Strategy Owns 4% of All Bitcoin but MSTR Shareholders Face $22B in Senior Claims
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Key Takeaways
Strategy held 840,447 BTC as of Aug. 9, equal to roughly 4% of Bitcoin’s maximum 21 million supply.
MSTR common shareholders sit behind $6.75 billion of debt and $15.24 billion of preferred stock, leaving about $22 billion in senior claims ahead of them.
Strategy’s structure can amplify Bitcoin upside, but the same leverage means falling BTC prices, financing costs and dilution can hit MSTR harder than Bitcoin itself.
Strategy now controls roughly one out of every 25 Bitcoin that can ever exist, but MSTR shareholders do not have a direct claim on that enormous reserve.
An Aug. 13 investor briefing based on Strategy and SEC disclosures shows the company held 840,447 BTC as of Aug. 9, representing approximately 4% of Bitcoin’s maximum supply. At a Bitcoin price of $64,279, those holdings were valued at about $54.02 billion.
New Strategy Investor Briefings for $MSTR, $STRC, $STRF, $STRK, $STRD & $STRE, covering each security’s structure, economics, seniority, cash-flow profile, investor protections, key risks, and role in Strategy’s Digital Credit Capital Framework. Read the series below.
The headline number, however, tells only half of the MSTR story.
Strategy also carried $6.754 billion in debt and $15.239 billion of preferred stock, putting approximately $21.99 billion in specified senior claims ahead of common shareholders.
Preferred stock is not debt, but both debt holders and preferred shareholders rank above MSTR common equity in Strategy’s capital structure.
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What $22B in Senior Claims Means for MSTR Shareholders
Strategy’s total reserve stood at $58.67 billion, including its Bitcoin and a $4.65 billion US dollar reserve.
After deducting the specified debt and preferred claims, the briefing calculated a $36.68 billion Net Reserve attributable to the residual structure supporting MSTR common equity.
According to the Strategy investor briefing, the senior claims total about $21.99 billion. | Source: Strategy
That difference also shows up at the share level.
At the Aug. 10 snapshot, MSTR had gross Bitcoin exposure of 198,289 satoshis per diluted share, worth around $127.46. After accounting for the specified senior claims, Net Bitcoin Per Share fell to 143,292 satoshis, or $92.11.
MSTR traded at $97.33 at the snapshot, putting its mNAV at about 1.06x. In other words, the stock was trading only modestly above the briefing’s calculated Net Bitcoin Per Share value.
Strategy itself describes common equity as the residual layer of the capital structure. Debt, subsidiary liabilities and preferred stock rank first, while common holders receive whatever economic value remains after those obligations.
Strategy Has a $1.74B Annual Financing Bill
Those senior securities also create recurring costs.
Annual debt interest and preferred dividends were running at approximately $1.736 billion, according to the briefing. Strategy’s $4.65 billion USD Reserve provides around 2.7 years of coverage at that run rate.
The company has already shown that Bitcoin itself can become part of that funding equation.
Strategy has sold Bitcoin on five distinct disclosed occasions/periods since it began accumulating BTC in 2020, as of Aug. 20, 2026.
The 2022 sale is confirmed directly by the SEC: Strategy sold 704 BTC for about $11.8 million at roughly $16,776 per BTC. It then bought 810 BTC just two days later.
The selling pattern changed substantially in 2026. Strategy sold 32 BTC in late May, its first sale since 2022. It subsequently sold 3,588 BTC between June 29 and July 5; that transaction itself consisted of 1,363 BTC sold June 29–30 and another 2,225 BTC sold July 1–5.
After several weeks without BTC transactions, Strategy sold another 1,638 BTC for $104.73 million during July 27–Aug. 2. It followed that with 1,690 BTC for $108.6 million during Aug. 3–9, at an average sale price of $64,262.
Strategy sold another 1,690 BTC last week for $108.6M at an average of $64,262, and sold $653 million worth of discounted $MSTR shares, to raise cash to pay future dividends and buy back $STRC, reducing the YTD Bitcoin yield to just 1.7%, an 87% reduction since May 25th. Ouch!
Its SEC filing stated that the proceeds were used to fund preferred-stock distributions and to replenish its USD Reserve. Strategy has also authorized a BTC Monetization Program, allowing additional Bitcoin sales to support liquidity.
Strategy BTC Sale
Period
BTC sold
Approx. proceeds
Main reason
1
Dec. 22, 2022
704 BTC
$11.8M
Tax-loss strategy
2
May 26–31, 2026
32 BTC
$2.5M
Preferred-stock distribution
3
Jun. 29–Jul. 5, 2026
3,588 BTC
$216M
Preferred distributions + USD reserve
4
Jul. 27–Aug. 2, 2026
1,638 BTC
$104.7M
Dividends + STRC repurchases
5
Aug. 3–9, 2026
1,690 BTC
$108.6M
STRC repurchases
That marks a change from the simpler perception of Strategy as a company that only accumulates Bitcoin.
Why MSTR Can Fall Faster Than Bitcoin (BTC)
The leverage works in both directions.
Strategy’s briefing calculates an amplification ratio of 1.47x by comparing its Bitcoin reserve to its Net Reserve. It also shows how quickly the residual value can change as Bitcoin moves.
At $64,279 BTC, the estimated Net Reserve per share was $92.11. If Bitcoin fell to $40,000, the modeled figure would drop to just $40.87. At $100,000 Bitcoin, it would rise to $167.49.
Those calculations hold Strategy’s BTC holdings, cash, senior claims, and diluted share count constant, so they are sensitivity scenarios rather than price forecasts.
Strategy’s financing model is designed to use common equity, preferred securities and debt to increase Bitcoin exposure per share when market conditions are favorable. Its own framework, however, acknowledges that issuing Digital Credit creates additional senior claims and that issuing MSTR at unattractive levels can dilute common shareholders.
The result is a very different investment from simply owning Bitcoin.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.
Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.
