Strategy
MSTRMarket valuation vs the Bitcoin it holds
Strategy trades at 1.06× its Bitcoin NAV — you pay $1.06 for every $1 of Bitcoin it holds, a 54.1B USD pile.
Live · last updated
CEBE — Common Equity Bitcoin Exposure — is Bobby Tierney's framework; senior-claim inputs are live from the Strategy Investor API.
mNAV over time
Full history · dilutedToday's 1.06× sits in a 52-week range of 0.99× to 1.53×.
The CEBE mNAV line nets Strategy's senior claims off the treasury first: 1.09× on the BTC backing the common, versus 1.06× naive — the gap is the capital-stack effect. Framework: Bobby Tierney.
CEBE — what actually backs the common
Common Equity Bitcoin ExposureCEBE is Bobby Tierney's framework — equations adopted verbatim from cebetracker.io.
Strategy's senior stack — convertible notes plus the STRK, STRF, STRD and STRC preferreds — holds first claim on the treasury. At today's BTC price that stack speaks for 330,343 BTC of the 842,138 held (39.2%), leaving 511,795 BTC backing the common. Priced against that net pile, the common trades at 1.09× — versus the naive 1.06× that treats every coin as the common's.
BTC per share vs CEBE per share
sats · 1 yearThe gap between the lines is the per-share drag of the senior stack. A preferred-funded BTC purchase lifts the gross line but leaves CEBE flat — Bobby Tierney calls this "phantom growth".
Senior drag over time
% of BTC NAV · 1 yearThe share of the pile spoken for by seniors. The claims are fixed in dollars, so they shrink in BTC terms when BTC rallies — drag compresses — and swell in drawdowns. Below the $25,140 break-even, seniors would consume the entire treasury.
Senior claims at notional (principal / liquidation preference, not market value): converts 6.71B USD + STRC 10.4B USD + STRD 1.40B USD + STRF 1.28B USD + STRK 1.40B USD. Convertibles counted at full notional (conservative — assumes no conversion). SATA is Strive's preferred, not Strategy's, and is excluded. Source: Strategy Investor API · CEBE framework by Bobby Tierney.
About Strategy
Strategy (MSTR) owns 842,137 BTC. At today's price that Bitcoin is worth 54.1B USD. The market caps the whole company at 35.8B USD — 1.06× its Bitcoin. Put plainly: you pay $1.06 for every $1 of Bitcoin it holds, a 6% premium for everything that isn't the Bitcoin. It bought in at an average of 75.7K USD per coin.
Strategy (MSTR) mNAV — frequently asked
- What is Strategy (MSTR)'s mNAV?
- Strategy's mNAV is currently 1.06×. mNAV divides MSTR's market capitalisation by the value of the Bitcoin it holds, so 1.06× means the market values the company at 1.06× the worth of its Bitcoin treasury (54.1B USD).
- Is Strategy (MSTR) overvalued versus its Bitcoin?
- At 1.06×, Strategy (MSTR) trades at a 6% premium to the Bitcoin it holds. Whether that is rich or cheap is best read against its own history: over the past year its mNAV has ranged 0.99×–1.53×.
- How much Bitcoin does Strategy (MSTR) hold?
- Strategy holds 842,137 BTC, worth 54.1B USD at current prices. Its most recent purchase was 520 BTC on Jun 22, 2026.