Nasdaq · MSTR · USD
Strategy
Holdings as of 19 Oct 2026 · prices as of 23 Oct 2026 · capital structure as of 20 Oct 2026
Holdings & valuation
BTC holdings
848,517 ₿
Last purchase 267 ₿ · 19 Oct 2026
BTC NAV
$68.79B
BTC price $81.07K
Market cap
$62.45B
770,305 ₿ · 427,723,351 fully diluted shares
Enterprise value
$77.44B
955,207 ₿
= Market cap $62.45B + conv. $6.71B + pref. $13.56B − cash $5.28B
Share
Share price
$146.01
180,094 sats
Sats per share
198,380
CEBE per share
139,925
= (BTC − senior claims) / fully diluted shares, in sats
Multiples
mNAV
0.91x
Price at 1 mNAV $160.83
= Market cap $62.45B / BTC NAV $68.79B
Enterprise mNAV
1.13x
Price at 1 Enterprise mNAV $129.70
= Enterprise value $77.44B / BTC NAV $68.79B
CEBE
1.29x
Price at 1 CEBE $113.44
= Market cap $62.45B / (BTC NAV $68.79B − senior claims $20.27B)
Capital structure
Cash
$5.28B
65,126 ₿
Convertible debt
$6.71B
82,810 ₿ · 6 of 6 notes counted as debt
Preferred
$13.56B
167,217 ₿ · liquidation value
Senior claims
$20.27B
250,027 ₿ · 29.5% of BTC NAV
= conv. $6.71B + pref. $13.56B
Convertible bonds
Switch on "Assume future conversion" to count a note's conversion shares in the fully diluted share count instead of its face value as debt. Default: outstanding notes in the money, converted notes. Tiles, bar chart, valuation multiples and BTC per share update immediately (the data table below uses the defaults).| Note | Issued | Maturity | Put / call | Coupon | Conversion price | Outstanding | Shares on conversion | Status | Assume future conversion |
|---|---|---|---|---|---|---|---|---|---|
| Convert 2030 A | 2024-03-09 | 2030-03-16 | 2028-09-16 / 2027-03-22 | 0.625% | $149.77 | $800.00M | 5,341,524 | outstandingout of the money | |
| Convert 2031 | 2024-03-19 | 2031-03-16 | 2028-09-16 / 2028-03-22 | 0.875% | $232.72 | $603.75M | 2,594,319 | outstandingout of the money | |
| Convert 2032 | 2024-06-18 | 2032-06-16 | 2029-06-16 / 2029-06-20 | 2.25% | $204.33 | $800.00M | 3,915,235 | outstandingout of the money | |
| Convert 2028 | 2024-09-20 | 2028-09-16 | 2027-09-16 / 2027-12-20 | 0.625% | $183.19 | $1.01B | 5,513,401 | outstandingout of the money | |
| Convert 2029 | 2024-11-22 | 2029-12-02 | 2028-06-02 / 2026-12-04 | 0% | $672.40 | $1.50B | 2,230,815 | outstandingout of the money | |
| Convert 2030 B | 2025-02-22 | 2030-03-02 | 2028-03-02 / 2027-03-05 | 0% | $433.43 | $2.00B | 4,614,355 | outstandingout of the money | |
| 0.75% Convertible Senior Notes due 2025 | 2020-12-11 | 2025-12-15 | – / – | 0.75% | $39.80 | – | – | converted | |
| 0% Convertible Senior Notes due 2027 | 2021-02-19 | 2027-02-15 | – / – | 0% | $143.25 | – | – | converted |