Strategy now holds $52.5 billion in net Bitcoin reserves after subtracting $22.3 billion in senior claims from its gross holdings of 845,050 BTC, valued at $74 billion. This represents 4.02 percent of Bitcoin's circulating supply.
The shift in reporting methodology began in July 2026, when Strategy introduced a revised framework designed to show common shareholders their true net exposure. The company now itemizes deductions for $15.5 billion in preferred stock obligations and $6.8 billion in convertible debt, which trades out-of-the-money with conversion prices above Strategy's current share price.
Executive Chairman Michael Saylor championed the move to give shareholders clarity on what remains after senior claims are satisfied in a liquidation scenario.
Strategy also introduced a market net asset value metric (mNAV) and permanently anchored its equity issuance threshold at 1.0x mNAV. The company has committed not to dilute shareholders by selling stock below the net asset value of its Bitcoin holdings.
Beyond its Bitcoin position, Strategy maintains $5.1 billion in USD reserves and $1.6 billion in cash, enough to cover preferred dividends and interest obligations for several years without touching its Bitcoin stash.
In recent weeks, Strategy has paused Bitcoin purchases and sales, instead raising capital through MSTR share sales and executing limited preferred stock buybacks. This dual approach reduces senior claims and keeps the core Bitcoin position intact, reinforcing its treasury asset strategy. Bitcoin currently trades at $79,685, down 2.2 percent over 24 hours.
