ALL-IN ON MSTR. GROUNDED IN DATA.Track Strategy’s Bitcoin treasury, analyze shareholder exposure, and model MSTR investment scenarios using transparent assumptions and financial disclosures.
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Strategy Credit
How senior claims (convertibles + preferreds), preferred dividends and total reserves (USD Reserve + USD Cash + BTC) connect credit strength to the capital left for MSTR. Notional claims summarize capital structure; contractual priority differs.
Filing-based credit snapshot. Interactive charts and scenarios load alongside it.
$20.06B
$73.63B
3.67×
Claims as of 2026-10-25
Not investment advice.
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Marked at the live MSTR quote
ValueNet cash invested
Ledger
Shares—
Purchases—
Net cash invested—
Sale proceeds: —. Total gain/loss = current value + sale proceeds − purchases. All-history % uses total purchases; shorter periods use starting market value adjusted for net cash flows. These are cash-flow ratios, not annualized or time-weighted returns. No tax cost basis is estimated.
| Date | Action | Shares | Price | Cost |
|---|
MSTR ownership
The ten largest reported institutional positions and up to five insiders with at least 1% of common shares or voting power.
Reported holdings load when this section opens.
Hourly checks for new filings. Holdings reflect the dates reported in those filings and may lag current positions. Not investment advice.
Retire with Strategy
Build your plan
MSTR for growth. Preferred equity for income.
Market inputs appear after you complete the form.
Projected retirement—
Starting MSTR investment—
Monthly MSTR stacking—
Your actions
| When | Action | Annual income |
|---|
Principal value
Total principal
Annual income
Preferred income
Planning assumptions: keep at least 20% of portfolio value in MSTR at every annual rebalance; cover 30 years of retirement income. Spend dividends; sell only enough MSTR to cover the next year's inflation adjusted income. Future effective yields ease over four years toward STRC 8%, STRF 10%, STRD 12%. These are model assumptions, not promised dividend rates. STRC enters at its daily close, then stays at $100 with income easing toward 8%; STRF and STRD hold the latest declared annual dividend per share constant while their principal values change with effective yield. STRC's actual rate is variable, STRF has a 10% stated rate, and STRD has a 10% stated rate with noncumulative dividends. Distressed overrides these assumptions: funded BTC sales repay senior claims pro rata at par, targeting 75% in year one and the remainder through year five. Redeemed preferred shares return $100 stated principal per share and cease earning dividends. Unredeemed preferred marks fall 50% over year one, while dividends ease to zero by year one and do not resume. Payment depends on available BTC; full repayment is not guaranteed. Prices and dividends can fall; payments are not guaranteed. Excludes taxes, fees and trading restrictions. Projections beyond the calculator's standard horizon extrapolate the same model. Not investment advice.
MSTR Calculator
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From Strategy’s Oct 26, 2026 8-K: 848,517 BTC held
Projection from Strategy’s latest filings
Optional · up to 8 decimals
Preferreds Starting yield = annual dividend ÷ the latest daily close. STRC, STRF and STRD: the yield eases from today’s to your long-run yield over 4 years (same smoothstep as the BTC price), then holds. STRC is held at its $100 stated amount and pays $100 × yield; STRF and STRD keep their fixed dividends, so price = annual dividend ÷ yield. STRK: price = max(today’s close × [80% × today’s yield ÷ credit yield + 20% × projected MSTR ÷ MSTR’s close on the STRK close date], 0.1 × projected MSTR), with the credit yield easing to 10% over 4 years (no slider); the 20% equity component makes its yield fall as MSTR rises. DRIP on reinvests each daily dividend at that day’s projected price (more shares, $0 cashflow); DRIP off pays it out as cash. Every dividend is modeled daily (annual amount ÷ 365), whatever the actual payment schedule. STRD dividends are non-cumulative. Long-run yields are model targets, not declared rates. Your preferreds’ value is added into the totals above. Hypothetical, not investment advice.
Variable rate · modeled daily
Modeled daily · 20% equity component
Fixed dividend · modeled daily
Fixed, non-cumulative · modeled daily
Scenario
Year by year
Cumulative preferred cashflow
Dividends paid out as cash and added up, per ticker, stacked. A ticker with DRIP on reinvests instead, so its cashflow stays at $0.Preferreds year by year
Filed and projected
All four scenarios
From the filings
MSTR price = mNAV × max(0, Strategy BTC × BTC price + USD Reserve and USD Cash − senior claims) ÷ shares outstanding. Strategy’s BTC follows a logistic curve capped at 21M; shares grow at the dilution rate, slowing in step with the BTC buying; senior claims (debt + preferred notional) are a set % of the BTC reserve, eased from today’s filed ratio over 4 years; USD is held flat at the latest filed balance. All convertible notes count as claims at notional and shares are basic, not fully diluted, so this mNAV is close to but not the same as Strategy’s published mNAV. Today’s MSTR value is the latest MSTR daily close (market mNAV = close ÷ net reserve per share, easing to your mNAV over 4 years), otherwise the model value at your mNAV. Year-0 BTC is the latest completed daily close (UTC day), otherwise the close stored with the latest 8-K. Projections are hypothetical and not investment advice.
Senior claims here include convertible notes, other secured debt and preferred notional. The Strategy Credit page counts convertibles + preferreds only.
Strategy Filings
As of Oct 25, 2026 · 8-K filed Oct 26, 2026
BTC held
848,517BTC
Cost $64.02B · avg $75,446 per BTC
WoW0 BTC (0.00%)
QoQ+4,742 BTC (+0.56%)
YoY+207,709 BTC (+32.41%)
Reserve (BTC + USD)
$73.87B
WoW−$563.0M (−0.76%)
QoQ+$16.05B (+27.75%)
YoY+$2.71B (+3.81%)
WoW−$358.1M (−0.52%)
QoQ+$14.72B (+27.23%)
YoY−$2.36B (−3.32%)
WoW−$204.9M (−3.88%)
QoQ+$1.32B (+35.26%)
YoY-
USD Cash counted as $0 before it was first reported (Aug 24, 2026 8-K).
Strategy owns the Bitcoin; common shareholders own equity, not direct legal title to BTC. Total reserve combines BTC market value with disclosed USD reserves and cash. Debt and preferred notional are senior claims ahead of common equity. Reserve minus these claims is a simplified net-reserve model, not intrinsic value; mNAV compares MSTR market value with that net reserve. Convertible debt remains at notional and shares are basic rather than fully diluted.
Holdings as of Oct 25, 2026; senior claims as of Oct 25, 2026: $20.12B (debt $6.75B + preferred $13.36B). At the stored BTC close of $81,078, total reserve $73.87B less senior claims gives $53.75B modeled net reserve. Live mNAV requires a current MSTR quote.
Yearly Reserve (BTC + USD)
BTC holdings at the 8-K week's close plus USD Reserve and USD Cash · year-end (last 8-K of each year, or the 10-K's Dec 31 holdings when they differ).BTCUSD (Reserve + Cash)
Capacity
| Program | Remaining | Used last week |
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Repurchased last week
Yearly ATM proceeds, debt, repurchases and dividends
ATM net proceeds and debt raised above zero · buybacks, debt repurchases and dividends below zero · per calendar year. Bitcoin sales are left off: the proceeds are cash already counted in buybacks and dividends.ATM proceeds, debt, repurchases and dividends by year
Filings
| Period | BTC held | ATM net proceeds | Debt raised | Buybacks | Debt repurchased | Dividends | USD Reserve | USD Cash | Filing |
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Figures from Strategy Inc (CIK 0001050446) Form 8-K, 10-Q and 10-K filings on SEC EDGAR, plus official Strategy releases labeled separately. “-” means no activity, or a figure not stated in the filing. Dividends are preferred dividends paid in cash. Bitcoin sales are left off the charts, because the proceeds are cash already counted in buybacks and dividends. Not investment advice.