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Methodology · Company deep-dive

How much Bitcoin does MicroStrategy own?

Strategy (formerly MicroStrategy, ticker MSTR) owns 843,775 BTC as of its July 2026 SEC 8-K filing — more Bitcoin than any other public company on Earth, and roughly 4% of all Bitcoin that will ever exist. Here's the complete picture: how they got there, what it's worth today, and how to think about MSTR as an investment.

Quick stats (as of July 2026)

Bitcoin held: 843,775 BTC · Average cost basis: ~$66,385 per BTC · Total cost basis: ~$56B · Total value at current Bitcoin price: marked live on our corporate treasury page.

How they got here

Started August 11, 2020 with a $250M purchase (21,454 BTC). Michael Saylor announced Bitcoin as their primary treasury reserve asset. Continued buying through 2020-2026, using both cash reserves and — critically — issuing convertible debt to buy more Bitcoin than a normal company balance sheet would allow.

The leverage — why MSTR moves more than Bitcoin

MSTR uses debt (convertible notes) to buy more Bitcoin, so shareholders effectively own MORE Bitcoin per share than they would with a straight ETF. This is why MSTR's stock has historically had 1.5x to 3x the volatility of Bitcoin itself — a 20% Bitcoin move often becomes a 30-50% MSTR move.

The 2026 dividend sale

In early July 2026, Strategy sold ~3,588 BTC to fund dividends on its Digital Credit securities — the first treasury-level Bitcoin sale since 2022. The net position remains at 843,775 BTC, but the sale was significant as it marked the first time Saylor's company monetized part of the stack.

mNAV — the premium/discount signal

MSTR typically trades at a 30-100% premium to the Bitcoin it holds. This premium expands during Bitcoin bull markets and contracts (sometimes flipping to a discount) in bear markets. Live per-day mNAV on our treasury page. See our mNAV guide for how it's calculated.

Frequently asked questions

Where does the 843,775 BTC figure come from?▼

Directly from Strategy's SEC 8-K filing dated July 7, 2026, cross-referenced against strategy.com/purchases. Every FintellHQ treasury holding traces to a specific SEC filing — see our About page for the sourcing standard.

Is Strategy still buying Bitcoin?▼

Yes. Strategy has been the most active corporate buyer of Bitcoin since 2020, using a combination of operating cash flow, at-the-market equity offerings, and convertible debt issuances. Roughly every 3-6 weeks Strategy files a new 8-K disclosing another purchase.

How does MSTR fund Bitcoin purchases?▼

Three sources: (1) operating cash from their enterprise analytics software business (small), (2) at-the-market equity issuances (dilutive but non-debt), (3) convertible debt at attractive rates (currently the largest source). Convertible debt has been ~1-4% coupons — cheap money that Strategy uses to buy an asset (Bitcoin) they believe will appreciate faster than that coupon.

What's Michael Saylor's role?▼

Michael Saylor is co-founder and Executive Chairman. He was CEO from founding until August 2022. He remains the public face of the Bitcoin strategy and its most influential internal advocate. His public appearances and interviews often move MSTR's stock and the broader Bitcoin treasury narrative.

How does buying MSTR compare to buying a Bitcoin ETF?▼

MSTR is a leveraged Bitcoin bet through a corporate wrapper. If Bitcoin goes up, MSTR usually goes up more (2-3x). If Bitcoin goes down, MSTR usually goes down more. Bitcoin ETFs like IBIT track Bitcoin 1:1 minus a small fee. See our full comparison: /methodology/bitcoin-etf-vs-mstr.

What are the risks of holding MSTR long-term?▼

Three main risks: (1) Bitcoin's price — if Bitcoin drops sustainably, MSTR drops harder due to leverage. (2) Debt refinancing — Strategy has significant convertible debt that must be refinanced at future rates; if rates spike, this becomes expensive. (3) Dilution — Strategy issues equity to buy more Bitcoin, which slightly reduces per-share Bitcoin exposure over time (though the offsetting Bitcoin purchases usually more than compensate).

Does Strategy still have a software business?▼

Yes. Strategy's original business is enterprise analytics software (business intelligence tools). It's still operational and generates cash, but the software business is a tiny fraction of the company's total valuation today — MSTR trades primarily on its Bitcoin treasury.

Can I hold MSTR in an IRA?▼

Yes. MSTR trades on Nasdaq like any other stock, so it can be held in any brokerage IRA — Traditional, Roth, or SEP. This is one of the reasons some investors prefer MSTR over direct Bitcoin ownership for retirement accounts: no custody or wallet complexity, tax-advantaged holding.

This page is educational content, not financial advice. Every data figure traces to a primary source (SEC EDGAR filings, company 10-Q / 10-K / 8-K disclosures, or licensed data feeds). See our About page for editorial standards + methodology.

→ See MSTR live holdings + mNAV·→ MSTR stock page·→ ETF vs MSTR comparison·→ What is mNAV?