STRATEGY.BITCOIN.TREASURY
World's Largest Corporate Bitcoin Holder
BTC Holdings
550,743
Total Bitcoin
BTC Price
$97,000
Live price
Portfolio Value
$53.4B
Current value
Total Invested
$37.9B
Acquisition cost
Avg Cost Basis
$68,816
Per BTC
Unrealized P&L
+$15.5B
+41%
NAV.CALCULATOR
Below average premium
NAV/Share
$218.94
Net Asset Value
Market Price
$320.00
MSTR Stock
Premium
46.2%
Above NAV
mNAV
1.46x
NAV Multiple
Implied BTC
$141.8K
Per BTC
BTC/Share
2257.14
Sats per share
HISTORICAL NAV PREMIUM
BITCOIN.FLOW.ANIMATION
Watch Strategy's fiat-to-Bitcoin conversion journey
PORTFOLIO.SIMULATOR
Model different BTC price scenarios and see projected portfolio outcomes
Portfolio Value
$53.42B
1.4x invested
Unrealized Gain
$15.52B
Profit
ROI
41.0%
Return on Investment
Implied MSTR
$394
Per share
SCENARIO COMPARISON
| Scenario | BTC Price | Portfolio | Gain | ROI |
|---|---|---|---|---|
| Bear | $50,000 | $27.54B | $-10362850000 | -27% |
| Current | $97,000 | $53.42B | $15.52B | 41% |
| Base | $150,000 | $82.61B | $44.71B | 118% |
| Bull | $250,000 | $137.69B | $99.79B | 263% |
| Saylor 2030 | $1,000,000 | $550.74B | $512.84B | 14x |
| Saylor 2045 | $13,000,000 | $7.16T | $7.12T | 188x |
💡 KEY INSIGHTS
At $97,000 BTC:
- Each $1,000 invested in MSTR at current NAV would be worth $1000
- Strategy's BTC holdings alone equal 55.6% of implied market cap
- To reach $1T market cap, BTC would need to be $1,008,738
ACQUISITION.TIMELINE
Complete purchase history since August 2020
Total Invested
$37.4B
Avg Cost Basis
$67,856
Current Value
$53.4B
Unrealized P&L
+16.1B
MSTR.VS.BTC.PERFORMANCE
Historical returns comparison with interactive timeframes
BTC Return
+125%
MSTR Return
+647%
Outperformance
+523%
BTC Max DD
-64%
MSTR Max DD
-70%
BITCOIN.DOMINANCE.TRACKER
Real-time market dominance metrics
Bitcoin Dominance
---
ETH Dominance
---
Altcoins
---
Total Crypto Market Cap
---
24h Change
---
Historical Dominance
MSTR.vs.BTC.CORRELATION
Price performance comparison since first BTC acquisition
30-Day Correlation
0.92
Beta to Bitcoin
2.1x
Leverage multiplier
Implied BTC/Share
0.0023
BTC Holdings
550,743
~$53.4B value
// CORRELATION ANALYSIS
MSTR trades as a leveraged Bitcoin proxy with a 2.1x beta, meaning it typically moves 2.1x more than BTC. The current +75% NAV premium reflects market confidence in Strategy's ability to continue acquiring BTC using their unique financial engineering approach.
CORPORATE.BITCOIN.TREASURIES
Comparing public company Bitcoin holdings
Strategy holds 11x more BTC than the #2 holder (Marathon Digital)
BITCOIN.MINING.COMPARISON
Total Hash Rate
159.5 EH/s
22.8% of network
Monthly BTC Prod.
2,986 BTC
Combined output
Avg Efficiency
24.7 J/TH
Lower is better
Total Treasury
$8.92B
91,927 BTC
BITCOIN.ETF.COMPARISON
Strategy vs. Spot Bitcoin ETFs - Holdings & Fee Analysis
Total ETF Bitcoin
1.06M
Strategy Holdings
551K
Strategy Share
34.3%
of combined total
Total AUM (ETFs)
$102.4B
MSTR.PURCHASE.HISTORY
Complete Bitcoin acquisition record with SEC filings
Total Acquired
464,394
Bitcoin
Total Invested
$30.68B
Avg Cost Basis
$66,067
In Profit
Unrealized P&L
$14.37B
+47%
| Method | Filing | ||||
|---|---|---|---|---|---|
| Jan 27, 2025 | 10,107 | $98,393 | $1.10B | ATM Offering | 8-K |
| Jan 13, 2025 | 2,530 | $94,830 | $243M | ATM Offering | 8-K |
| Jan 6, 2025 | 1,070 | $94,004 | $101M | ATM Offering | 8-K |
| Dec 30, 2024 | 2,138 | $93,600 | $200M | ATM Offering | 8-K |
| Dec 23, 2024 | 5,262 | $97,837 | $516M | ATM Offering | 8-K |
| Dec 16, 2024 | 27,200 | $106,000 | $2.89B | ATM Offering | 8-K |
| Dec 9, 2024 | 15,350 | $100,386 | $1.54B | ATM Offering | 8-K |
| Dec 2, 2024 | 21,550 | $98,783 | $2.10B | ATM Offering | 8-K |
| Nov 25, 2024 | 15,400 | $95,976 | $1.50B | ATM Offering | 8-K |
| Nov 18, 2024 | 55,500 | $97,862 | $5.40B | Convertible Notes | 8-K |
| Nov 11, 2024 | 51,780 | $88,627 | $4.60B | ATM Offering | 8-K |
| Oct 31, 2024 | 27,200 | $74,463 | $2.03B | ATM Offering | 8-K |
| Sep 13, 2024 | 18,300 | $60,408 | $1.11B | ATM Offering | 8-K |
| Mar 19, 2024 | 9,245 | $65,883 | $609M | Convertible Notes | 8-K |
| Mar 11, 2024 | 12,000 | $68,477 | $822M | Convertible Notes | 8-K |
FINANCIAL.ENGINEERING
The Strategy playbook for corporate Bitcoin accumulation
Convertible Notes Strategy
Issue 0% interest convertible bonds to fund Bitcoin purchases
- Zero or near-zero coupon rates
- Conversion premium of 30-50% above stock price
- Long maturity periods (5-7 years)
- Accretive to shareholders if BTC appreciates
At-The-Market Offerings
Sell equity at market prices to accumulate more Bitcoin
- 21/21 Plan: $21B in equity, $21B in debt
- Dilution offset by BTC appreciation
- Premium trading allows efficient capital raise
- No discount to market price
Leverage Without Liquidation
Corporate structure prevents forced selling during downturns
- No margin calls on Bitcoin holdings
- Long-dated debt with no covenants
- Treasury cannot be liquidated
- Ride out any market cycle
The Infinite Money Glitch
Bitcoin appreciation enables perpetual capital raising
- BTC up → Stock premium up → Raise capital → Buy BTC
- Self-reinforcing accumulation loop
- NAV premium allows cheap capital
- Network effect of being largest holder
SAYLOR'S THESIS
"Bitcoin is the apex property of the human race. It's the first time in history we've had a perfect monetary network, and it will absorb all the monetary energy of the world. Gold, bonds, real estate - they're all getting demonetized. The logical conclusion is Bitcoin at $10-20 trillion market cap."
— Michael Saylor, Strategy Executive Chairman
SAYLOR.PRICE.TARGETS
Michael Saylor's Bitcoin price predictions
2030-2035
Bitcoin becomes $10-20T asset class, absorbing gold's monetary premium
2027-2028
Post-halving supply shock meets institutional adoption wave
2025-2026
ETF flows, corporate adoption, and favorable regulation