Strategy (MSTR) Bitcoin Exposure Calculator
Strategy, Inc. operates as the world's first and largest Bitcoin treasury company. Originally founded in 1989 as MicroStrategy and rebranded to Strategy in February 2025, the company adopted Bitcoin as its primary treasury reserve asset in 2020 under co-founder and Executive Chairman Michael Saylor. Strategy funds its Bitcoin purchases through a combination of at-the-market equity offerings, convertible notes, and preferred stock. The company also maintains its legacy enterprise analytics software business. Strategy is headquartered in Tysons Corner, Virginia, and trades on Nasdaq under the ticker MSTR.
FAQ
How is Bitcoin exposure per Strategy share calculated?
It equals the total Bitcoin holdings of Strategy divided by its shares outstanding. The calculator uses live holdings, live shares outstanding, and the current Bitcoin price to show the figure now and your total exposure for the shares entered.
Do Strategy shares give direct Bitcoin ownership?
No. The company holds the Bitcoin on its balance sheet. Shareholders have a claim on the company, not a direct claim on the Bitcoin. The calculator estimates look-through exposure only.
Why does MSTR often trade at a premium to its Bitcoin?
Strategy has frequently traded above the market value of the Bitcoin it holds, a gap commonly called mNAV. It reflects demand for leveraged, equity-wrapped Bitcoin exposure and can also turn into a discount, so compare the exposure per share with the price.
How does Strategy fund its Bitcoin purchases?
Strategy raises capital through at-the-market equity offerings, convertible notes, and preferred stock, then buys Bitcoin. New issuance changes the Bitcoin exposure per share over time.
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