US macro
Take
Saturday, August 22, 2026
Strategy is a $47B common on 840,447 BTC, $6.75B of converts, and $15.1B of preferreds. Official cash load: $1.719B/year. STRC is $10.1B at 12% — $1.21B of that load — trading $95 with a bid-under-$100 policy. USD reserve $4.8B, 2.8 years. Software Q2 $122M cannot pay Stretch. ATM is how the reserve gets filled ($653M the week of Aug 3, $22B capacity left). mNAV 1.00x. Trade BTC and the coupon, not a BI multiple.
Nasdaq GS · Friday close $119.25 · +6.1% / +28% week
Price
MSTR
6M -7.32%
Snapshot
NAV common, 12% Stretch
Market cap
$47.4B
vs 52-week
-67.35%
BTC held
840,447
4% of supply
Cost / BTC
$75,385
mNAV
1.00x
Pref + int
$1.72B/yr
USD reserve
$4.8B
2.8 years
STRC
$10.1B
12% variable
Street
14 analysts
$245
Mean target · +105.45% vs spot
High $520 · Low $90 · Median $220
9
Buy
4
Hold
1
Sell
Buy the BTC, fade the multiple
tilt
Next
STRC payout
2026-09-15
Record 8/31. Semi-monthly cash at 12% on $100 stated. Not optional for the income funds that own it.
mNAV
Official 1.00x. Live mark depends on the coin.
Official
1.00x
strategy.com
This desk
1.11x
BTC @ $76,950
BTC NAV
$64.7B
840,447 × spot
Net (BTC−debt−pref)
$42.8B
mNAV = market cap of common ÷ (BTC holdings marked − convert principal − preferred stated). Dashboard prints 1.00x on their BTC mark (~$83k implied on a $69.7B “Reserve”). This desk marks BTC at $76,950 (the Bitcoin book), debt $6.75B, prefs $15.1B, common cap $47.4B.
Above 1.0x you are paying a premium for the credit reactor and the ATM. At 1.0x you are buying the residual coins. Below 1.0x the common is cheaper than the stack implies — or the market does not believe the coins are unencumbered.
Preferreds and converts are not BTC-liens. Net is an accounting residual, not collateral. Refresh if BTC or the share count moves.
News
MSTR headlines
No headlines cleared the filter.
Street
Analyst actions
| Date | Firm | Action | Target |
|---|---|---|---|
| 08-21 | Strategy.com | Dashboard | — |
| 08-10 | 8-K | ATM + BTC sale | — |
| 07-30 | Q2 print | Software $122.4M | — |
| 07-27 | Phong Le | STRC bid | $100 |
| 05 | Treasury | 2029 notes | — |
Quotes delayed. Options from Cboe delayed chain. Not investment advice, not a solicitation, and not affiliated with Strategy Inc.