Strategy
MSTRMarket valuation vs the Bitcoin it holds
Strategy trades at 1.13× its Bitcoin NAV — you pay $1.13 for every $1 of Bitcoin it holds, a 65.5B 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 1.13× sits in a 52-week range of 0.98× to 1.33×.
The CEBE mNAV line nets Strategy's senior claims off the treasury first: 1.29× on the BTC backing the common, versus 0.90× 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 257,217 BTC of the 848,517 held (30.3%), leaving 591,300 BTC backing the common. Priced against that net pile, the common trades at 1.29× — versus the gross 0.90× 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.
mNAV CEBE Debt + preferred, before cash · fully diluted shares | cebetracker.io-style CEBE Debt + preferred, less cash · basic shares | |
|---|---|---|
| Senior claims | 19.8B USD | 15.1B USD |
| BTC backing the common | 591,300 BTC | 653,357 BTC |
| CEBE per share | 130,497 sats | 154,263 sats |
| CEBE mNAV | 1.29× | 1.17× |
| Break-even BTC price | $23,393 | $17,749 |
Same framework, two inputs changed. Ours treats the full senior stack as a claim on the BTC and spreads what is left over every share that could exist. The cebetracker.io construction lets Strategy's USD reserve pay down the claims first and divides by shares outstanding today, so it reads higher. Neither is wrong: ours is the conservative floor.
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 $23,393 break-even, seniors would consume the entire treasury.
Senior claims at notional (principal / liquidation preference, not market value): converts 6.71B USD + STRC 8.39B USD + STRD 1.40B USD + STRF 1.28B USD + STRK 1.40B USD + other preferred incl. STRE 656.0M 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 848,517 BTC. At today's price that Bitcoin is worth 65.5B USD. The market caps the whole company at 59.1B USD — 1.13× its Bitcoin. Put plainly: you pay $1.13 for every $1 of Bitcoin it holds, a 13% premium for everything that isn't the Bitcoin. It bought in at an average of 75.8K USD per coin.
Company facts
- Country
- USAsource
- Headquarters
- Tysons Corner, Virginiasource
- Incorporated
- Delawaresource
- Listing
- Nasdaq Global Select Market: MSTR (Class A common)source
- Business
- Bitcoin treasury companysource
- Fiscal year end
- December 31source
- Auditor
- KPMG LLP (McLean, Virginia)source
- Website
- strategy.com ↗source
Each fact links to the filing or official page it was taken from.
Strategy (MSTR) mNAV — frequently asked
- What is Strategy (MSTR)'s mNAV?
- Strategy's mNAV is currently 1.13×. mNAV divides MSTR's market capitalisation by the value of the Bitcoin it holds, so 1.13× means the market values the company at 1.13× the worth of its Bitcoin treasury (65.5B USD).
- Is Strategy (MSTR) overvalued versus its Bitcoin?
- At 1.13×, Strategy (MSTR) trades at a 13% 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 0.98×–1.33×.
- How much Bitcoin does Strategy (MSTR) hold?
- Strategy holds 848,517 BTC, worth 65.5B USD at current prices. Its most recent purchase was 267 BTC on Oct 25, 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.