Strategy (MSTR) — Company Report 2026

Description

Strategy Inc. (Nasdaq: MSTR) is the largest corporate bitcoin treasury, holding 850,364 BTC as of its November 9, 2026 ledger cut, acquired for $64.165 billion at an average of $75,446–$75,456 per coin depending on the cut. The working snapshot for this report’s framing question is the October 19, 2026 cut of 848,517 BTC at a $64.02 billion aggregate cost and a $75,446 average price. That treasury is funded by a capital stack that, at September 30, 2026, included $6.71 billion principal of convertible senior notes and, by the November 6, 2026 investor brief, $12.95 billion notional of perpetual preferred stock (STRF, STRC, STRK, STRD, STRE). The software segment remains a going concern but is not the valuation engine: Q3 2026 revenue was $125.4 million, down 3% year over year, with a 71% gross margin, while reported net income of $19.53 billion was dominated by a $20.91 billion digital-asset gain and was reduced by $419.6 million of preferred dividends. Official mNAV — share price divided by net bitcoin per share — stood at 1.11x on the November 6 snapshot (MSTR $128.93) and 1.09x at the November 13 close (MSTR $111.62), with net BTC per share of $100.28. The investment issue for an allocator is therefore not whether Strategy ‘is’ bitcoin, but whether a thin official premium, a preferred-heavy senior claim stack, and mid-2026 sales of 6,948 BTC (~$432 million) still support bitcoin-per-share accretion if the premium compresses further.