TYSONS CORNER, Virginia, September 3, 2026, 17:34 (EDT) – Strategy shares climbed 17.6% as the Bitcoin upswing pushed the stock to a 12% premium over its net asset value.
- Strategy finished the session at $144.82, rising 17.6%, and later climbed to $145.44 in after-hours trading.
- At 17:34 EDT, Bitcoin was priced at $82,254.40, putting the value of Strategy’s holdings at approximately $69.51 billion.
- The estimated net reserve value stood at $54.66 billion, compared to an equity value of $61.15 billion.
- Recent common stock offerings increased total bitcoin held, but decreased bitcoin per diluted share.
Shares of Strategy Inc. NASDAQ:MSTR jumped 17.6% on Thursday after bitcoin surpassed $82,000. The stock finished the session at $144.82, before ticking up another 0.4% in after-hours trading Nasdaq market data.
The rebound restored Strategy’s premium over its bitcoin-backed net reserve value, but the premium stayed close to 12% according to a cautious estimate. This level continues to serve as the main limitation on issuing more common stock.
Bitcoin traded at $82,254.40 as of 17:34 EDT BTC-USD spot feed. The cryptocurrency earlier climbed over 4% following a reduction in rate-hike forecasts. Fed Governor Christopher Waller stated underlying inflation was “doing better than the core numbers suggest” CoinDesk live coverage.
MSTR’s four-session path
Regular closes, plus the latest after-hours trade. U.S. dollars per share.
As of . Sources: ChartExchange and Nasdaq.
Trading volume during regular hours totaled 43.5 million shares, close to triple the amount seen on Wednesday. The session’s low of $127.70 remained 3.7% higher than the prior day’s closing price historical prices.
Strategy’s total bitcoin holdings reached 845,050 following its most recent acquisition. Based on Thursday’s spot value, these holdings amounted to approximately $69.51 billion. When combined with $6.71 billion in declared dollar assets, the company’s gross reserve assets totaled $76.22 billion.
From bitcoin reserve to common-equity value
Estimated billions of dollars; senior claims use disclosed notional amounts.
Estimate at 17:34 EDT. Sources: August 31 filing, August 23 investor briefing, Nasdaq and BTC-USD spot data. Figures may not equal liquidation value.
The calculation deducts $6.75 billion in debt along with approximately $14.81 billion in preferred stock. It factors in about 420.4 million basic shares following last week’s stock offering. This gives a net reserve value of $54.66 billion and an equity multiple of 1.12 times.
The estimate is rough. It does not account for taxes, software worth, or various possible dilution impacts. Strategy cautions that its bitcoin-per-share metrics are neither valuation tools nor indicators of liquidity second-quarter filing.
The previous week highlighted the balance. Strategy offloaded 4.53 million common shares, raising $602.8 million. Of this, $369.7 million was used to acquire 4,603 bitcoin, and $151.8 million went toward buying back preferred stock Form 8-K.
The acquisition increased overall holdings by 0.5%. During the same period, assumed diluted shares rose at a far higher rate. According to the strategy’s ledger, bitcoin per diluted share declined 5.3% from August 10 to August 31.
Bitcoin per diluted share slipped
Satoshis per assumed diluted share, calculated from company-reported holdings and share counts.
Reported August 31, 2026. Source: Strategy bitcoin ledger. “BTC yield” is a company-defined KPI, not investment income.
The software segment continues to be minor compared to the reserve. Revenue for the second quarter increased by 6.9% to reach $122.4 million. Gross margin decreased by 2.2 percentage points to 66.6%.
Borrowing expenses are now the key barrier. Chief Financial Officer Andrew Kang noted the 10.8% bitcoin threshold signals Strategy’s “current effective cost of credit.” Lower yields provided support to the equity on Thursday, yet that spread requirement remains unchanged.
Risks: Bitcoin is prone to sudden reversals. If the equity premium contracts, common issuance may offer less accretion. Debt, preferred dividends, and potential share dilution all take precedence over common shareholders’ claims.
The upcoming U.S. payrolls data on Friday is the next key macroeconomic indicator. August inflation numbers will be released the following week. Investors are also set to monitor Strategy’s upcoming weekly filing, focusing on any new issuance and changes to bitcoin per share.
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