Key Takeaways
- • Strategy holds 848,517 BTC, about 4% of total bitcoin supply, bought at an average price of $75,446 per coin, with total cost of about $64 billion including fees, according to Investing.com.
- • With bitcoin near $81,000 on Oct. 28, 2026, the holdings were worth about $68.8 billion, roughly 7.5% above cost, a much thinner cushion than a year earlier when bitcoin peaked at $124,720 on Oct. 5, 2025.
- • Strategy's BTC Yield was 22.8% in 2025 but is minus 3.7% so far in 2026, even though the company added 176,017 bitcoin this year, as its assumed diluted share count rose 31%.
- • Bitcoin's value covers the combined $20.1 billion of debt and preferred stock about 3.4 times, and dollar assets cover about 3.4 years of $1.5 billion in annual interest and preferred dividends, per the company's dashboard.
- • Strategy sold 6,948 bitcoin across five disclosures from June 1 to Aug. 10 to fund preferred dividends, and it spent $204.9 million repurchasing STRC preferred shares in the week ending Oct. 25 while buying no bitcoin.
Summary
Strategy holds 848,517 bitcoin, a little more than 4% of the total supply, bought at an average price of $75,446 per coin. Including fees, the position cost $64 billion. With bitcoin near $81,000 early on Oct. 28, the holdings were worth about $68.8 billion, roughly 7.5% above what the company paid. That margin was far wider a year earlier. Bitcoin peaked at $124,720 on Oct. 5, 2025, according to Coinbase prices published by the Federal Reserve Bank of St. Louis. In 2026 it traded below Strategy's average cost on 160 of the 300 days through Oct. 27, and on June 30 it closed at $58,586, about 22% under the company's cost at the time.
The company's model depends on its share price trading at a premium to the bitcoin it holds. Strategy trades at 1.13 times its mNAV, the market-to-net-asset-value measure it adopted on July 23, 2026, so earlier readings are not comparable. Above 1, issuing new stock to buy bitcoin adds bitcoin per share; near 1, it adds little, and below 1 it dilutes existing holders. Strategy's BTC Yield was 22.8% in 2025 but is minus 3.7% so far in 2026, despite adding 176,017 bitcoin this year, a 26.2% increase, while its assumed diluted share count rose 31%.
The balance sheet remains covered on paper. The bitcoin is worth about 3.4 times the combined $20.1 billion of debt and preferred stock. The pressure point is cash flow: the $1.5 billion in annual interest and preferred dividends equals about 2.2% of the bitcoin's value and must be funded from new issuance, the company's $4.8 billion cash reserve, or the bitcoin itself. Strategy says its dollar assets cover 3.4 years of those payments on its USD duration metric, which assumes the cash is not used for other obligations such as convertible note maturities. Executive Chairman Michael Saylor has said, according to The Block's account of the first-quarter earnings call, that bitcoin needs to rise about 2.3% a year for existing holdings to cover STRC dividends indefinitely without selling common stock.
The company has already begun selling bitcoin to fund payouts. On June 1 it disclosed the sale of 32 bitcoin, its first sale since December 2022, per The Block, and weekly filings from June 30 to Aug. 10 showed four more sales totaling 6,948 bitcoin across the five disclosures. Regular buying resumed in late August at a smaller scale, with weekly purchases of 250 to 1,665 bitcoin in the five filings through Oct. 19, compared with 22,000 to 34,000 coins in single weeks in January, March, April and May. In the week ending Oct. 25 it bought no bitcoin and spent $204.9 million repurchasing STRC preferred shares, according to its Oct. 26 filing.
An index decision adds pressure. MSCI decided on Oct. 15 that non-operating companies will be ineligible for its Global Investable Market Indexes, effective at the close of Nov. 30, with a final list due Nov. 11, per CoinPaprika. The Block reported that Strategy is among companies at risk of removal, which would cut a source of passive demand for the stock at a time when issuance is already harder. The article frames the key watchpoints as the Nov. 11 MSCI list and the size of upcoming weekly purchases, with bitcoin above $75,446 keeping the holdings above cost.
The company's model depends on its share price trading at a premium to the bitcoin it holds. Strategy trades at 1.13 times its mNAV, the market-to-net-asset-value measure it adopted on July 23, 2026, so earlier readings are not comparable. Above 1, issuing new stock to buy bitcoin adds bitcoin per share; near 1, it adds little, and below 1 it dilutes existing holders. Strategy's BTC Yield was 22.8% in 2025 but is minus 3.7% so far in 2026, despite adding 176,017 bitcoin this year, a 26.2% increase, while its assumed diluted share count rose 31%.
The balance sheet remains covered on paper. The bitcoin is worth about 3.4 times the combined $20.1 billion of debt and preferred stock. The pressure point is cash flow: the $1.5 billion in annual interest and preferred dividends equals about 2.2% of the bitcoin's value and must be funded from new issuance, the company's $4.8 billion cash reserve, or the bitcoin itself. Strategy says its dollar assets cover 3.4 years of those payments on its USD duration metric, which assumes the cash is not used for other obligations such as convertible note maturities. Executive Chairman Michael Saylor has said, according to The Block's account of the first-quarter earnings call, that bitcoin needs to rise about 2.3% a year for existing holdings to cover STRC dividends indefinitely without selling common stock.
The company has already begun selling bitcoin to fund payouts. On June 1 it disclosed the sale of 32 bitcoin, its first sale since December 2022, per The Block, and weekly filings from June 30 to Aug. 10 showed four more sales totaling 6,948 bitcoin across the five disclosures. Regular buying resumed in late August at a smaller scale, with weekly purchases of 250 to 1,665 bitcoin in the five filings through Oct. 19, compared with 22,000 to 34,000 coins in single weeks in January, March, April and May. In the week ending Oct. 25 it bought no bitcoin and spent $204.9 million repurchasing STRC preferred shares, according to its Oct. 26 filing.
An index decision adds pressure. MSCI decided on Oct. 15 that non-operating companies will be ineligible for its Global Investable Market Indexes, effective at the close of Nov. 30, with a final list due Nov. 11, per CoinPaprika. The Block reported that Strategy is among companies at risk of removal, which would cut a source of passive demand for the stock at a time when issuance is already harder. The article frames the key watchpoints as the Nov. 11 MSCI list and the size of upcoming weekly purchases, with bitcoin above $75,446 keeping the holdings above cost.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.