Use Strategy’s dated company disclosures
MSTR is common stock in Strategy, a company that holds bitcoin. A larger bitcoin balance does not by itself show how much common shareholders receive: read holdings, share counts and claims that rank ahead of common stock together.
Strategy’s July 30, 2026 results release reports 843,775 BTC as of July 26, 2026. Its financial statements cover the three months ended June 30, a different measurement date. Neither is presented here as the September 12 balance. The release also describes a bitcoin monetization program and sales, so an unconditional claim that the company will never sell its bitcoin is not supported.
The 2025 Form 10-K explains the bitcoin treasury strategy and financing risks. MSTR is common equity in an operating company with liabilities and other securities; it is not a fund contract promising a fixed multiple of bitcoin’s daily return. When combining figures measured on different dates, trace the intervening purchases, sales and security issuances before treating them as a comparison at one point in time.
BTC Yield is not a shareholder’s investment return
The release defines BTC Yield through the change in gross bitcoin per assumed diluted share. It cautions that the metric does not measure shareholder investment returns or operating income and does not incorporate all senior claims. Read the KPI limitations together with the financial statements.
| Measure | What to read | What it is not |
|---|---|---|
| Gross bitcoin per share | Holdings and the stated share-count assumptions | A right to redeem that amount of bitcoin |
| BTC Yield | Change in that ratio under the company’s method | A cash yield or stock-return guarantee |
| Common-equity economics | Assets, debt, preferred claims and costs | Gross bitcoin value with every obligation ignored |
Issuing common stock to buy bitcoin changes both holdings and the share-count denominator. Borrowing or issuing preferred stock can instead increase senior claims even when the common-share count is unchanged. Growth in total holdings, bitcoin per share and common-share economic value are three separate questions.
A gross ratio can improve while common-equity risk increases
Assume a fictional company owns USD 100 million of bitcoin and has no other assets or liabilities. It then borrows USD 50 million and purchases that amount of additional bitcoin without issuing common shares. Gross bitcoin per share rises 50%, while the initial simplified net asset value remains USD 150 million − USD 50 million = USD 100 million before fees.
If bitcoin subsequently falls 20%, gross asset value becomes USD 120 million and the debt remains USD 50 million. The residual is USD 70 million, 30% below the starting equity value, before interest and other effects. These are hypothetical inputs, not Strategy’s debt structure or a promised leverage factor.
In a separate hypothetical example with no borrowing, a company moves from 10,000 BTC and 100 million common shares to 12,000 BTC and 150 million shares after issuing stock. Bitcoin per share falls from 0.0001 to 0.00008 BTC, a 20% decline, even though total holdings rise 20%. This illustrates the denominator effect; it does not reproduce Strategy’s reported BTC Yield or assumed diluted share count.
Separate valuation changes from cash obligations
Debt maturities, interest and preferred-security terms need their own timetable. A non-cash valuation gain does not itself provide money for a payment, and the treatment of a preferred dividend should not be assumed to match a common-share dividend. Review actual terms, accumulated obligations and available liquidity in the filings. A company’s expectation about one tax treatment cannot establish the same rate or exemption for every Japanese reader. This article has not verified each reader’s residence, account and transaction conditions and makes no universal tax-advantage conclusion.
Consider another independent hypothetical example: simplified net assets attributable to common stock are USD 100 per share, and the market pays 1.5 times that amount, or USD 150. If net assets rise 20% to USD 120 but the market multiple falls to one, the price becomes USD 120, down 20% from its starting point. These inputs are not a current share price or target; they isolate how asset growth and stock returns can diverge.
Also distinguish accounting profit from software operating cash and bitcoin purchases or sales. A favorable per-share KPI can coexist with market losses. Conversely, a higher bitcoin price can be offset by a lower market premium or more shares. There is no universal rule that a 10% bitcoin increase produces a 15–20% MSTR gain.
Evaluate common shares under three financing conditions
| Case | Conditions |
|---|---|
| Bull | Bitcoin values and financing execution improve common-share economics after costs and senior claims. |
| Neutral | Gross holdings grow while dilution, distributions or financing costs offset the benefit. |
| Bear | Bitcoin values fall while the equity premium contracts and cash obligations become harder to fund. |
Before updating a valuation, align bitcoin price, holdings date, share count and senior claims. Do not combine a current share price with an old balance sheet without accounting for intervening changes. Not managing private keys personally does not eliminate custody or hacking risk. Price volatility, custody events, regulatory changes and currency movements when translating into yen remain relevant. For a separate direct-crypto comparison in Japan, consult FSA registration information. That registration does not guarantee the safety of a listed stock. This article recommends no trade or standard position size.
Sources checked September 11, 2026, except where an earlier check date is specified. This article explains public information and stated assumptions; it does not recommend buying or selling or determine individual tax treatment. Investment disclaimer
References
3- Second Quarter 2026 Financial Results: dates, bitcoin summary and KPI limitations (opens in a new tab) Strategy · July 30, 2026 · checked 2026-09-11
- 2025 Form 10-K: bitcoin strategy and financing risks (opens in a new tab) Strategy · year ended December 31, 2025 · checked 2026-09-11
- Information for cryptoasset users (opens in a new tab) Japan Financial Services Agency · checked 2026-09-11
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