Strategy, formerly MicroStrategy, became a Bitcoin treasury company after co-founder Michael Saylor made BTC its primary reserve asset in 2020. Between May and August 2026 it sold 6,948 BTC for about $432.5 million, moving away from its “never sell Bitcoin” stance toward a goal of never being a net seller, and it resumed buying at the end of August. Its purchases were funded largely by convertible notes and later by preferred stock, and STRC's fall below its $100 par value in June 2026 cut off a key funding route. As Bitcoin fell in 2026, mNAV, the premium over net asset value, dropped to where the market valued the company below its Bitcoin holdings, and the company reported a $12.4 billion loss for Q4 2025. In July 2026 it introduced “net Bitcoin per share,” which subtracts preferred stock and out-of-the-money convertible debt before dividing Bitcoin holdings by shares.
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Related tickers and likely impact
BTC/USDT
• NeutralBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/19/2026 | 81,938.40 |
| Change that session | -0.22% |
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