What Is MSTR Stock? Strategy Inc and Bitcoin, Explained

Strategy Inc. runs enterprise analytics software and a Bitcoin treasury. The software business has operated since 1989. The Bitcoin treasury, started in August 2020, now drives the stock price.

MSTR is a stock, not an ETF. It is equity in Strategy Inc., traded on NASDAQ. A Bitcoin ETF holds Bitcoin directly on behalf of investors. MSTR is a company that holds Bitcoin on its own balance sheet.

Not exactly. MSTR is a stock in a company whose primary asset is Bitcoin. It tracks Bitcoin closely but adds corporate leverage and mNAV premium on top of the underlying BTC exposure.

Yes. On Backpack, eligible users can access both the traditional MSTR stock through Backpack Securities and a tokenized version on Solana. The two forms are redeemable 1:1, allowing users to move between traditional brokerage holdings and onchain assets from the same platform.

As of July 27, 2026, Strategy, formerly MicroStrategy, held 843,775 BTC at an aggregate purchase cost of approximately $63.69 billion. The total may change as the company manages its Bitcoin treasury.