Strategy
MSTRMarket valuation vs the Bitcoin it holds
Strategy trades at 1.04× its Bitcoin NAV — you pay $1.04 for every $1 of Bitcoin it holds, a 68.7B 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
Last 12 months · diluted
Today's 1.04× sits in a 52-week range of 0.82× to 1.43×.
The CEBE mNAV line nets Strategy's senior claims off the treasury first: 1.24× on the BTC backing the common, versus 0.86× gross — that gap is the capital-stack effect. The mNAV line beside it is this company's configured method, which nets the same claims on the numerator instead. Framework: Bobby Tierney.
CEBE — what actually backs the common
CEBE 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 260,675 BTC of the 845,050 held (30.8%), leaving 584,375 BTC backing the common. Priced against that net pile, the common trades at 1.24× — versus the gross 0.86× that treats every coin as the common's. The headline mNAV at the top of this page uses this company's configured calculation method, which accounts for the senior stack differently again, so the two need not agree.
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 $25,081 break-even, seniors would consume the entire treasury.
Senior claims at notional (principal / liquidation preference, not market value): converts 6.71B USD + STRC 9.49B USD + STRD 1.40B USD + STRF 1.28B USD + STRK 1.40B USD + other preferred incl. STRE 899.5M USD. Convertibles counted at full notional (conservative — assumes no conversion). SATA is Strive's preferred, not Strategy's, and is excluded. Senior claims are as of the date above; BTC price, BTC count and market cap are live. Source: Strategy Investor API · CEBE framework by Bobby Tierney.
About Strategy
Strategy (MSTR), formerly MicroStrategy, owns 845,050 BTC. At today's price that Bitcoin is worth 68.7B USD. The market caps the whole company at 59.1B USD — 1.04× its Bitcoin. Put plainly: you pay $1.04 for every $1 of Bitcoin it holds, a 4% premium for everything that isn't the Bitcoin. It bought in at an average of 75.8K USD per coin.
Strategy (MSTR) mNAV — frequently asked
- What is Strategy (MSTR)'s mNAV?
- Strategy's mNAV is currently 1.04×. mNAV divides MSTR's market capitalisation by the value of the Bitcoin it holds, so 1.04× means the market values the company at 1.04× the worth of its Bitcoin treasury (68.7B USD).
- Is Strategy (MSTR) overvalued versus its Bitcoin?
- At 1.04×, Strategy (MSTR) trades at a 4% 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 0.82×–1.43×.
- How much Bitcoin does Strategy (MSTR) hold?
- Strategy holds 845,050 BTC, worth 68.7B USD at current prices. Its most recent purchase was 4600 BTC on Aug 31, 2026.
- Is Strategy the same company as MicroStrategy?
- Yes. MicroStrategy rebranded as Strategy in February 2025; the MSTR ticker did not change. "MicroStrategy mNAV" and "MSTR mNAV" refer to the same figure shown on this page.