NEW YORK, August 10, 2026, 05:05 EDT
- Strategy shares were up 1.6% at $101.61 during premarket hours. The main Nasdaq market was not open.
- Early estimates indicate Bitcoin per assumed diluted share declined by 4.3% from June 30 to August 2.
- Strategy’s most recent reported $395.3 million capital raise was allocated to reserves, dividends, and preferred stock repurchases. No funds were used to acquire Bitcoin.
Strategy Inc NASDAQ:MSTR climbed alongside Bitcoin on Monday morning. However, investors focused more on the company’s evolving balance sheet, which shows it taking on the characteristics of a credit manager, beyond simply gathering Bitcoin.
The change can be seen in Bitcoin per share. Strategy’s estimated diluted share tally climbed nearly 4% after June 30, while its Bitcoin holdings decreased by 0.5% over the same timeframe. This lowered Bitcoin per estimated diluted share to 201,822 satoshis from around 210,824. The 4.3% drop offset almost all of the 5% gain logged in the second quarter. These figures are preliminary and based on Strategy’s published approach.
| Balance-sheet measure | June 30, 2026 | August 2, 2026 | Change |
|---|---|---|---|
| Bitcoin on balance sheet | 846,000 | 842,138 | -0.46% |
| Diluted share count | 401.283 million | 417.268 million | +3.98% |
| Bitcoin per share, diluted | 210,824 sats | 201,822 sats | -4.27% |
| Dollar reserves | $2.4 billion | $4.0 billion | +66.7% |
The trade-off is evident. Strategy gave up some growth in Bitcoin per share to enhance liquidity.
With Bitcoin priced near $65,200, Strategy’s current coin holdings are valued at approximately $54.9 billion. This figure stands about $8.6 billion less than their total acquisition price of $63.51 billion. Strategy’s dashboard reported an mNAV ratio close to 1.07, reducing the valuation premium available for accretive common-stock offerings.
In the most recent week reported, Strategy disposed of 3.01 million common shares, generating $290.6 million. The firm additionally sold 1,638 Bitcoin, totaling $104.73 million. Strategy used the aggregate proceeds for cash safeguarding and preferred securities.
| Use of disclosed proceeds | Amount | Share of total |
|---|---|---|
| Boost U.S. dollar holdings | $250.0 million | 63.2% |
| Buy back Stretch preferred stock | $81.2 million | 20.5% |
| Cover preferred share dividends | $52.4 million | 13.3% |
| Add to cash on hand | $11.7 million | 3.0% |
| Total | $395.3 million | 100.0% |
Roughly 97% backed reserves or favored commitments. Preliminary estimates indicate that the common shares yielded approximately $96.50 apiece after commissions. MSTR closed at $100.01 on Friday.
The buyback of preferred stock generates quantifiable cost reductions. Strategy acquired 912,143 Stretch shares NASDAQ:STRC for $81.2 million, at an average price of approximately $89.02 each. This price is 11% below the stated value of $100 per share. With the prevailing 12% dividend rate, the deal is projected to lower yearly payouts by nearly $10.9 million. The estimated initial yield on the buyback expenditure stands at about 13.5%.
Chief Executive Phong Le described buying back shares at a discount as “an attractive use of capital.” He stated these actions lower future dividend obligations. Nasdaq
The reserve extends available time as well. According to Strategy, $3.75 billion covered about 2.1 years of interest and preferred-dividend payments. Raising the total to $4 billion suggests about 2.2 years of coverage at the current rate of spending. This figure is an early estimate since both dividend rates and security holdings may fluctuate.
The necessity for safeguards was apparent in the second quarter, when Strategy posted a net loss of $8.22 billion. The figure reflected an $8.32 billion unrealized loss on digital assets. Additionally, preferred dividends lowered the income available to holders of common shares by $400.7 million.
Despite this, investors pushed the stock higher last week. MSTR advanced 7.2% from the July 31 closing price to Friday, outperforming both Bitcoin and the S&P 500, as well as the Nasdaq Composite.
| Asset or index | August 7 close | Friday move | Weekly move | Early August 10 |
|---|---|---|---|---|
| Strategy Inc NASDAQ:MSTR | $100.01 | up 3.26% | up 7.21% | $101.61, up 1.60% premarket |
| Bitcoin | $64,880 | up 0.97% | up 3.28% | Approximately $65,170, up 0.60% |
| Nasdaq Composite | 26,690.62 | up 1.30% | up 5.20% | — |
| S&P 500 | 7,757.64 | up 0.62% | up 3.60% | — |
The broad market gains on Friday came after U.S. payrolls dropped by 23,000, a surprise decline. Market bets on a Federal Reserve rate hike in September decreased significantly. Bitcoin touched a two-week peak close to $65,400, then steadied at about $65,200 early Monday.
The next challenge is inflation. July consumer price data is set for release on Wednesday at 08:30 EDT. Producer price figures are due Thursday, with retail sales numbers coming on Friday. Weaker inflation readings could benefit Bitcoin and MSTR, while stronger data may boost yields and push the trade the other way.
Analyst sentiment on Wall Street stays firmly upbeat, according to FactSet, with 19 Buy or Overweight ratings and two Holds reported. No Underweight or Sell ratings were listed.
| Analyst recommendation | Three months ago | One month ago | Current |
|---|---|---|---|
| Buy | 14 | 15 | 16 |
| Overweight | 2 | 2 | 3 |
| Hold | 2 | 2 | 2 |
| Underweight | 0 | 0 | 0 |
| Sell | 0 | 0 | 0 |
| Consensus | Buy | Buy | Buy |
Analysts on average set a target of $234.88, with a median estimate of $201. Projections varied from $125 to $450. The average target represents an almost 135% increase from Friday’s close, while the median points to roughly 101% upside. These price targets are closely tied to Bitcoin’s future performance and enduring capital access.
Strategy’s Bitcoin hurdle rate stands at 10.8%, Chief Financial Officer Andrew Kang said, describing it as the firm’s “current effective cost of credit.” For the financing structure to produce a positive forward spread, Bitcoin must rise in value at a rate exceeding this threshold. Securities and Exchange Commission
Risks: MSTR continues to represent a volatile, equity-funded exposure to Bitcoin. Any renewed downturn in cryptocurrency markets, an expanded STRC discount or a reduced mNAV ratio could result in increased common stock issuances, additional Bitcoin sales or a rise in preferred expenses. Persistent recovery in Bitcoin would alleviate these pressures.
The upcoming capital-activity report will indicate if this period is short-lived. Investors will pay attention to Bitcoin per diluted share instead of overall holdings. This metric currently serves as the best indicator of value creation for MSTR shareholders.
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