Data checked
2026-06-21
Equity data is a dated snapshot. Prices and NAV move intraday.
BTC EquitySoftware / BTC TreasuryMSTRNasdaq Global Select Market
Strategy Inc.
The original and largest public bitcoin treasury company.
6.8/10Overall score = 6.0*25% + 8.5*20% + 6.8*15% + 3.0*15% + 7.0*10% + 10.0*10% + 9.0*5% = 6.8. NAV premium/discount uses common market capitalization versus BTC market value only, before cash, debt, preferred stock, taxes, and operating business value.
Key Metrics
NAV Premium / Discount
-27.10%
Market cap: $39.57B vs BTC value: $54.28B
BTC per Share
₿0.00241
₿846,842 total BTC held
Market Cap
$39.57B
Nasdaq Global Select Market
Share Price
$112.54
Nasdaq Global Select Market
Avg Daily Volume
$21.47B
Liquidity: high
Shares Outstanding
351,600,000
Float: 320,880,000
Total Debt
$8.25B
D/E ratio: 0.19
Revenue (TTM)
$477.2M
Enterprise analytics software business with subscription, pr…
Leverage Ratio
0.1520
Debt / BTC market value
Score Breakdown
Methodology: Overall score = 6.0*25% + 8.5*20% + 6.8*15% + 3.0*15% + 7.0*10% + 10.0*10% + 9.0*5% = 6.8. NAV premium/discount uses common market capitalization versus BTC market value only, before cash, debt, preferred stock, taxes, and operating business value.
View full scoring methodology →Dilution & Share Structure
heavy dilution351,600,000 shares outstanding
Strategy has repeatedly funded BTC purchases through common-stock ATMs, preferred-stock issuance, and convertible notes. March and April 2026 disclosures reference a new $21 billion MSTR ATM increase and large preferred-stock ATM capacity.
Leverage & Debt
Total Debt
$8.25B
Debt-to-Equity
0.19
Leverage Ratio
0.1520
Outstanding debt consists primarily of multiple convertible senior notes due 2028 through 2032, plus a smaller term loan. Preferred-stock obligations are economically important but are not included in total debt.
Operating Business
Revenue (TTM)
$477.2M
CEO
Phong Le
Enterprise analytics software business with subscription, product support, licensing, and services revenue; the BTC treasury strategy now dominates valuation and capital allocation.
Liquidity
Avg Daily Volume
$21.47B
Bid-Ask Spread
0.03%
Liquidity Tier
high
Management & Capital Allocation
CEO
Phong Le
Management Score
9.0/10
Management has executed the longest-running and largest public BTC treasury strategy, but common shareholders face recurring dilution and a complex capital stack.
Highlights
- +Largest reported public-company BTC position at 846,842 BTC as of June 14, 2026.
- +Nasdaq-listed with very deep trading liquidity and broad institutional access.
- +Experienced management team with a multi-year record of capital-market execution.
Considerations
- !Recurring ATM issuance and preferred-stock programs can materially dilute common shareholders.
- !Common equity is exposed to bitcoin, software-business performance, debt, preferred dividends, and market sentiment.
- !BTC-only NAV estimates are very sensitive to intraday bitcoin and MSTR price moves.
Best for
Investors seeking the most liquid public-equity proxy for a leveraged bitcoin treasury strategy rather than direct bitcoin ownership.
Evidence
Why trust this view
Verification
Sources
4 cited
Each data point is traced back to a named source listed below.
How we score
Equity methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Sources
verifiedOfficial
Strategy June 14, 2026 BTC update (8-K)
Official disclosure reports the acquisition of 1,587 BTC (June 8-14, 2026) and aggregate holdings of 846,842 BTC.
https://bitcointreasuries.net/public-companies/strategy ↗verifiedSEC Filing
Strategy 2025 Form 10-K
Annual report discloses BTC treasury strategy, capital markets programs, preferred-stock instruments, software business, and $8.25 billion aggregate indebtedness at December 31, 2025.
https://www.sec.gov/Archives/edgar/data/0001050446/000105044626000020/mstr-20251231.htm ↗partialMarket Data
StockAnalysis MSTR statistics
Market-data snapshot used for market capitalization, shares outstanding, float, ownership, and valuation metrics; delayed market data is treated as partial.
https://stockanalysis.com/stocks/mstr/statistics/ ↗partialMarket Data
GoMarketCap MSTR profile
Cross-check for revenue TTM, CEO, share class, float, market capitalization, enterprise value, and company profile.
https://gomarketcap.com/companies/NASDAQ-MSTR/microstrategy-inc ↗Notes
BTC market value uses a $64,101 BTC reference price (live spot, June 21, 2026). Market cap ($39.57B), shares outstanding (351.60M), and the $112.53 close are from StockAnalysis as of June 18, 2026; float, volume, and spread are delayed/estimated market-data snapshots. Not investment advice.
Not investment advice. Pledge provides comparison data for educational purposes only. This snapshot was checked 2026-06-21. Past performance does not guarantee future results.
Affiliate disclosure. Pledge currently does not earn affiliate or referral fees from any product listed on this page. If that changes, monetized links will carry a clear ↗ AFFILIATE marker.
NAV estimates. NAV per share calculations use a reference BTC price and may not reflect all corporate assets, liabilities, debt, taxes, or operating costs.
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Not investment advice. Pledge provides comparison data for educational purposes only; it is not financial, investment, legal, or tax advice. Listed rates, terms, and scores can change and Pledge does not guarantee future availability, pricing, approval, or outcomes. Verify current terms with official sources before acting.
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