MSTR price
$137.95
+$14.76 · +12.0%
Strategy Stock Rises 12%, Surges Ahead of Bitcoin Four Times as BTC Hits $80,000
Strategy stock surged 12% on Thursday after bitcoin topped $80,000. The equity posted a gain nearly four times higher than the cryptocurrency's daily return.
NASDAQ: MSTR · BITCOIN TREASURY
Equity leverage returns as bitcoin clears $80,000
Market: Aug. 27, 2026, 11:53 ET
Holdings and liquidity: Aug. 23, 2026
Holdings and liquidity: Aug. 23, 2026
Bitcoin
$80,367
+$2,262 · +2.9%
Bitcoin held
840,447
4.0% of maximum supply
Dollar liquidity
$6.69B
Reserve + flexible cash
One-day return: common stock versus bitcoin
The common stock added roughly $5.2 billion of quoted value. The bitcoin reserve gained about $1.9 billion at the same snapshot.
Reserve sensitivity
Gross bitcoin value
$67.5B
Unrealized gross gain
≈$4.2B
Value change per $1,000 BTC move
≈$840M
Before debt, preferred equity, tax and other claims.
Capital structure and operating signals
| Measure | Reading | Why it matters |
|---|---|---|
| BTC acquisition cost | $63.36B / $75,385 each | Current token price sits 6.6% higher |
| USD Reserve | $5.10B | Supports dividends and interest |
| USD Cash | $1.59B | Flexible treasury deployment |
| Q2 long-term debt | $6.7B | Down 18% in the quarter |
| Q2 preferred equity | $14.4B | Senior claim to common stock |
| Q2 software revenue | $122.4M | Up 6.9% year over year |
Latest capital allocation
| Action, Aug. 17–23 | Amount | Investor interpretation |
|---|---|---|
| MSTR shares sold | 18.26M | Common-stock dilution |
| Net proceeds | $2.0065B | About $109.88 per share |
| STRC repurchase | $136.4M | Reduces preferred claim |
| USD Reserve increase | $300M | Extends obligation coverage |
| Bitcoin traded | None | 840,447 BTC unchanged |
Analyst markers
Canaccord
$175
Buy · raised Aug. 25
Bernstein
$350
Outperform · cut Aug. 26
Risk frame
MSTR’s daily gain materially exceeded bitcoin’s. That leverage can reverse. Common issuance, preferred dividends, debt service, tax changes, regulation and contraction of the equity multiple can outweigh a stable token price.
Primary data: Strategy Aug. 24 Form 8-K and Q2 2026 results. Market data timestamped above.
Strategy Stock’s 33% Rebound Meets a $2 Billion Dilution Test
Strategy Inc. sold 18,261,118 common shares for $2.0065 billion last week. It bought no bitcoin. The stock traded at $122.68 at 19:30 EDT on Monday, 2.9% above Friday's close.
NASDAQ: MSTR · Bitcoin treasury dashboard
$2 billion issued. Zero bitcoin bought.
Equity quote: August 24, 2026, 19:30 EDT · Treasury balances: August 23, 2026
MSTR quote
$122.68
After-hours, 19:30 EDT
From Aug. 18
+32.6%
Versus $92.52 close
Shares sold
18.26M
Aug. 17–23
Net proceeds
$2.01B
About $109.88 per share
Where the $2.0065 billion went
The issuance raised liquidity but did not increase bitcoin holdings. That separates this week's capital raise from Strategy's traditional stock-for-bitcoin loop.
Investor math
1
Issue price: $109.88$2.0065B divided by 18.261M shares.
2
Quote premium: 11.6%$122.68 versus the calculated issue price.
3
Dollar liquidity: $6.69B10.6% of the $63.36B bitcoin cost basis.
Bitcoin treasury and liquidity
Holdings: 840,447 BTC at an average cost of $75,385. No bitcoin was bought or sold during August 17–23.
Analyst recommendation range
| Firm | View | Target |
|---|---|---|
| Bernstein | Buy | $450 |
| H.C. Wainwright | Buy | $325 |
| Consensus | Strong Buy | $229.07 |
| Cantor | Overweight | $186 |
| Mizuho | Buy | $165 |
| Barclays | Overweight | $125 |
The $125–$450 spread shows how strongly bitcoin assumptions drive MSTR valuation.
What changes the setup
A resumed bitcoin purchase would restore Strategy's familiar demand catalyst. Repurchasing MSTR below net asset value could offset dilution. Leaving the pool in cash improves resilience but may disappoint investors seeking maximum bitcoin exposure.
Risk monitor: A bitcoin reversal would reduce treasury value. More common-stock issuance can dilute each share's exposure. A sustained discount to net asset value or renewed pressure on preferred shares could redirect cash away from bitcoin purchases.
Sources: Strategy Form 8-K filed August 24, 2026; Reuters; StockAnalysis analyst forecast; StatMuse after-hours data. Calculations use disclosed figures and the $122.68 quote at 19:30 EDT.
Bitcoin’s Price Surge Lifts Strategy’s Paper Profit While Dilution Mounts
Bitcoin's rapid surge has generated a provisional $2.98 billion gross paper profit for Strategy's holdings. However, the stock's typical correlation to bitcoin has diminished.
Bitcoin is profitable again. MSTR dilution is the catch.
Bitcoin's five-day surge put Strategy's treasury about $3.0 billion above cost. The company sold $2.01 billion of MSTR shares last week and added no coins, reducing the immediate bitcoin-per-share leverage.
Market snapshot
August 24, 2026
Bitcoin: 09:37 EDT
MSTR: 09:26 EDT premarket
August 24, 2026
Bitcoin: 09:37 EDT
MSTR: 09:26 EDT premarket
Bitcoin / USD
$78,934
+1.88% over 24 hours
CoinDesk snapshot at 09:37 EDT
CoinDesk snapshot at 09:37 EDT
MSTR indicated
$121.83
+2.16% premarket
Delayed quote at 09:26 EDT
Delayed quote at 09:26 EDT
Gross BTC value
$66.34B
840,447 BTC × spot price
$2.98B above aggregate cost
$2.98B above aggregate cost
Share sale
$2.01B
18.26M MSTR shares
No bitcoin added
No bitcoin added
MSTR closed the week up 22.1%
The five-session stock gain broadly matched bitcoin's reported 23%-25% rally. Friday volume reached 45.1 million shares.
Bitcoin per share: illustrative dilution
Preliminary calculation: unchanged 840,447 BTC divided by an estimated 384.23M post-sale shares versus 365.97M before the sale. This is not the company's reported BTC Yield KPI.
Why bitcoin and MSTR moved
Liquidity helped
A weaker dollar and larger Treasury buybacks pushed investors toward alternative assets. Short covering amplified the bitcoin move.
Cash optionality rose
Strategy built a $5.1B USD Reserve and a separate $1.59B cash pool. That supports obligations and future purchases.
Leverage paused
The company issued common equity but bought no bitcoin. Near-term BTC per share fell on an illustrative basis.
Capital allocation, August 17-23
| Action | Amount | Investor consequence |
|---|---|---|
| MSTR shares sold | 18.26M | Common-equity dilution |
| Gross proceeds | ≈$2.01B | ≈$110 per share |
| Bitcoin transactions | None | Holdings stayed 840,447 |
| USD Reserve | $5.10B | Fixed-obligation buffer |
| New USD Cash | $1.59B | Deployment optionality |
| STRC repurchase | $136.4M | Preferred support |
Wall Street view
Consensus
13 analysts
13 analysts
12 Buy1 Hold
Average target
Google Finance
Google Finance
$257.75
Target range
Wide outcome spread
Wide outcome spread
$125-$540
Bernstein
Aug. 21
Aug. 21
Buy · $450
Barclays
Aug. 3
Aug. 3
Buy · $125
Investor checklist
Bitcoin holds $77KSpot ETF flowsNext BTC purchaseFurther MSTR issuanceUSD Cash deploymentNvidia earningsU.S. inflation dataRisks: A 4.7% bitcoin cost-basis cushion can disappear quickly. More equity sales can dilute holders. A continued liquidity rally could instead lift both BTC and MSTR. Gross bitcoin value does not deduct debt, preferred stock, taxes or other claims.
Sources: CoinDesk, MarketWatch, StockAnalysis / S&P Global Market Intelligence, The Block, Reuters, and Google Finance. Prices are time-stamped above; crypto trades continuously. Calculations are preliminary and rounded.
Bitcoin’s 22% Climb Lifts Strategy Past Cost, MSTR Surges 29%
Bitcoin recorded its steepest weekly surge in over two years, sending Strategy Inc shares above the average price of its substantial cryptocurrency holdings. The stock climbed even more rapidly. As a result, Monday’s buyers face greater exposure to potential gains, but the company has limited protection on its balance sheet should bitcoin prices fall.
Strategy Inc · NASDAQ:MSTR · weekend investor dashboard
Bitcoin cleared Strategy’s cost. The cushion is only 2.2%.
MSTR outran bitcoin last week. That added upside beta, but the treasury’s mark-to-market gain remains small relative to the stock move.
Market data: Friday, August 21, 2026, 4:00 PM EDT. Holdings: August 16, 2026. U.S. equities closed; crypto trades continuously. Prepared Sunday, August 23, 2026, 8:02 PM EDT.
MSTR close
$119.79
+28.8% for the week
Bitcoin
$77,006
About +22% for the week
BTC reserve
840,447
$63.36B aggregate cost
Cost cushion
2.2%
$1.36B preliminary gross gain
One-week return: common stock amplified the token
Bitcoin referenceMSTR added 6.8 percentage points
Bitcoin reserve break-even
Analyst targets after the rally
Capital structure: what changed before the rally
| Week through Aug. 16 | Amount | Read-through |
|---|---|---|
| MSTR shares sold | 3.46M | Common dilution funded liquidity |
| Net proceeds | $333.7M | No bitcoin bought or sold |
| USD reserve addition | $149.1M | Reserve reached $4.8B |
| STRC repurchases | $132.2M | Reduced preferred overhang |
| Preferred dividends | $52.4M | Recurring claim ahead of common |
Why the price moved — and what Monday must confirm
Liquidity impulseTreasury buyback plans and a weaker dollar supported hard assets.
Crypto breadthEther and crypto equities joined bitcoin, confirming a broad risk rebound.
Monday testBitcoin must hold $75,385 while MSTR absorbs a 29% weekly run.
Sources: WSJ and FT market reports; StockAnalysis closing data; Strategy’s August 17 filing as summarized by The Block; Investing.com analyst consensus. Values are rounded. Treasury gain is a preliminary gross mark before debt, preferred claims, taxes, fees or dilution.
Robinhood Sees 14% Bitcoin Jump Add $11.7 Billion, Sparking Revenue Debate
Shares of Robinhood Markets rose 13.7% on Friday as bitcoin climbed 6.4%. The stock ended the session at $108.13, marking its highest close since July 15. Robinhood topped gains on the S&P 500.
NASDAQ: HOOD · Weekend Investor Dashboard
The $11.7B Bitcoin bounce
Market closed · Data as of August 21, 2026, 4:00 p.m. EDT
$108.13▲ 13.70% · +$13.03
Market cap
$97.2B
Estimated one-day increase: $11.7B
Share volume
49.6M
1.91× the 26.0M average
52-week range
$63.52–153.86
Friday close sits 49% below the high-low span's top.
Trailing P/E
42.1×
A premium that leaves little room for a short-lived volume spike.
Friday's crypto-linked move
Robinhood moved 2.1 times bitcoin's percentage gain.
What the move prices in
Investors treated Robinhood as more than a crypto proxy. Friday's outperformance assumes stronger activity can spill into equities, options and event contracts.
That matters because crypto produced only 13% of Q2 transaction revenue.
Key test: persistenceQ2 transaction revenue mix
| Line | Revenue | YoY | Mix |
|---|---|---|---|
| Options | $342M | +29% | 44% |
| Event contracts | $156M | >10× | 20% |
| Equities | $129M | +95% | 17% |
| Crypto | $100M | -38% | 13% |
Operating base
$1.31B
Record Q2 revenue, +32% year over year
| Funded customers | 28.4M |
| Platform assets | $369B |
| Gold subscribers | 4.8M |
Selected analyst recommendations
| Firm | Rating | Target | vs. close |
|---|---|---|---|
| Barclays | Overweight | $105 | -2.9% |
| Cantor | Overweight | $115 | +6.4% |
| Goldman Sachs | Buy | $118 | +9.1% |
| Needham | Buy | $120 | +11.0% |
| Citizens | Market Outperform | $155 | +43.3% |
Week-ahead checklist
① Bitcoin holds Friday's breakout
② Treasury yields after expanded buybacks
③ PCE inflation and Jackson Hole
④ Any Clarity Act progress
Risk: A fast crypto reversal could unwind a premium built on unusually heavy turnover.
Sources: Reuters market close and crypto coverage (Aug. 20–21, 2026); Yahoo Finance market data (Aug. 21 close); Robinhood Q2 2026 results; published analyst actions dated Jul. 30–Aug. 3, 2026. Market-value change and target returns are calculated estimates; figures may not sum due to rounding.
Strategy Stock: $3.4 Billion Paper Gain Follows Bitcoin Surge, as Share Sales Boost Supply
Strategy Inc., previously known as MicroStrategy, rose 6.2% to $119.35 in early Friday trade. The rally in Bitcoin to $79,463 boosted the value of the firm's large Bitcoin holdings to roughly $3.42 billion over their acquisition cost. This figure signals a significant improvement over the position reported at quarter-end.
NASDAQ: MSTR
Strategy investor dashboard
Market snapshot: August 21, 2026, 10:37 EDT
Bitcoin intraday high: August 21, 2026
MSTR price
$119.35
+6.19% intraday
Bitcoin held
840,447
As of Aug. 16
BTC paper gain
$3.42bn
At $79,463/BTC
USD reserve
$4.80bn
About 2.8 years' coverage
Five-session close path
+20.8%
August 14 close to August 20 close
Treasury sensitivity
Every $1,000/BTC ≈ $840m
BTC value at $64,915$54.56bn
BTC cost basis$63.36bn
BTC value at $79,463$66.78bn
Friday paper gain$3.42bn
Where the latest $333.7m share sale went
USD reserve$149.1m · 44.7%
STRC repurchases$132.2m · 39.6%
STRC dividends$52.4m · 15.7%
Bitcoin purchases$0 · 0%
Analyst view
$229.07
15-analyst average target · 91.9% upside
Strong Buy consensus
Target range$125–$450
Latest: Bernstein$450 · Buy
Lowest: Barclays$125 · Buy
Investor scoreboard
| Metric | Latest | Read-through |
|---|---|---|
| MSTR shares sold, Aug. 10–16 | 3,458,866 | New common supply |
| Net ATM proceeds | $333.7m | Liquidity and preferred support |
| Bitcoin bought in period | 0 | Accumulation remains paused |
| Remaining MSTR ATM capacity | $21.70bn | Material future dilution capacity |
| Q2 revenue growth | +6.9% | Software base is growing slowly |
Sources: Strategy Form 8-K filed August 17, 2026; Strategy Q2 release; StockAnalysis/S&P Global; Investor's Business Daily; historical closes from Yahoo Finance. Holding values are estimates using 840,447 BTC and may differ from accounting fair value. Price targets are forecasts, not guarantees.
XRP Surges 18.8%, Coinbase Gains $3.2 Billion as Crypto Markets Rally
NEW YORK, August 21, 2026, 00:00 EDT — XRP climbed 18.8% in the past day to reach $1.24 on Thursday, spearheading a wider crypto recovery. Shares of Coinbase Global, Inc. advanced 7.58% to $172.35, with the token's rise intensifying scrutiny on the listed exchange’s trading volume outlook.
XRP price • NASDAQ:COIN proxy
Altcoin squeeze meets exchange economics
The token moved faster; the equity priced a possible volume recovery.
$172.35COIN +$12.15 · +7.58%
Close · Aug. 20, 2026, 4:00 PM EDT
After hours: $172.60 · +0.15% at 7:59 PM EDT
After hours: $172.60 · +0.15% at 7:59 PM EDT
XRP quoted high
$1.24+18.8% / 24h
Aug. 20, 2026, 19:13 UTC report
XRP value added
≈$12.36B63B tokens × $0.196 move
COIN value added
≈$3.20BThursday closing-market-cap change
Analyst target
$194.97+13.12% implied
34 analysts · Buy consensus
Cross-asset move
XRP+18.8%
Strategy+7.81%
Coinbase+7.58%
Circle+6.45%
Token uses 24-hour move; equities use Aug. 20 closing sessions.
Value bridge
XRP$12.36Bimplied token value gain
→
COIN26%equity gain / XRP gain
Scale comparison only; no causal attribution.
Coinbase Q2 transaction mix
52%of net revenueTransaction revenue: $599.2MYear on year: −22%Consumer −31% · Institutional +65%COIN analyst target range
$95
Low
Low
$184.07
Median
Median
$194.97
Average
Average
$330
High
High
Investor read: XRP’s 18.8% burst matters to Coinbase only if volatility becomes sustained customer volume. The next check is whether XRP holds through continuous weekend trading and COIN confirms the move when U.S. equities reopen.
Sources: Reuters · Coinbase Q2 10-Q · COIN market data · analyst data · XRP supply. All market observations are time-stamped above.
Bitcoin-Buying Strategy Climbs 8%, Cutting $7.7 Billion Paper Gap as Calculations Return
Strategy Inc. advanced 7.81% to $112.39 on Thursday, leaving shares up 16.5% from the implied net price following last week's common stock offerings. The increase improves the financial rationale for raising new equity to fund more Bitcoin acquisitions.
NASDAQ: MSTR · Investor dashboard
Strategy’s financing hinge
Market close: August 20, 2026, 16:00 EDT · Bitcoin snapshot: August 20, 2026, 18:50 EDT
$112.39
+7.81% Thursday
Bitcoin held
840,447
Average purchase price: $75,385
BTC spot snapshot
$72,708
+4.97% daily
Treasury value
$61.11B
Illustrative at the stated BTC price
Cost gap
-$2.25B
Improved by about $7.74B from Monday’s reference
Four-session price path
MSTR close46.93M shares traded Thursday
Latest common-stock proceeds
$333.7M
USD reserve$149.1M · 44.7%STRC repurchase$132.2M · 39.6%STRC dividends$52.4M · 15.7%Bitcoin purchases$0 · 0%
3,458,866 MSTR shares sold; implied net proceeds of $96.48 per share.
Financing spread
+16.5%
August 20 close above the implied net price of the latest ATM issuance.
| Measure | Value |
|---|---|
| Implied net issuance | $96.48 |
| Thursday close | $112.39 |
| Dollar spread | +$15.91 |
Analyst distribution
1Strong Buy
13Buy
3Hold
1Sell
Average target implies 116.0% upside. The range also permits 52.0% downside.
Investor read: Thursday’s equity rally improved Strategy’s capacity to raise each new dollar with fewer shares. Management’s latest allocation still favored liquidity and preferred-capital support over Bitcoin buying.
Sources: Strategy Form 8-K filed August 17, 2026; Strategy Q2 2026 results; Yahoo Finance market data; MarketBeat analyst compilation; Reuters. Treasury values are illustrative, unrealized calculations using 840,447 BTC and the stated spot price. Prices can change continuously. This dashboard is factual market reporting, not investment advice.
Strategy Stock Surges $4 Billion Premarket as Bitcoin Beta Tops 2.6×
Strategy gained roughly $4.1 billion in market value before markets opened on Thursday. The stock was at $114.59, rising 9.92% from its previous close of $104.25 on Wednesday. Bitcoin was quoted at $71,950.87.
Strategy · NASDAQ:MSTR
Bitcoin beta jumps to 2.6×
Equities checked: August 20, 2026, 11:30 CEST
Bitcoin quote: August 20, 2026, 11:21 CEST
U.S. cash market: PREMARKET
Bitcoin quote: August 20, 2026, 11:21 CEST
U.S. cash market: PREMARKET
MSTR premarket
$114.59
+9.92% after +12.68% Wednesday
Bitcoin
$71,951
+3.87% over one day
BTC held
840,447
Average cost: $75,385
Treasury gap
−$2.89bn
Preliminary mark versus cost
Price reaction · latest comparable moves
Treasury mark
Acquisition cost$63.36bn
Live BTC value$60.47bn
Bitcoin is 4.56% below Strategy's average purchase price. Gross treasury value excludes debt, preferred claims, cash and software value.
Analyst lens · three-month aggregates
MSTRStrong BuyTarget $257.7512 / 1 / 0
COINBuyTarget $197.2118 / 6 / 1
MARABuyTarget $15.505 / 3 / 1
Format: buy / hold / sell. Targets are forecasts, not guarantees.
Investor read: the rally improves Strategy's funding economics, but price beta is not the same as Bitcoin-per-share growth. Last week it sold $333.7m of MSTR, bought no Bitcoin and lifted its dollar reserve to $4.8bn.
Sources: Google Finance, Strategy ledger, latest 8-K summary, WSJ. The $4.1bn premarket estimate applies the 9.92% move to Wednesday's reported $40.85bn market value.
MicroStrategy shares soar 14%, outpacing Bitcoin, as mNAV rises to 1.05x
Shares of Strategy Inc. rose 14.05% to $105.52 on Wednesday, outpacing the 6.11% increase in Bitcoin reserves. The rise brought a slight premium back to the company’s net Bitcoin holdings.
Strategy Inc. · NASDAQ:MSTR
Bitcoin leverage is back—at a modest premium
Market data frozen August 19, 2026 · 12:15 p.m. EDT · U.S. market open
▲ 14.05% today
MSTR price
$105.52
+$13.00
2.30× the reserve return
mNAV
1.05×
+0.05×
Small premium restored
Net reserve
$40.55B
+$3.59B
After debt and preferred claims
USD duration
2.8 yrs
$4.80B reserve
Against $1.719B annual obligations
Intraday return comparison
Peer snapshots: 11:55–12:15 EDTInvestor angle: MSTR added $5.17B of market value as total reserves gained $3.59B—about $1.44 of equity value per $1 of reserve gain.
Capital stack
USD billionsTotal reserve
$62.41
Net reserve
$40.55
Preferreds
$15.10
Debt
$6.75
USD reserve
$4.80
840,447 BTC held · 4.00% of maximum Bitcoin supply · 1.42× reserve amplification.
Analyst setup
Ratings and targets available August 19, 2026Consensus
Strong Buy
14 Buy1 Hold0 Sell
| Target set | Price |
|---|---|
| Low | $125 |
| Average | $229.07 |
| High | $450 |
| Average implied upside* | +117.1% |
What decides the next move
Common-equity risk mapBitcoin directionReserve value remains the primary driver.
mNAV durabilityAbove 1.0× improves financing flexibility.
ATM dilutionNew shares can cap per-share participation.
Capital claims$21.86B of debt and preferred notional sits ahead of common.
Strategy Sells $653 Million in MSTR, Swells Cash Holdings Beyond Bitcoin Divestment
Strategy Inc generated sixfold more capital through stock sales than from bitcoin disposals last week, underlining the direction of its balance-sheet strategy. The company issued 6.59 million common shares, raising $653.1 million. In contrast, it offloaded 1,690 bitcoin, bringing in $108.6 million between August 3 and 9.
Strategy Inc (NASDAQ:MSTR) Shares Climb as Bitcoin Per Share Drops 4.3%
Strategy Inc 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.
Strategy (NASDAQ:MSTR) Moves Back Above $100 as Bitcoin-Per-Share Edge Shrinks
Strategy shares returned to the $100 mark on Friday, though the economics for common shares deteriorated. By August 2, nearly all of the Bitcoin-per-share increase from the second quarter was lost.
FBI Agent’s Crypto Charges Highlight Wallet Oversight Debate as Crypto Stocks Climb
U.S. crypto-related stocks climbed in late trading on Tuesday following the unsealing of a criminal complaint. The shift suggests that investors are focusing more on wallet-access oversight than on risks linked to token markets.
Strategy (NASDAQ:MSTR) sells Bitcoin below cost as common shares fund preferred-stock defence
Common shareholders supplied 73.5% of Strategy’s $395.3 million financing pool last week. A bitcoin sale supplied the rest. The company placed $250 million into its dollar reserve and spent $81.2 million repurchasing STRC.
Bitcoin Surpasses Strategy Stock Performance as MSTR’s Leverage Advantage Shrinks
Bitcoin is ahead of Strategy Inc. by 10.7 percentage points so far this year. This lead endures even after Strategy increased its coin holdings by a quarter.
TS2 TechBitcoin and Strategy stock
Bitcoin vs Strategy Stock: MSTR's Premium Narrows to 1.05x
Last updated August 2, 2026 • 11:44 EDT
Bitcoin trading
Nasdaq closed • Next session Monday, August 3
Bitcoin • BTC-USD
Live
$63,075
+0.13% Sunday
Friday-to-Friday: −1.98% • Sunday range: $62,280–$63,541
Strategy • NASDAQ:MSTR
Closed
$93.28
−4.56% Friday
Weekly gain: +1.76% • After-hours: $92.85 • Company-defined mNAV: 1.05x
Strategy (NASDAQ:MSTR) beat Bitcoin over the trading week, but the stock fell harder after earnings. The larger signal is its 1.05x company-defined mNAV. The premium for owning Bitcoin through the corporate wrapper is now thin.
That changes the test for MSTR. A Bitcoin rebound helps both assets. Strategy also needs its financing premium, capital access and net Bitcoin per share to improve. Direct Bitcoin carries none of the company's debt, preferred-stock or dilution risk.
Investor angle
1.05x
The margin for accretive common-share issuance is narrow
Strategy defines mNAV as MSTR's share price divided by net Bitcoin per share after specified senior claims and the USD reserve. Above 1x, new common shares can increase net Bitcoin per share under the company's assumptions. At 1.05x, that cushion is only about 5%.
Friday-to-Friday performance • July 24–31
Bitcoin−1.98%
Strategy+1.76%
−4%0+4%
+3.73 pts
MSTR's weekly lead over Bitcoin
−2.62%
Bitcoin from the July 30 daily close
−4.56%
MSTR's Friday post-results move
Strategy's holdings sit about $10.47 billion below cost
At the live Bitcoin quote, Strategy's 843,775 coins were worth an estimated $53.22 billion. Their reported purchase cost was $63.69 billion.
Holdings value versus acquisition cost
Reported cost$63.69bn
Estimated value at $63,075$53.22bn
Bitcoin is 16.4% below Strategy's $75,476 average cost. It would need to rise about 19.7% to return to that level.
843,775Bitcoin held as of July 26
$3.75bnUSD reserve
2.1+ yearsDividend and interest coverage
10.8%BTC Hurdle ARR
0 BTCBought during July 20–26
5.429mMSTR shares sold in the latest filing week
$544.5mNet proceeds from those common-share sales
$25.0mSpent repurchasing STRC preferred shares
“Our BTC Hurdle ARR of 10.8% represents our current effective cost of credit.”
Andrew Kang, Strategy chief financial officer, July 30, 2026
The earnings loss was mostly a Bitcoin mark, not a cash loss
Strategy reported an $8.22 billion second-quarter net loss. An $8.32 billion unrealized digital-asset loss drove the result. Revenue rose 6.9% to $122.4 million.
$8.22bnQ2 net loss
$8.32bnUnrealized digital-asset loss
$122.4mQuarterly revenue
+6.9%Revenue change from a year earlier
The more important common-stock issue is capital allocation. Strategy raised cash, supported STRC and made no Bitcoin purchase in its latest disclosed week. MSTR's next period of sustained outperformance may require the mNAV premium to expand, not merely a higher Bitcoin price.
Jobs data and Strategy's next filing are the main tests
Mon • Aug 3
Nasdaq reopens at 09:30 EDT
MSTR will absorb Bitcoin's weekend move. Any new company filing may show whether Bitcoin buying resumed.
Tue • Aug 4
U.S. JOLTS • 10:00 EDT
A strong labor reading could lift Treasury yields and the dollar, adding pressure to risk assets.
Fri • Aug 7
U.S. jobs report • 08:30 EDT
The July employment report is the week's main macro event for Bitcoin, yields and MSTR.
Both assets ended near the lower part of last week's range
These are observed market levels, not price targets.
Bitcoin weekly range$63,075
$62,478$65,693
MSTR weekly range$93.28
$89.21$100.05
Scenario
Bitcoin
Strategy
Bull
Hold above $65,693, last week's high.
Close above $100.05 while mNAV expands.
Base
Remain inside $62,478–$65,693.
Remain inside $89.21–$100.05.
Bear
Break below $62,478; $57,833 is the 52-week low reference.
Break below $89.21; $81.81 is the 52-week low reference.
Risks
Bitcoin trades continuously, so MSTR can gap when Nasdaq reopens. Strategy can sell Bitcoin, issue common stock or direct cash toward preferred dividends and repurchases. Below 1x company-defined mNAV, common issuance would reduce net Bitcoin per share under the company's stated assumptions.
Investor view
Bitcoin is the simpler exposure; MSTR still needs its premium to work
MSTR can regain amplification if Bitcoin rises, mNAV expands and new financing adds net Bitcoin per share after the 10.8% hurdle. Until then, Strategy's capital structure may matter as much as the coin itself.
Market data is not tailored investment guidance. The live Bitcoin quote and derived holding value are timestamped estimates. Scenario bands are observed levels, not price objectives. Strategy changed its mNAV methodology on July 23, 2026; earlier readings are not comparable, and the metric is not traditional net asset value.
Stock Market Today: Live Updates 02.08.2026
LIVEMarkets rolling coverageStarted: August 2, 2026, 4:00 AM EDTUpdated: August 3, 2026, 3:59 AM EDT Analyzing Firearm Manufacturing Stocks: Sector Cyclicality, Demand Indicators, and Risk Factors August 3, 2026, 3:54 AM EDT. Shares of firearm manufacturers are notably cyclical among industrials, impacted by both unit shipments and average selling price. Leading firms in the space include Sturm, Ruger & Co. (RGR), Smith & Wesson Brands (SWBI), and Olin Corporation (OLN). Investors often rely on the FBI’s NICS background-check data as a significant, timely indicator of consumer demand and an early tool for revenue projections. This segment is marked by distinctive
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