains.
Debt, preferred claims and the reserve
The August 23 briefing reported $6.754 billion of debt and $14.966 billion of notional preferred stock. These amounts sit ahead of common equity in the company’s illustrative residual-value framework. A common shareholder is not entitled to the entire BTC Reserve as if it were an unencumbered wallet; debt holders and preferred holders have contractual or stated claims that must be considered first.
| Item (August 23, 2026) | Reported amount | Why it matters to common shareholders |
|---|---|---|
| BTC Reserve | $64.718 billion at $77,004 per BTC | Gross reserve value changes with the bitcoin price |
| Debt | $6.754 billion | Debt service, maturities and refinancing rank ahead of common equity |
| Notional preferred stock | $14.966 billion | Preferred dividends and liquidation terms rank ahead of common equity |
| USD Reserve | $5.10 billion | Policy-designated liquidity for preferred dividends and debt interest |
| USD Cash | $1.59 billion | Cash the company distinguishes from the designated reserve and may use more flexibly |
The USD Reserve and USD Cash are not interchangeable labels. The company describes the $5.10 billion USD Reserve as policy-designated for preferred dividends and debt interest, while the $1.59 billion USD Cash is a separate, more flexible amount. A large cash balance can support payments, but it does not prove that future BTC purchases will be funded without new financing.
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The relevant shareholder question is not only “How much Bitcoin does Strategy own?” It is “How much Bitcoin, after senior claims and dilution, is associated with each common share?” A simple gross measure divides BTC held by common shares outstanding. A more conservative net measure subtracts the debt and preferred claims included in the company’s framework, converts the remaining value to BTC at an explicitly stated price, and then divides by the applicable diluted share count.
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When a purchase is accretive
A purchase can be accretive to BTC per share when the value of the BTC acquired, net of financing costs and new senior claims, exceeds the economic value issued to fund it. For example, issuing shares at a favorable market premium and buying BTC can increase the reserve faster than the share count. The outcome must be calculated using the transaction price, fees, resulting share count and any debt or preferred terms; total BTC alone cannot establish it.
When a purchase is dilutive
Issuing common stock to pay preferred dividends, interest or the USD Reserve adds shares without adding BTC. The Q2 filing says these uses reduced or offset BTC Yield. Borrowing can also leave BTC per share lower if interest and principal claims consume more value than the purchased coins create. Convertible notes add a further potential dilution issue if conversion becomes economical.
Why the stock can diverge from Bitcoin
Strategy’s common stock is corporate equity, not a BTC tracker. Its return can diverge from bitcoin because of financing costs, preferred claims, share issuance or repurchases, credit spreads, software operations, taxes, governance and changes in the market premium or discount to the company’s defined framework. The August briefing’s sensitivity table holds BTC, USD assets, debt, preferred stock and diluted shares constant; it is illustrative, not a forecast or liquidation value.
What the May 2026 note repurchase changed
Not every capital-structure change accompanies a BTC purchase. On May 26, 2026, Strategy said it repurchased $1.5 billion principal amount of its 2029 convertible notes for approximately $1.38 billion in cash, an approximately 8% discount to par. It reported that aggregate convertible-note principal fell from $8.2 billion to $6.7 billion. The company’s release is filed with the SEC.
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Reducing debt can lower future interest and conversion exposure, but it also uses cash that could otherwise have funded BTC or strengthened liquidity. President and Chief Executive Officer Phong Le described the transaction this way: “We retired $1.5 billion of convertible debt for $1.38 billion in cash.” Founder and Executive Chairman Michael Saylor said: “These transactions demonstrate the optionality we have built into Strategy’s capital structure and our dynamic, multi-variate capital allocation model.” Both are management descriptions of the transaction, not independent forecasts of shareholder returns.
How BTC price changes flow through the structure
If the bitcoin price rises, the dollar value of the BTC Reserve rises before considering any change in liabilities. Debt principal does not automatically increase with BTC, so a price rise can create operating leverage for common equity after fixed claims are covered. The reverse is also true: a bitcoin decline reduces reserve value while interest, preferred dividends and maturities remain obligations.
- Moderate decline: the reserve is worth less, which can narrow the residual value available to common holders and reduce the market premium investors are willing to pay.
- Large decline: financing costs and refinancing needs can consume a larger share of reserve value, while convertible securities may remain outstanding rather than converting.
- Market stress: a falling stock premium or widening credit spreads can make new equity or debt more expensive, limiting access to capital for future purchases.
- Recovery: a later BTC rebound may lift reserve value, but it does not reverse shares already issued, cash spent on dividends or interest, or debt that was not repaid.
Strategy’s July 30, 2026 results release reports a “BTC Hurdle ARR” of 10.8%, which Chief Financial Officer Andrew Kang called “our current effective cost of credit.” The release is available from the SEC. That figure is management’s supplemental presentation, not a guarantee that BTC will outperform the company’s financing cost.
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Strategy uses terms such as BTC Yield, Net BTC Per Share and mNAV to describe its capital allocation and valuation framework. They can help organize an analysis, but they are not substitutes for conventional accounting measures or a prediction of the share price.
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BTC Yield
The July 2026 release says BTC Yield is not conventional investment yield, historical or future shareholder return, or income generated by operations or BTC. The company also says its supplemental measures may not account for all liabilities and preferred claims in every calculation, assume refinancing or conversion in certain cases, and may overstate or understate the accretive effect of capital used to acquire BTC.
Net BTC Per Share
Net BTC Per Share depends on which debt, preferred claims, cash and diluted shares are included and on the BTC price used. Two analysts can produce different figures while both following the company’s published framework if they use different dates or dilution assumptions. Always show the date, BTC price, liabilities included and share count alongside the result.
mNAV
mNAV compares the stock’s market value with a company-defined net BTC value. A premium means investors are paying more than that framework’s implied value; a discount means less. Neither condition proves mispricing. Financing access, expected dilution, credit risk, taxes, governance and sentiment can all change the multiple.
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- Fix the measurement date. Use the transaction announcement, the latest 10-Q or 8-K and the exact BTC balance date. Do not combine June 30 holdings with August liabilities without labeling the mismatch.
- Identify the funding source. Separate Class A equity, preferred securities, convertible notes and cash already on the balance sheet.
- Follow every use of proceeds. Determine how much bought BTC and how much went to the USD Reserve, preferred dividends, interest, fees or debt repayment.
- Update the capital structure. Add new debt and preferred claims, remove repurchased principal, and include shares issued plus potential conversion dilution.
- Calculate gross and net BTC per share. Show both, state the BTC price and list the senior claims deducted from the net figure.
- Stress-test the price. Recalculate at lower and higher BTC prices while holding assumptions explicit. The company’s own sensitivity table is illustrative and does not forecast outcomes.
- Check liquidity and maturities. Distinguish the policy-designated USD Reserve from flexible cash and identify upcoming interest, dividends and maturities.
What the filings establish—and what they do not
The filings establish dated holdings, purchase activity, financing sources and reported debt and preferred amounts. They do not establish that every BTC purchase increases common-shareholder value, that BTC Yield equals an investment return, or that the stock will move one-for-one with bitcoin. The company’s own August briefing says its illustrative Net Reserve and per-share sensitivity are not traditional net asset value or liquidation values.
For an up-to-date decision, start with the newest SEC filing after August 23, 2026, then reconcile BTC held, debt principal, preferred balances, cash reserves and diluted shares. Until that check is complete, describe the August figures as the dated snapshot they are rather than as a live balance.
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