How much bitcoin does Strategy (formerly MicroStrategy) own?

The BTC Register · Explanation reviewed 6 Oct 2026

How much bitcoin does Strategy hold?

This register records 848,517 BTC for Strategy in the company data retrieved 30 Oct 2026 from Data by CoinGecko. That is 64.6% of the corporate bitcoin recorded here, not a share of all institutional holdings. The table is a dated source record, not a live balance or an independently verified inventory of company wallets.

The retrieval date is not a purchase date. A new balance can reflect a newly published disclosure or a revision in the upstream data. Check the corresponding company filing before describing a change as a transaction. The primary filing below supports the explanation of Strategy’s structure; it is not the source of the current holdings figure displayed above.

Strategy is a company, not an ETF

Strategy’s 2025 Form 10-K describes a bitcoin treasury strategy alongside an enterprise analytics software business. It also records the name change from MicroStrategy to Strategy in August 2025.[5] We therefore classify its bitcoin as a corporate treasury, rather than an investment fund. “Operating” is the register’s category, not a judgment about which activity drives the share price.

MSTR common stock is an interest in the company. It is not an ownership interest in, or a redemption right over, the bitcoin held by Strategy. The company says it does not seek to make its common shares track its bitcoin before expenses and liabilities, unlike spot bitcoin exchange-traded products.[5] Comparing the number of coins is useful for the ownership register, but does not establish that MSTR and a fund share are interchangeable.

Financing and dilution matter as well as holdings

The annual report describes funding bitcoin acquisitions through common stock and preferred stock issuance, with debt financing also used historically. Debt obligations and preferred shareholders’ senior claims must be considered before interpreting gross bitcoin holdings as value available to common shareholders.[5]

Issuing more common shares can change the amount of bitcoin attributable to each share, even when aggregate holdings increase. Other financing can increase senior claims without an immediate increase in the common share count. Strategy explicitly warns that its bitcoin-per-share measures do not capture all those claims.[5] A holdings ranking therefore cannot answer whether a share is cheap, whether financing is sustainable or whether an acquisition benefits an existing shareholder.

What “BTC Yield” does and does not measure

In the annual report, Bitcoin Per Share compares holdings with assumed diluted shares outstanding, including specified potential shares from convertible instruments and equity awards. “BTC Yield” describes a change in that ratio. It is not an investment return, interest payment or cash distribution to an MSTR shareholder.[5] This page does not publish a current BTC Yield figure or infer one from the change between two company records.

How to compare this record with IBIT

Start with source dates and the structure of the security, not just the headline balance. Our IBIT versus Strategy comparison places the current register records side by side and separates trust expenses from company financing and shareholder dilution. The comparison uses the two available dates; it is not a synchronized trading screen, an assessment of returns or a recommendation to choose one instrument.

In the ownership calculation, Strategy enters the corporate subtotal and IBIT enters the fund subtotal. The fund subtotal covers IBIT only. Missing funds and older government estimates mean that the remaining supply is a residual, not measured household ownership. For source fields, comparability rules and an inbound request option, use the sample data page.

Sources

[5] Strategy 2025 Form 10-K, filed 19 February 2026. Business, risk factors and Bitcoin KPIs; checked 6 Oct 2026.

Frequently asked questions

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