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.
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.
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.
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.
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.