NEW YORK, August 7, 2026, 19:16 EDT — U.S. markets finished trading.
- Strategy finished Friday at $100.01, gaining 3.3% for the day and rising 7.2% over the week.
- Gross Bitcoin per diluted share was calculated at just 0.3% higher compared to March 31.
- The latest Buy or Overweight price targets span from $125 up to $325.
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.
The difference is significant. Bitcoin Per Share, or BPS, is calculated by dividing total Bitcoin holdings by the estimated diluted share count, according to the company’s strategy. Management uses this figure to evaluate if Bitcoin acquisitions benefit common shareholders.
Calculated BPS increased by 4.8% in the second quarter, but declined 4.3% through August 2, ending up only 0.3% higher than on March 31.
| Metric | March 31 | June 30 | August 2 | June 30-August 2 |
|---|---|---|---|---|
| Bitcoin holdings | 762,099 | 846,000 | 842,138 | -0.5% |
| Basic shares, millions | 346.223 | 371.604 | 387.614 | +4.3% |
| Assumed diluted shares, millions | 378.834 | 401.283 | 417.268 | +4.0% |
| Gross Bitcoin per share, sats | 201,170 | 210,824 | 201,822 | -4.3% |
Based on figures released by Strategy. The gross ratio does not directly subtract debt or preferred-stock liabilities.
Basic shares rose by 4.3% following June 30. Bitcoin holdings dropped 0.5%. The denominator changed at a quicker pace.
The recent move came after a week marked by significant capital activity. During the period ending August 2, Strategy disposed of 3.01 million MSTR shares and 1,638 Bitcoin.
| Capital action | Volume | Cash amount | Stated use or result |
|---|---|---|---|
| MSTR common shares sold | 3.011 million | $290.6 million net | $250 million set aside; $28.9 million for STRC buybacks; $11.7 million held in cash |
| Bitcoin sold | 1,638 BTC | $104.73 million net | $52.4 million distributed as dividends; $52.3 million directed to STRC buybacks |
| STRC preferred NASDAQ:STRC repurchased | 912,143 shares | $81.2 million paid | Lowered amount of preferred shares outstanding |
| Dollar reserve at August 2 | — | $4.0 billion | Provides buffer for preferred dividends and interest |
No common shares were bought back. The entire $1 billion MSTR buyback approval was not utilized. Chief Executive Phong Le described preferred share repurchases as “an attractive use of capital” since they lower future dividend requirements at a discount. SEC
Friday’s rally outperformed Bitcoin over the week. Shares of crypto-related companies diverged significantly.
| Asset or company | Friday close/latest | Friday move | Weekly move |
|---|---|---|---|
| Strategy Inc NASDAQ:MSTR | $100.01 | up 3.3% | rose 7.2% |
| Bitcoin | $64,852 | gained 0.8% | around 3.1% higher |
| Coinbase Global Inc NASDAQ:COIN | $153.60 | advanced 5.6% | increased 5.0% |
| MARA Holdings Inc NASDAQ:MARA | $10.09 | dropped 5.1% | fell 10.9% |
Analysts maintained positive ratings following earnings, but some price targets were lowered. Every recommendation listed below continued to indicate potential gains from Friday’s close.
| Firm | Date | Recommendation | Price target | Implied upside |
|---|---|---|---|---|
| Cantor Fitzgerald | August 3 | Overweight | $186, revised down from $212 | +86% |
| B. Riley | August 3 | Buy | $155, lowered from $215 | +55% |
| Barclays | August 3 | Overweight | $125, reduced from $130 | +25% |
| H.C. Wainwright | August 3 | Buy | $325, unchanged | +225% |
Based on Strategy’s closing price of $100.01. Analyst targets represent opinions and are not assured results.
The consensus from 18 analysts surveyed by MarketBeat was still Moderate Buy, with the average price target at $242.81. The most optimistic target was 8.8 times higher than the lowest. Cross-asset analyst Nic Puckrin previously described the liquidity strategy as “a responsible move.” MarketBeat
Strategy posted a net loss of $8.22 billion for the second quarter, reflecting an unrealized digital-asset loss of $8.32 billion. Revenue increased by 6.9% to $122.4 million.
With Bitcoin trading late on Friday, Strategy’s 842,138 coins were valued at roughly $54.6 billion. This represented around $8.9 billion less than the company’s reported acquisition cost of $63.51 billion.
Three scheduled U.S. releases next week could impact rates and Bitcoin. No early forecasts are provided.
| Date | U.S. release | Time | Investor relevance |
|---|---|---|---|
| August 12 | July Consumer Price Index | 08:30 EDT | Inflation data, rate forecast implications |
| August 13 | July Producer Price Index | 08:30 EDT | Signals for wholesale price trends |
| August 14 | July retail sales | 08:30 EDT | Insight on consumer activity, interest rate direction |
The next challenge for ordinary holders is mathematics. Newly mined Bitcoin needs to exceed the rate of increase in assumed diluted shares. While Friday restored the share price, it did not affect BPS.
Risks: Bitcoin is traded throughout the weekend, and a reversal before Monday is possible. Additional MSTR issuance without corresponding Bitcoin buys would again lower gross BPS. STRC’s 12% dividend yield results in ongoing cash requirements.
Related articles: NASDAQ:MSTR
