Strategy

Strategy Inc.

Treasury Qualification

Treasury classificationBitcoin Treasury Company

Qualification tierCore Directory

Directory statusIncluded

Ownership statusStrategy reported 848,250 company-held BTC as of October 11, 2026 in its October 12 disclosure. Gross company holdings are counted; senior capital-structure claims are not deducted from BTC held. The disclosure does not establish a current BTC-specific pledged-versus-unencumbered split; unknown component fields remain unspecified.

Strategic intent

Strategy remains a dedicated Bitcoin Treasury Company. Management continues to present Bitcoin as the company's primary treasury reserve asset while maintaining a USD Reserve to support dividends on preferred stock and interest on indebtedness. The July 2026 sale was disclosed as part of liquidity management for preferred-stock distributions and does not change the company's core Bitcoin treasury strategy.

Bitcoin Treasury

Last verified attributable BTC848,250 BTC

Balance dateOctober 11, 2026

Estimated value$67,667,447,250BTC price retrieved: October 27, 2026 at 08:15 UTC

Average purchase priceUSD 75,444

Included in totals

Verified at the stated balance date

Ownership and Restrictions

Component figures are shown only when separately disclosed and may overlap; they are not additive. Components refer to the eligible balance date unless dated otherwise in research notes. “Not separately disclosed” does not imply zero.

Total BTC reported848,250

Unencumbered / unrestrictedNot separately disclosed

Pledged as collateralNot separately disclosed

Loaned to third parties0

Subsidiary-owned0

Other restricted owned BTCNot separately disclosed

Latest Financial Results

Reporting period: Three months ended June 30, 2026

Revenue$122,368,000

Operating income/loss$-8,330,950,000

Net income/loss$-8,219,628,000

Cash$1,711,837,000

Management

Chief executive officer: Phong Le
Chief financial officer: Andrew Kang
Executive chair: Michael J. Saylor

Research Notes

Strategy reported 843,775 BTC as of July 5, 2026, after selling 3,588 BTC between June 29, 2026 and July 5, 2026 for aggregate net proceeds of approximately $216.0 million. The sale consisted of 1,363 BTC sold from June 29 to June 30 at an average sale price of $59,256 and 2,225 BTC sold from July 1 to July 5 at an average sale price of $60,773. Strategy stated that proceeds from the Bitcoin sales were used to fund distributions on preferred stock and replenish the portion of the USD Reserve used for that purpose. As of July 5, 2026, Strategy reported aggregate Bitcoin holdings of 843,775 BTC, aggregate purchase price of approximately $63.69 billion, and average purchase price of $75,476 per BTC. The company also reported a USD Reserve balance of $2.55 billion. No customer, borrowed, ETF, trust, or third-party-owned Bitcoin is included. The reviewed disclosure does not provide a current pledged-versus-unencumbered BTC split, so those structured fields remain unspecified. Update 56: Strategy introduced a revised Bitcoin metrics framework that supplements gross BTC holdings with net shareholder-focused metrics. Strategy continues to report 843,775 BTC in gross Bitcoin reserves, but the revised framework accounts for senior claims, including preferred stock and convertible debt, when assessing net Bitcoin exposure for common shareholders. BTC held remains unchanged in this directory because BTC Treasury Info counts company-held gross BTC while noting capital-structure claims separately for context. Source reviewed: https://www.coindesk.com/markets/2026/07/24/saylor-and-team-overhaul-strategy-s-bitcoin-metrics-as-bear-market-persists Local refresh methodology note — September 29, 2026 (approved Batch 1 and later manifest; not a blanket verification date): September 20 attributable holdings are 846,000 BTC. The September 21 disclosure includes a 950-BTC purchase during September 14-20; it is not the entire net increase from July. September USD Reserve/USD Cash measures do not replace June GAAP cash. Existing July market_metrics remain historical with their original dates. Financial mapping: Revenue: "Total revenues". Net result: "Net (loss) income", consolidated before preferred distributions; not common-stockholder loss. Cash excludes short-term investments. Financial source publication/filing date: August 3, 2026. Source: https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm Holdings evidence: https://www.strategy.com/press/strategy-acquires-950-btc-and-repurchases-174-million-of-strc_09-21-2026. Holdings-only refresh reviewed October 14, 2026: The October 12 disclosure reports 848,250 BTC as of October 11, 2026, acquired for approximately $64.00 billion at an average purchase price of $75,444 per BTC, inclusive of fees and expenses. During October 5-11, Strategy purchased 250 BTC for approximately $21.5 million at $86,194 per BTC, funded by $21.0 million of net MSTR stock-sale proceeds and $0.5 million of USD Cash. The net increase from this directory's September 20 snapshot of 846,000 BTC is 2,250 BTC; the latest 250-BTC purchase is not the entire intervening increase. This updates the holdings snapshot, not a reconstructed transaction ledger. Earlier holdings statements above are dated history. June financial statements, July market metrics, and the existing last_verified date are retained; this is not a blanket reverification. USD Reserve and USD Cash are not substituted for GAAP cash and equivalents. Source: https://www.sec.gov/Archives/edgar/data/1050446/000119312526419726/mstr-ex99_1.htm

Market Metrics

Company-reported volatile metrics

As of July 25, 2026

These values may change with market conditions and are not included in BTC Treasury Info's verified BTC holdings totals.

mNAV

1.14x

Market to Net Asset Value

Net Leverage

Company-reported

Metric Status

Company-reported volatile metric

Not used in BTC totals

mNAV position 1.14x

Discount 1.0x NAV Premium

This mNAV is above 1.0x, indicating the common equity is trading at a premium to reported net asset value.

mNAV and Net Leverage are volatile market-based metrics reported by Strategy. They may change with MSTR share price, Bitcoin price, USD reserves, debt, preferred stock, and other senior claims. These values are not included in BTC Treasury Info's verified BTC holdings totals.

Company metrics source Company metric notes