mNAVwatch

MSTR · USD · dashboard as of Oct 21, 2026

Strategy Inc

Share price $146.98₿848,517 heldSource: company dashboard
Trades above liquidation value

Assets against the capital stack

Liquidation value to common$55.84B$131.36 per share
Market value of common$62.48B$146.98 per share
Share price move to match liquidation value−10.6%premium $6.64B · −11% upon liquidation
Assets, if sold todayClaims + common at market−10.6%assets $76.24Bclaims + market $82.99Bcommon$55.84BBitcoin$70.96BCash$5.28BConvertible notes (6)$6.71BSTRF$1.33BSTRC$8.79BSTRE (euro)$869.9MSTRK$1.40BSTRD$1.40BCommon at market$62.48BAssetsClaims + market−10.6%$76.24B$82.99Bcommon$55.84BBitcoin$70.96BCash, other$5.28BConvertiblenotes (6)$6.71BSTRF$1.33BSTRC$8.79BSTRE (euro)$869.9MSTRK$1.40BSTRD$1.40BCommon atmarket$62.48B

Hover or tap a block for detail.

  • Left out of the bars for simplicity: other assets and option exercise cash $103.8M.
  • Not in the stack: stock options, RSUs and PSUs, for simplicity and non-material anyway.
  • Converts all treated as debt repaid at face value.
% gain/loss upon liquidation−11%Liquidation mNAV 1.12x
Liquidation value / share$131.36425,105,000 shares
Market price$146.98market cap $62.48B
Wipe-out BTC price$17,94579% below the current BTC price
$83,632live

Who gets paid, in order

RankClaimPosition in the stack (teal paid, red unpaid)RecoveryImpaired below BTC
–Assets realized₿848,517 BTC $70.96B + cash and other $5.28B
$76.24B
1Convertible notes (6 tranches, equal rank)claim $6.71B
100%$1,690
2STRF 10% Series A Perpetual Strife Preferredclaim $1.33B
100%$3,253
3STRC Variable Rate Series A Perpetual Stretch Preferredclaim $8.79B
100%$13,615
4STRE 10% Series A Perpetual Stream Preferred (EUR)claim $869.9M
100%$14,640
5STRK 8% Series A Perpetual Strike Preferred (convertible)claim $1.40B
100%$16,293
6STRD 10% Series A Perpetual Stride Preferredclaim $1.40B
100%$17,945
–Common shareholders425,105,000 shares incl. 2,752,000 from exercised instruments
$55.84B$131.36 / share

Does Strategy Inc try to beat BTC?

  • Issues common when mNAV > 1.0x source
  • Issues preferreds (STRC, STRF, STRK, STRD, STRE) source
  • Issues converts (six outstanding, 2028–2032) source
  • Buys back preferreds source

Inputs and sources

All inputs from the Strategy dashboard, as of Oct 21, 2026. We take it as correct.

InputValue
BTC holdings₿848,517
Cash$5.28B
Common shares422,353,000
Convertible notes (6), face value$6.71B
STRF 10% Series A Perpetual Strife Preferred$1.28B
STRC Variable Rate Series A Perpetual Stretch Preferred$8.60B
STRE 10% Series A Perpetual Stream Preferred (EUR)$869.9M
STRK 8% Series A Perpetual Strike Preferred (convertible)$1.40B
STRD 10% Series A Perpetual Stride Preferred$1.40B

All figures from company dashboards unless only available from the most recently filed financials.