New York, July 5, 2026, 17:07 (EDT)
- U.S. stocks reopen Monday as Nasdaq returns from the July 3 break. Strategy traded at $100.77, up 7.9%.
- Strategy reported $1.152 billion in net proceeds from selling MSTR common stock in its latest weekly filing and didn’t buy any bitcoin.
- The two 2x long MSTR ETFs traded 135.2 million shares, about 3.9 times what MSTR traded in shares, but just 11% of MSTR’s dollar turnover using a last-price proxy.
- Strategy has 211,157 sats per share, worth about $132 based on Sunday’s bitcoin price. That’s above its $100.77 MSTR valuation before debt, preferreds and taxes.
Strategy Inc NASDAQ:MSTR heads into Monday with shares higher, but the key question for shareholders remains. The latest real cash figure was from selling equity, not bitcoin. Nasdaq is shut July 3 for the holiday. Normal trading runs 9:30 a.m. to 4 p.m. ET, with the next session Monday.
Strategy’s June 29 8-K said the company sold 12,669,017 class A common shares between June 22 and June 28, raising $1.1524 billion in net proceeds. It didn’t buy any bitcoin that week and held 847,363 BTC as of the filing. The 8-K also outlined a BTC monetization plan that could bring in up to $1.25 billion for the USD reserve, so last week’s stock sale was about 92% of the reserve target.
Prices stayed firm heading into the long weekend. MSTR printed $100.77, up 7.9%. The Invesco QQQ Trust NASDAQ:QQQ, tracking the Nasdaq 100, fell 1.7%. Leveraged 2x long MSTR products moved about twice as much as MSTR stock.
| Instrument | Latest price | Change | Volume | Last-price turnover proxy |
|---|---|---|---|---|
| Strategy Inc NASDAQ:MSTR | $100.77 | up 7.9% | 34.8 million | $3.50 billion |
| T-Rex 2X Long MSTR Daily Target ETF (BATS:MSTU) | $2.15 | jumped 15.7% | 122.0 million | $262 million |
| Defiance Daily Target 2X Long MSTR ETF (NASDAQ:MSTX) | $9.83 | added 15.4% | 13.2 million | $130 million |
| Invesco QQQ Trust NASDAQ:QQQ | $712.60 | fell 1.7% | 51.1 million | $36.40 billion |
ETF trading was busy in share count, but less so in dollars. MSTU and MSTX together traded 135.2 million shares, nearly four times MSTR’s volume. But the combined turnover by last price was around $392 million, which is about 11% of MSTR’s $3.50 billion. Both ETFs target double MSTR’s daily move. Monday’s open will gauge near-term appetite and bitcoin-linked demand.
Strategy puts the dashboard figure at 211,157 sats per share. Using Sunday’s bitcoin price of $62,639, that gets you about $132.27 per MSTR share. The stock was at $100.77. That basic math doesn’t count preferreds, debt, taxes, or the software business.
| Measure | Latest figure | Read-through |
|---|---|---|
| MSTR quote | $100.77 | Trading at 76.2% of the basic BTC-per-share value |
| Bitcoin per MSTR share | 211,157 sats | Works out to around $132.27 with BTC at $62,639 |
| Bitcoin held | 847,363 BTC | Total comes to about $53.08 bln at this BTC price |
| Aggregate purchase price | $64.10 bln | Puts average cost at $75,651 per BTC |
| USD reserve | $2.55 bln | Enough to cover 17.4 months of dividend and interest |
| BTC monetization authority for reserve | $1.25 bln | Equals roughly 19,956 BTC at the current price, or 2.4% of total |
The mNAV story is still hanging around because of that gap. Reuters said June 29 that Strategy’s enterprise value slipped below its bitcoin stash, with mNAV at 0.99 at last close. Shares have bounced, easing some of that pressure, but the preferred dividends and interest claims are still a sticking point in the trade.
Founder and Executive Chairman Michael Saylor said Strategy “remains committed to Bitcoin as its primary treasury reserve asset.” CEO Phong Le said the company is “evolving from one-way capital issuance to active capital management.” CFO Andrew Kang said, “Bitcoin is capital.” Strategy
Matthew Sigel, who leads digital assets research at VanEck, said Sunday that investors are now “buying a hedge fund” able to trade its own capital stack and bitcoin. “What P/E do you pay for such a hedge fund? I pay very low,” Sigel said on Scott Melker’s podcast, according to Stocktwits. Stocktwits
Nic Puckrin, a cross-asset analyst and founder of Coin Bureau, said the approval was a “responsible move from Saylor.” Andrei Grachev, managing partner at DWF Labs, described the risk this way: “uncertainty itself becomes a reason to wait.” Reuters
Strategy’s week kicks off with the July 6 reopen. The company said it plans to disclose any big BTC sales and other capital markets deals through its usual Form 8-K filings. Next up in the filing is a July 15 record date for STRC holders for the July 31 preferred dividend.
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