MSTR Strategy

mNAV0.84×

EV mNAV1.08×

Coins/share growth-6.7% YTD-9.9% 1Y

Inputs and sources

Item	Value	As of	Source
BTC price	$76,000.01	2026-11-07 16:18 KST	Binance
Stock price	128.93 USD	2026-11-07 06:00 KST	Yahoo Finance
Coins held	848,517	2026-10-25	8-K
Shares outstanding	421,977,908	2026-09-25	DEF 14A
Cash & USD assets	$5,905,913,000	2026-09-30	8-K
Debt (face)	$6,715,414,000	2026-09-30	8-K
Preferred (liquidation pref.)	$14,109,839,000	2026-09-30	8-K

XBRL quarterly values

Item	XBRL	As of	Tag
Cash & USD assets	$2,501,456,000	2026-09-30	`us-gaap:CashAndCashEquivalentsAtCarryingValue`
Preferred (liquidation pref.)	$0	2026-09-30	`us-gaap:PreferredStockValue`

Coin value: 848,517 × $76,000.01 = $64.49B
Market cap: 421,977,908 sh × $128.93 = $54.41B
mNAV: $54.41B ÷ $64.49B = 0.84×
EV mNAV: ($54.41B + debt $6.72B + preferred $14.11B − cash $5.91B) ÷ $64.49B = 1.08×
Coins / 1,000 shares: 2.0108 BTC
1.0× price: $152.82
Implied BTC price: $64,118.47
Avg purchase price: $75,446 2026-10-25 · 8-K
vs. cost: +0.7% +$470.1M
Debt/NAV: 32%
Company-reported yield: -3.7% 8-K

BTC $

Stock at current mNAV (0.84×)—

Stock at 1.0×—

Stock price USD

mNAV—

Implied BTC price—

As of	Holdings	Change	Shares	Source
2026-10-25	848,517	+851		8-K
2026-09-30	847,666	+2,616		filing
2026-08-30	845,050	+1,275		filing
2026-07-26	843,775	+0		filing
2026-07-24	843,775	-2,225	384,225,751	filing
2026-06-30	846,000	+2,294	371,603,000	filing
2026-05-31	843,706	+25,372		filing
2026-04-26	818,334	+56,235	350,447,872	filing
2026-03-31	762,099	+44,377	345,926,000	filing
2026-02-22	717,722	+591		filing
2026-02-13	717,131	+4,484	333,752,708	filing
2026-01-25	712,647	+40,147		filing
2025-12-31	672,500	+22,500	312,062,000	filing
2025-11-30	650,000	+8,833		filing
2025-10-30	641,167	+359	287,353,735	filing
2025-10-26	640,808	+777		filing
2025-09-30	640,031	+0	287,108,000	filing
2025-09-28	640,031	+7,574		filing
2025-08-24	632,457	+3,666		filing
2025-07-31	628,791	+31,466	283,552,947	filing
2025-06-30	597,325		280,958,000	filing