2023
91,097
sats / diluted share
189,150 BTC
Before the preferred shares. New common increased bitcoin per share near 1.0× mNAV.
Strategy common
Bitcoin per share, and the weeks in between
Year-end bitcoin per share rose. In many of the weeks inside those years, common that had already been sold was still in the market. This page shows both, then what to do with cash, the bitcoin prices where that decision changes, and why BPS can rise while the stock price does not.
72 weeks
May 2025 – Nov 2026
Latest filing 2026-11-02
01 · Year-end
Bitcoin per share, once a year
Bitcoin per share went from 91,097 in 2023 to 194,986 in 2025. The latest figure is 187,443. These are year-end numbers. They do not show the weeks in between, and they do not subtract preferred claims.
2024
158,826
sats / diluted share
447,470 BTC +67,729
+258,320 BTC. Diluted shares +74.1 million.
2025
194,986
sats / diluted share
672,500 BTC +36,160
$25.15B raised. $5.69B of that was preferred, which does not add common shares.
Nov 2026
187,443
sats / diluted share
849,327 BTC −7,543
Holdings up. Diluted sats/share down from the 2025 close.
These numbers are BPS. Preferred claims are not in them, so bitcoin per share can rise while each share's claim on the bitcoin gets smaller.
02 · Weeks
The weeks between those year-end figures
In 50 of 72 weeks, buying back common raised backing per share more than spending the same cash on bitcoin. The current stretch started 2026-07-06 and is still going — 16 weeks, $1.88B of common not yet absorbed by later demand. The year-end figure does not record those weeks.
Weeks a buyback beat buying bitcoin
50 of 72 weeks · 10 stretches
Each bar is a week after a stretch of common sales, before the next week of strong demand. The height is how much common from that stretch was still in the market. The gaps are the short periods when demand was taking new shares. The year-end figure above combines all of this into one number.
- 25-06-02 – 25-06-234 wk · $2.28B
- 25-07-07 – 25-07-071 wk · $578M
- 25-07-28 – 25-08-184 wk · $1.21B
- 25-09-15 – 25-11-179 wk · $1.05B
- 25-12-29 – 26-01-052 wk · $4.18B
- 26-01-26 – 26-03-026 wk · $3.57B
- 26-03-23 – 26-04-062 wk · $3.09B
- 26-04-27 – 26-05-113 wk · $3.84B
- 26-06-01 – 26-06-153 wk · $2.03B
- 26-07-06 – 26-11-0216 wk · $1.88B · ongoing
Where the extra shares came from
Bright bars: common sold to buy bitcoin. Gray bars: common sold, bitcoin holdings unchanged.
A gray bar is common sold while bitcoin holdings did not increase, usually to pay preferred dividends the reserve could already cover. Those shares are what remains in the market after demand slows.
03 · Decision
What to do with cash while unsold common is still in the market
Three checks, in order. First, is the common price high enough that new shares still increase bitcoin per share. Second, does the reserve already cover the preferred dividend, so common does not need to be sold to pay it. Third, does buying back a limited amount of the unsold common raise backing per share more than spending those same dollars on bitcoin.
Right now
Stop selling common. Buy back a limited amount of what was already sold.
Pay the preferred dividend from the reserve. Buy back only a limited share of the common that is still unsold. That raises backing per share more than spending the same dollars on more bitcoin, because those shares are still in the market.
- Sell common for bitcoin
- No
- below the policy line
- Dividend cover
- 110 wk
- reserve ÷ weekly preferred dividend
- Backing per share
- $101
- bitcoin value left per share, after claims
- Gap to that backing
- 43.0%
- price gap plus unsold common
Buyback limit
$2.53B
25% of $23.71B sold into slower demand, and never the reserve set aside for 52 weeks of dividends. Retires 19.37M shares. Backing per share moves to $105 on a buyback, or $106 if that same cash buys bitcoin. The gap moves from 43.0% to 37.4%.
1 · Issue for bitcoin
No
Gross mNAV 0.91× is under 1.22×. Selling common to buy bitcoin lowers backing per share. Wait.
2 · Preferred dividend
Pay from the reserve
$6.82B of common ATM in these filings added no bitcoin, across 12 weeks. The reserve covers 110 weeks at $43.4M a week. Selling common when the reserve already covers the dividend is how extra shares get into the market.
3 · Buy back common
Yes, up to the limit
A $2.53B buyback raises backing per share from $101 to $105 and cuts the gap to 37.4%. The same cash spent on bitcoin only gets backing to $106, and leaves the extra shares in the market.
04 · Bitcoin price
When the decision changes
Hold the common price still and let the bitcoin price rise. Two bitcoin prices matter. The first is where gross mNAV falls through the policy line, so selling new shares to buy bitcoin no longer increases bitcoin per share. The second is where backing per share from a buyback rises above backing per share from buying bitcoin. Press play.
Bitcoin price rises. The common price stays put.
The common price is held at $131. Only the bitcoin price changes. The first price is the policy line: above it, stop selling new shares to buy bitcoin. The second is where a limited buyback raises backing per share more than spending the same dollars on bitcoin, because the common price is now closer to a larger bitcoin holding and the extra shares are still in the market.
Stop selling common near $57,500 bitcoin. Counting the shares still in the market, the buyback limit is the better use near $57,500. Backing per share from a buyback rises above backing per share from buying bitcoin near $92,500.
Buy bitcoinStop selling commonBuy back common
Bright line: backing per share if you buy back common. Gray line: backing per share if you buy bitcoin. Dashed line: the common price, which does not move. Gray vertical line: stop selling common. Bright vertical line: the buyback produces the higher backing. Solid vertical line: the bitcoin price in this replay.
05 · BPS and CEBE
BPS can rise while CEBE does not
BPS counts only bitcoin and shares. It rises whenever shares are retired, even if the cash that paid for them left the reserve, or new preferred shares were issued to pay for them. CEBE counts the cash and the preferred claims. The stock price can stay flat while BPS rises, because BPS does not count those claims.
These six change the five results.
Do nothing
Best CEBE
BPS
187,443
+0
CEBE
144,444
+0
Reserve stays. No shares retired. No claim added.
Buy bitcoin
BPS
188,016
+573
CEBE
144,444
+0
Cash in the reserve is used to buy bitcoin. BPS rises. CEBE does not, because that cash was already counted.
Buy back common, from the reserve
BPS
188,078
+635
CEBE
144,358
−86
BPS rose. CEBE fell.
Retires 1.53M shares and removes $200M of cash.
Buy back common, by issuing preferred
BPS
188,078
+635
CEBE
144,358
−86
BPS rose. CEBE fell.
Same shares retired. Adds $200M of claim at $100.
Buy back preferred instead
BPS
187,443
+0
CEBE
144,444
+0
BPS does not change. At $100, CEBE does not either. Below $100, only CEBE changes.
Same $200M. Both buybacks retire the same shares, so BPS shows the same increase and does not record how they were paid for. At a $100 preferred price, removing a dollar of reserve and adding a dollar of preferred claim do the same thing to CEBE. If the preferred price is not $100, only CEBE changes.
Inputs for the decision and the bitcoin-price chart
These change sections 03 and 04. They do not change the five results above.
06 · The filings
The weekly filings
Each row is one week from the 8-Ks. The sections above are calculated from these rows.
| Filed | Use of ATM | Regime | ATM | BTC Δ | Held | Released | Issue px |
|---|---|---|---|---|---|---|---|
| 2026-11-02 | Sold common, bought bitcoin | Little issuance | $164M | +811 | 849,327 | — | $139 |
| 2026-10-26 | No sale | No issuance | — | 0 | 848,517 | — | — |
| 2026-10-19 | No sale | No issuance | $22.0M | +267 | 848,517 | — | $156 |
| 2026-10-13 | No sale | No issuance | $21.0M | +250 | 848,250 | — | $168 |
| 2026-10-05 | No sale | No issuance | $15.7M | +334 | 848,000 | — | $169 |
| 2026-09-28 | Sold common, bought bitcoin | Little issuance | $246M | +1,665 | 847,666 | — | $168 |
| 2026-09-21 | No sale | No issuance | — | +950 | 846,000 | — | — |
| 2026-08-31 | Sold common, no bitcoin | Little issuance | $603M | — | — | — | $133 |
| 2026-08-24 | Sold common, no bitcoin | Little issuance | $2.01B | 0 | 840,447 | — | $110 |
| 2026-08-17 | Sold common, no bitcoin | Little issuance | $334M | — | — | — | $96 |
| 2026-08-10 | Sold bitcoin | Bitcoin sold | $653M | −1,690 | 840,447 | — | $99 |
| 2026-08-03 | Sold bitcoin | Bitcoin sold | $291M | −1,638 | 842,138 | — | $97 |
| 2026-07-27 | Sold common, no bitcoin | Little issuance | $545M | 0 | 843,775 | — | $100 |
| 2026-07-20 | Sold common, no bitcoin | Little issuance | $264M | 0 | 843,775 | — | $96 |
| 2026-07-13 | Sold common, no bitcoin | Little issuance | $467M | 0 | 843,775 | — | — |
| 2026-07-06 | Sold bitcoin | Buyback week | — | −3,588 | 843,775 | $1.88B | — |
| 2026-06-29 | Sold common, no bitcoin | Little issuance | $1.15B | 0 | 847,363 | — | — |
| 2026-06-22 | Sold common, bought bitcoin | Heavy sales | $336M | +520 | 847,363 | — | — |
| 2026-06-15 | Sold common, bought bitcoin | Little issuance | $209M | +1,587 | 846,842 | — | — |
| 2026-06-08 | Sold common, bought bitcoin | Little issuance | $181M | +1,550 | 845,256 | — | — |
| 2026-06-01 | Sold common, no bitcoin | Buyback week | $128M | −32 | 843,706 | $2.03B | — |
| 2026-05-18 | Sold common, bought bitcoin | Heavy sales | $2.03B | +24.9k | 843,738 | — | — |
| 2026-05-11 | Sold common, bought bitcoin | No issuance | $43.0M | +535 | 818,869 | — | — |
| 2026-05-04 | Sold common, no bitcoin | Little issuance | $82.0M | 0 | 818,334 | — | — |
| 2026-04-27 | Sold common, bought bitcoin | Buyback week | $255M | +3,273 | 818,334 | $3.84B | — |
| 2026-04-20 | Sold common, bought bitcoin | Heavy sales | $2.54B | +34.2k | 815,061 | — | — |
| 2026-04-13 | Sold common, bought bitcoin | Heavy sales | $1.00B | +13.9k | 780,897 | — | — |
| 2026-04-06 | Sold common, no bitcoin | Little issuance | $299M | 0 | 762,099 | — | — |
| 2026-03-23 | Sold common, bought bitcoin | Buyback week | $76.5M | +1,031 | 762,099 | $3.09B | — |
| 2026-03-16 | Sold common, bought bitcoin | Heavy sales | $1.58B | +22.3k | 761,068 | — | — |
| 2026-03-09 | Sold common, bought bitcoin | Heavy sales | $1.28B | +18.0k | 738,731 | — | — |
| 2026-03-02 | Sold common, bought bitcoin | Little issuance | $237M | +3,015 | 720,737 | — | — |
| 2026-02-23 | Sold common, bought bitcoin | No issuance | $39.7M | +592 | 717,722 | — | — |
| 2026-02-17 | Sold common, bought bitcoin | Little issuance | $169M | +2,486 | 717,131 | — | — |
| 2026-02-09 | Sold common, bought bitcoin | Little issuance | $89.5M | +1,142 | 714,644 | — | — |
| 2026-02-02 | Sold common, bought bitcoin | Little issuance | $106M | +855 | 713,502 | — | — |
| 2026-01-26 | Sold common, bought bitcoin | Buyback week | $264M | +2,932 | 712,647 | $3.57B | — |
| 2026-01-20 | Sold common, bought bitcoin | Heavy sales | $2.13B | +22.3k | 709,715 | — | — |
| 2026-01-12 | Sold common, bought bitcoin | Heavy sales | $1.25B | +13.6k | 687,410 | — | — |
| 2026-01-05 | Sold common, no bitcoin | Little issuance | $196M | +3 | 672,500 | — | — |
| 2025-12-29 | Sold common, bought bitcoin | Buyback week | $109M | +1,229 | 672,497 | $4.18B | — |
| 2025-12-22 | Sold common, no bitcoin | Little issuance | $748M | — | 671,268 | — | — |
| 2025-12-15 | Sold common, bought bitcoin | Heavy sales | $989M | +10.6k | 671,268 | — | — |
| 2025-12-08 | Sold common, bought bitcoin | Heavy sales | $963M | +10.6k | 660,624 | — | — |
| 2025-12-01 | Sold common, bought bitcoin | Heavy sales | $1.48B | +130 | 650,000 | — | — |
| 2025-11-17 | Sold common, bought bitcoin | Little issuance | $136M | +8,178 | 649,870 | — | — |
| 2025-11-10 | Sold common, bought bitcoin | No issuance | $50.0M | +487 | 641,692 | — | — |
| 2025-11-03 | Sold common, bought bitcoin | No issuance | $69.5M | +397 | 641,205 | — | — |
| 2025-10-27 | Sold common, bought bitcoin | No issuance | $43.4M | +390 | 640,808 | — | — |
| 2025-10-20 | No sale | No issuance | $18.9M | +168 | 640,418 | — | — |
| 2025-10-06 | No sale | No issuance | — | — | 640,031 | — | — |
| 2025-09-29 | Sold common, bought bitcoin | Little issuance | $128M | +196 | 640,031 | — | — |
| 2025-09-22 | Sold common, bought bitcoin | Little issuance | $100M | +850 | 639,835 | — | — |
| 2025-09-15 | Sold common, bought bitcoin | Buyback week | $68.2M | +525 | 638,985 | $1.05B | — |
| 2025-09-08 | Sold common, bought bitcoin | Little issuance | $217M | +1,955 | 638,460 | — | — |
| 2025-09-02 | Sold common, bought bitcoin | Heavy sales | $472M | +4,048 | 636,505 | — | — |
| 2025-08-25 | Sold common, bought bitcoin | Heavy sales | $357M | +3,081 | 632,457 | — | — |
| 2025-08-18 | Sold common, bought bitcoin | No issuance | $50.4M | +430 | 629,376 | — | — |
| 2025-08-11 | No sale | No issuance | $13.6M | +155 | 628,946 | — | — |
| 2025-08-04 | Used cash | Cash used | — | +21.0k | 628,791 | — | — |
| 2025-07-28 | No sale | Buyback week | — | — | 607,770 | $1.21B | — |
| 2025-07-21 | Sold common, bought bitcoin | Heavy sales | $740M | +6,220 | 607,770 | — | — |
| 2025-07-14 | Sold common, bought bitcoin | Heavy sales | $472M | +4,225 | 601,550 | — | — |
| 2025-07-07 | No sale | Buyback week | — | — | 597,325 | $578M | — |
| 2025-06-30 | Sold common, bought bitcoin | Heavy sales | $578M | +4,980 | 597,325 | — | — |
| 2025-06-23 | Sold common, bought bitcoin | No issuance | $26.1M | +245 | 592,345 | — | — |
| 2025-06-16 | Sold common, bought bitcoin | Cash used | $78.4M | +10.1k | 592,100 | — | — |
| 2025-06-09 | Sold common, bought bitcoin | Little issuance | $112M | +1,045 | 582,000 | — | — |
| 2025-06-02 | Sold common, bought bitcoin | Buyback week | $74.6M | +705 | 580,955 | $2.28B | — |
| 2025-05-19 | Sold common, bought bitcoin | Little issuance | $765M | +7,390 | 576,230 | — | — |
| 2025-05-12 | Sold common, bought bitcoin | Heavy sales | $1.34B | +13.4k | 568,840 | — | — |
| 2025-05-05 | Sold common, bought bitcoin | Heavy sales | $180M | +1,895 | 555,450 | — | — |
Weekly rows follow public parses of Strategy 8-K ATM and bitcoin updates (CIK 1050446), May 2025 through the November 2, 2026 filing. “Sold common, no bitcoin” is a week the common was sold and bitcoin holdings did not increase. A buyback week is the first slower week after a stretch of sales. “Released” is the common ATM dollars from that stretch. The buyback limit does not spend the reserve you set aside for dividends. The supply weight is a scenario, not a filing. Not advice.