Leaderboard / Software/Treasury / United States
Strategy (MSTR) bitcoin per share
Strategy pairs an operating software business with an explicit bitcoin treasury strategy, the hybrid model that Strategy made famous. For shareholders the operating business is the wrapper; the bitcoin stack per share is the metric the market actually trades on. Listed on Nasdaq and based in the United States, it holds 842,138 BTC against 384,580,000 shares outstanding, which works out to 218,976.03 satoshis per share. That is the highest figure of any company on the bitcoinps.com leaderboard: rank 1 of 81.
The math
The calculation is deliberately simple: 842,138 BTC (as of August 3, 2026) divided by 384,580,000 basic shares (as of August 3, 2026) gives 0.00218976 BTC per share. Put another way, you would need roughly 457 shares to hold one full bitcoin through this stock. We rate this row high confidence: both the holdings figure and the share count trace to primary disclosures or well-corroborated sources.
Holdings context
This is one of the more interesting rows on the board: the company has been selling bitcoin while buying back its own stock. Selling coins cuts the numerator, but retiring shares cuts the denominator, and when the stock trades below its bitcoin value per share the swap can actually raise BTC per share.
What would change this number
- Share issuance (ATM programs and placings). This company has a record of funding itself, and in some periods funding bitcoin purchases, with new equity. Every share sold at the market adds to the denominator. Issuance above the stock's bitcoin value per share is accretive; issuance below it dilutes every existing holder's sats.
- Buybacks. The company has been repurchasing its own shares. Buybacks shrink the denominator, so each remaining share represents more bitcoin, which is why treasury companies trading below their bitcoin value per share often prefer buybacks to new coin purchases.
- Further bitcoin sales. Recent disclosures show the company selling bitcoin. Each sale reduces the numerator directly, and per-share exposure falls with it unless the proceeds retire shares or debt in a way that offsets the loss of coins.
- Share class structure. The share count here spans multiple share classes or an ADS structure, and data aggregators frequently report only the listed class. We use the total economic share count where we can verify it; the methodology page explains how, and the confidence rating reflects any remaining doubt.
Quick reference: at the current figure, roughly 457 shares of MSTR represent one full bitcoin.
Sources
- https://www.coindesk.com/markets/2026/08/03/strategy-sold-another-usd105-million-of-bitcoin-last-week-repurchased-usd81-2-million-of-strc
- https://www.sec.gov/Archives/edgar/data/0001050446/000162828026051027/mstr-20260730x8kxex991.htm
- https://stockanalysis.com/stocks/mstr/statistics/
Listed on Nasdaq. Figures carry their own as-of dates above; this page was generated on August 3, 2026. See how we compute bitcoin per share, or browse the full leaderboard.