Data as of most recent 8-K filing · Aug 24, 2026
Strategy — MSTR Bitcoin Treasury Hub
The world’s largest corporate holder of Bitcoin. Strategy (formerly MicroStrategy) has
built an unprecedented Bitcoin treasury through equity, debt, and preferred stock offerings.
Since March 2026 the company has also begun actively managing that balance sheet, including
its first Bitcoin sales since 2022, a shift from its long-standing “never sell” posture.
From “Never Sell” to Active Balance-Sheet Management
The single biggest development since this page’s last update: Strategy has broken its own “never sell” doctrine.
The pivot
On its Q1 2026 earnings call (May 5), amid a $12.5B mark-to-market net loss, CEO Phong Le announced Strategy would “sell bitcoin when it’s advantageous to the company,” a reversal of Saylor’s years-long “never sell” stance. Days later, Strategy sold 32 BTC (~$2.5M) to help fund a dividend, its first BTC sale since 2022.
On June 29, Strategy formalized this into a capital plan including a BTC Monetization Program (authorizing up to $1.25B in BTC sales) and $2B in stock buybacks. 2026 BTC sales total roughly $218M+ through late July, under 0.5% of holdings, funding dividends and liquidity, not a change in long-term thesis. Saylor: “We expect to remain a net buyer of Bitcoin over time.”
Why it matters for this page
The “Capital Flywheel” walkthrough further down this page describes a one-directional loop: raise capital, buy BTC, repeat. That model held from 2020 through early 2026. It no longer fully describes the company’s behavior.
Holdings actually peaked near ~846,000 BTC in early August before easing to 840,447 amid small sales and two consecutive weeks (Aug 10–23) with no BTC purchases or sales at all, a first for the company since it began buying in 2020.
Bitcoin Accumulation Timeline
Year-by-year breakdown of Strategy’s Bitcoin acquisition history from 2020 to present, showing cumulative holdings growth.
Purchase History
Key acquisition milestones from Strategy’s Bitcoin treasury operations. Avg. price inclusive of fees.
Strategy buys Bitcoin every week, typically Sunday through Saturday, then files an 8-K the following Monday disclosing exactly how much they bought, at what average price, and their new cumulative total. Each entry below represents a week of buying, reported roughly 7 days after the fact.
Source: SEC EDGAR 8-K filings · strategy.com dashboard · Data shown is annual/quarterly summary, not every weekly filing
All Tickers Explained
Strategy has built a full capital stack around Bitcoin, from leveraged common stock to preferred income vehicles targeting institutional investors.
“Cash is a melting ice cube. Bitcoin is digital gold. We’re building the world’s first Bitcoin treasury company.”
— Michael Saylor, Executive Chairman, Strategy
Common
The flagship security, standard equity ownership in Strategy. Acts as a leveraged proxy for Bitcoin, trading at a premium (NAV premium) to direct BTC holdings due to the company’s financial engineering and growth strategy. The most liquid and volatile of all Strategy securities.
Preferred
Launched January 2025. Pays 8% annual dividend on $100 par value ($8/share), with a convertibility feature allowing holders to swap into MSTR common stock. Blends fixed-income yield with Bitcoin equity upside.
Preferred
Launched March 2025. Pays 10% fixed dividend ($10/share quarterly) with no conversion feature, pure fixed income for stability-focused investors. Senior to STRK and MSTR. Missed dividends compound at 10% + 1% annually up to 18%.
Preferred
Launched June 2025. Highest-yield preferred with a 10% non-cumulative dividend. Junior to STRF and STRK, increasing risk but appealing to yield-seeking investors. Raised nearly $1B on launch.
Variable
Launched July 2025. Variable-rate preferred originally designed to compete with money market funds and hold near its $100 par value. It has struggled with that goal in 2026, trading as low as ~$74–90 mid-year, prompting Strategy to raise its dividend to 12% (effective Jul 1, 2026) and actively repurchase shares ($136.4M bought back in a single August week) to support the price.
Euro
Euro-denominated equivalent of STRF, listed on the Luxembourg Stock Exchange in 2025. €100 par value with 10% cumulative dividends, Strategy’s first non-U.S. preferred stock. Low trading volume; not currently tracked on Strategy’s official dashboard.
Capital Structure
Payment priority order, who gets paid first in dividends and liquidation scenarios.
ATM Program Sizes
At-the-market offering program capacity
Bitcoin Holdings Context
Putting 762,099 BTC in perspective against other major corporate and institutional holders.
The 21/21 Plan & Capital Flywheel
How Strategy raises capital and funnels it into Bitcoin, creating a self-reinforcing accumulation engine.
KPI Metrics Saylor Tracks
The Capital Flywheel
This describes the model that held from 2020 through early 2026. Since May 2026, Strategy has added a fifth lever, small, opportunistic BTC sales to fund dividends and buybacks, while still describing itself as a net long-term buyer. See “What’s Changed Since March” above.