What Is MSTR Stock? Strategy Inc and Bitcoin, Explained

What Is Strategy Inc. and What Does It Do?

Strategy Inc., formerly known as MicroStrategy, is a publicly traded Bitcoin Treasury Company and business intelligence software provider. Founded in 1989 and listed on Nasdaq in 1998, the company originally focused on enterprise analytics software.

In August 2020, Strategy adopted Bitcoin as its primary treasury reserve asset, beginning with a purchase of 21,454 BTC for $250 million. It has since used proceeds from equity and debt financings, along with cash flows from its operations, to acquire and hold more Bitcoin.

Today, Strategy operates across two core areas:

• Bitcoin treasury: The company acquires and holds Bitcoin and manages the financing strategy used to support those holdings.
• Enterprise analytics software: Strategy continues to provide business intelligence and analytics software to enterprise customers.

Bitcoin is now the main driver of Strategy’s balance sheet, valuation and stock price, while the software business remains an operating source of revenue and cash flow. The company began doing business as Strategy in February 2025, and its legal name changed to Strategy Inc. in August 2025. Its common stock continues to trade on Nasdaq under the ticker MSTR.

How Much Bitcoin Does Strategy Own?

As of July 27, 2026, Strategy held 843,775 BTC, acquired at an aggregate purchase cost of approximately $63.69 billion and an average purchase price of $75,476 per BTC.

Strategy is the largest corporate holder of Bitcoin. Its holdings have been funded through equity and debt financings, as well as cash flows from its operations.

Because Strategy may acquire or sell Bitcoin, these figures can change over time. The company’s official Bitcoin dashboard and SEC filings provide the latest reported holdings.

What Is mNAV and Why Does It Matter for MSTR Stock?

mNAV, or multiple of net asset value, is one of the most important metrics for understanding MSTR’s valuation. It answers a simple question: relative to the value of Strategy’s Bitcoin holdings, how much are investors paying for the company?

One common approach compares Strategy’s enterprise value, calculated using its market capitalization, debt, preferred stock obligations and cash, with the current market value of its Bitcoin holdings. The precise figure may vary slightly depending on the methodology and adjustments used.

Why Can MSTR Trade at an mNAV Premium?

An mNAV premium may reflect expectations that Strategy can use capital markets to increase the amount of Bitcoin attributable to each diluted share. It may also reflect MSTR’s liquidity, accessibility through brokerage accounts and investor expectations for the company’s treasury strategy.

Strategy tracks this through Bitcoin Per Share and BTC Yield. BTC Yield measures the percentage change in Bitcoin Per Share over a specified period. It is a company-defined KPI, not a dividend, an investment return or yield earned on Bitcoin.

What Happens When the mNAV Premium Narrows?

When MSTR’s premium narrows, issuing additional common stock may become less attractive because the resulting transaction may provide less Bitcoin-per-share accretion or may become dilutive. Strategy evaluates capital raises based on their expected pro forma impact on Bitcoin Per Share.

A narrower mNAV premium does not necessarily prevent Strategy from raising capital. The company can also use preferred stock, debt and operating cash flows, depending on market conditions and the cost of financing.

MSTR may decline faster than Bitcoin when both the Bitcoin price and the valuation premium fall at the same time.

Does MSTR Pay Dividends?

MSTR common stock does not currently pay a dividend. Strategy separately issues several preferred securities, including STRK, STRF, STRD, STRC and STRE, each with its own dividend, conversion and seniority terms.

These preferred securities are separate from MSTR common stock. Investors who buy MSTR through a brokerage are purchasing common shares and do not receive the dividends paid on Strategy’s preferred stock.

How to Buy MSTR

You can buy MSTR through any brokerage that offers access to Nasdaq-listed U.S. stocks. Before investing, make sure you understand that MSTR is common stock in Strategy Inc., not Bitcoin itself, and its performance can differ significantly from Bitcoin's price. 

On Backpack, MSTR is available in two forms.

The traditional Nasdaq-listed stock trades through Backpack Securities. Positions are held as security entitlements under New York law, and traditional brokerage transfers are supported.

The tokenized version, $MSTR on Solana, is issued by Backpack Securities. It is self-custodied, tradable through Solana DEXs and onchain liquidity, and compatible with DeFi.

The traditional stock and tokenized version are redeemable 1:1 against each other, allowing eligible users to move between them on the same platform.

Conclusion

MSTR offers a unique way to gain exposure to Bitcoin through a publicly traded company. Unlike buying Bitcoin directly, investing in MSTR also means investing in Strategy’s capital structure, financing strategy and software business. Understanding concepts such as Bitcoin holdings, mNAV and dilution can help investors evaluate the stock more effectively.

If you want to trade MSTR, Backpack lets eligible users choose between the traditional stock and a tokenized version on Solana, with seamless movement between the two. You can also use Backpack’s Earnings page to track upcoming Strategy earnings announcements and other key corporate events before making investment decisions.