Strategy

In August 2020, the software company MicroStrategy — since rebranded simply as Strategy — made its first bitcoin purchase and declared BTC its primary treasury reserve asset. Under executive chairman Michael Saylor, the company has continued to accumulate bitcoin ever since, funding purchases through operating cash, at-the-market equity sales, convertible notes and preferred stock.

The result is the largest corporate bitcoin position in the world. The exact holdings and average cost basis are shown live at the top of this page and update as the company discloses new acquisitions.

mNAV — market-cap-to-net-asset-value — compares the company's equity value to the market value of the bitcoin it holds. An mNAV above 1.0 means the stock trades at a premium to its underlying bitcoin; below 1.0 means it trades at a discount. It is the single most important gauge of how the market is valuing Strategy relative to its treasury.

A premium can persist because the stock offers leveraged, equity-market access to bitcoin, the ability to keep growing bitcoin held per share through capital raises, and index inclusion that lets portfolios which cannot own crypto gain exposure indirectly. When sentiment cools, that premium can compress or flip into a discount, which is why tracking mNAV over time is more informative than any single snapshot.

To keep buying bitcoin without relying solely on common-stock dilution, Strategy issues several preferred stock series — STRK, STRF, STRD and STRC — each with a $100 stated value. These instruments raise capital that is largely deployed into additional bitcoin, and each series carries different dividend and seniority characteristics.

Combined with convertible notes and at-the-market common-stock programs, this capital stack lets the company scale its bitcoin position while managing the mix of leverage and equity. Understanding it helps explain both how the treasury grows and how the various claims on the business are structured.