Strategy Inc. holds approximately $52.5 billion in net Bitcoin reserves once obligations to preferred shareholders and convertible debt holders are subtracted, according to the company's latest disclosures.

The gross figure is considerably larger. Strategy holds roughly 845,050 BTC, valued at around $74 billion, representing about 4.02% of Bitcoin's total circulating supply. That makes Strategy by far the largest corporate holder of Bitcoin, a position accumulated through years of debt and equity issuance under its Bitcoin treasury strategy. After deducting an estimated $14.8 billion to $15.5 billion in preferred stock obligations and $6.7 billion to $6.8 billion in out-of-the-money convertible debt, the net figure comes to $52.5 billion.

A New Reporting Methodology

The change in reporting methodology dates to July 2026, when Strategy introduced a revised metrics framework that prioritizes net exposure for common shareholders. Previously, the company reported only its total Bitcoin holdings. Under the new approach, it voluntarily deducts the claims that sit above common equity in its capital structure.

Executive Chairman Michael Saylor has been the most prominent advocate of this framework, which is designed to give shareholders a clearer picture of what remains for them after senior claims in the capital structure are satisfied. The shift toward net metrics responds to a recurring criticism of the company's earlier disclosures: that headline BTC counts and gross valuation figures did not reflect the leverage used to acquire them.

Strategy has also introduced a market net asset value metric, known as mNAV, which has consistently registered above the 1.0x threshold since the revised framework took effect. The company has permanently anchored its equity issuance threshold at that level, meaning it will not sell stock below the net asset value of its Bitcoin holdings and thereby dilute shareholders.

Cash Reserves and Strategic Positioning

Beyond its Bitcoin holdings, Strategy maintains a substantial liquidity position. The company reports a USD reserve of $5.1 billion plus an additional cash pool of approximately $1.6 billion. Together, these are sufficient to cover preferred dividends and interest obligations for several years without selling any Bitcoin.

In recent weeks, Strategy has neither purchased nor sold any Bitcoin. Instead, it has raised capital through MSTR share sales and conducted limited preferred stock buybacks. Pausing Bitcoin acquisitions while repurchasing preferred stock serves a dual purpose: it reduces the senior claims ranking ahead of common shareholders while keeping the existing Bitcoin position intact.

What the Net Reserve Framework Means for Markets

The gap between the $74 billion gross figure and the $52.5 billion net figure is roughly $21.5 billion. That amount represents the total value of claims that would need to be satisfied before common shareholders receive anything in a theoretical liquidation scenario.

For those evaluating MSTR stock, the mNAV metric holding above 1.0x indicates the market is assigning at least full value to Strategy's net Bitcoin position. How that premium behaves as the company's Bitcoin holdings grow increasingly large relative to Bitcoin's total supply is one variable worth monitoring, as is whether other corporate Bitcoin treasury companies adopt similar net-of-claims reporting, which would make cross-company comparisons more informative.

The approximately $6.7 billion in convertible debt is classified as out-of-the-money, meaning its conversion prices sit above MSTR's current trading level. If those converts were to move into the money, the dilution picture would change, potentially altering the net reserve calculation in ways that affect common shareholder value.