The most recent figures in Strategy’s filings show approximately 846,000 BTC at June 30, 2026, bought at an average price of $75,578 per bitcoin. After sales reported for July 1–24, the company disclosed approximately 843,775 BTC on July 24, 2026. At a Coinbase price of $64,164 at 4:00 p.m. Eastern Time, that later balance represented a mathematical market value of about $54.14 billion. Against it, Strategy reported $6.713659 billion of convertible-note principal and $11.1 million of other long-term secured debt.
Those figures answer different questions and come from different dates. A reliable tracker keeps holdings, cost basis, debt, cash and bitcoin price in separate, dated fields instead of treating one headline number as a live balance sheet.
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The latest disclosed numbers at a glance
| Measure | Figure | Date and qualification |
|---|---|---|
| Bitcoin held | Approximately 846,000 BTC | June 30, 2026, Form 10-Q period-end balance |
| Average purchase price | $75,578 per BTC | June 30, 2026; cost-basis metric |
| Bitcoin sold after quarter-end | Approximately 2,225 BTC | July 1–24, 2026; gross proceeds approximately $135.2 million |
| Average sale price | $60,773 per BTC | July 1–24, 2026 sale period |
| Bitcoin held after those sales | Approximately 843,775 BTC | July 24, 2026 subsequent disclosure |
| Gross bitcoin market value | Approximately $54.14 billion | 843,775 BTC × $64,164 Coinbase price at 4:00 p.m. Eastern Time on July 24, 2026 |
| Convertible-note principal | $6.713659 billion | June 30, 2026 |
| Convertible-note net carrying value | $6.670114 billion | June 30, 2026 |
| Convertible-note fair value | $6.259499 billion | June 30, 2026 |
| Other long-term secured debt | $11.1 million | June 30, 2026 |
| Cash and short-term investments | $2.40 billion for U.S. entities; $51.4 million for non-U.S. entities | June 30, 2026 |
| Later cash and short-term investments | $3.75 billion | July 24, 2026; includes unsettled ATM proceeds |
The July 24 market-value figure is not a quoted liquidation value. It is a price-times-quantity calculation using one exchange price at one timestamp. Strategy cautions that such calculations can differ materially from realizable fair value.
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Why the date on every number matters
A 10-Q gives a period-end snapshot. A later 8-K, purchase announcement or subsequent-event note can change the BTC count, debt or cash before the next quarterly filing. The June 30 balance and the July 24 balance therefore belong in separate rows in a tracker.
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The July 24 figure also combines two dates: the BTC quantity is a subsequent disclosure, while the spot price is explicitly timestamped at 4:00 p.m. Eastern Time. If you replace that price with a current quote, label the result with the new exchange, timestamp and price rather than presenting it as Strategy’s reported market value.
Build a dated tracking ledger
Use one row for each relevant SEC filing or company announcement. A spreadsheet is sufficient, provided every input has a date and a source description.
- Enter the event date and document type. Record whether the row comes from a 10-Q, 10-K, 8-K or a bitcoin-purchase or sale announcement.
- Record the BTC balance. Keep the period-end balance and any later subsequent-event balance in distinct columns.
- Record cost basis. Capture aggregate purchase price when disclosed and the stated average purchase price. Note whether fees and expenses are included.
- Record transactions after the reporting date. Add BTC bought or sold, proceeds and the stated average transaction price.
- Break debt into tranches. For each note, record principal, net carrying value, fair value, coupon, maturity and any holder put date when the filing supplies them.
- Separate liquidity fields. Keep cash, short-term investments and any stated USD reserve separate from BTC value. Identify whether a later total includes unsettled financing proceeds.
- Store the valuation input. For every calculated BTC value, save the exchange, price, timestamp and currency.
This structure prevents a common error: subtracting today’s debt from a quarter-end BTC balance or multiplying a later BTC count by an unlabeled historical price.
Suggested spreadsheet columns
A practical ledger can use columns for filing date, period end, document link, BTC held, BTC purchased, BTC sold, aggregate cost basis, average cost per BTC, transaction proceeds, spot exchange, spot timestamp, spot price, gross BTC value, note principal, carrying value, fair value, secured debt, cash, short-term investments and comments. Add a status column that identifies whether a number is reported, calculated or estimated. This makes later review easier when a filing uses rounded language such as approximately.
Keep transaction rows as well as balance rows. A sale announcement explains why the quantity changed, while the next 10-Q or 10-K may provide the more complete cost-basis and debt presentation. Never overwrite the earlier row; preserving the history lets you reconcile changes and spot a missing announcement.
Holdings and average purchase price
June 30, 2026 period-end balance
Strategy reported approximately 846,000 BTC at June 30, 2026. The same filing gave an average price paid of $75,578 per bitcoin. This is the company’s accumulated cost basis per BTC, not the market price and not an estimate of what one bitcoin could be sold for today.
Multiplying the two disclosed figures gives an approximate implied cost basis of $63.94 billion (846,000 × $75,578). Treat that multiplication as a reader calculation: the filing’s stated average is the authoritative figure, and rounding of the BTC count or average can make the product differ from the company’s detailed accounting totals.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsThe average is also a portfolio-wide statistic. It does not mean every coin was bought at $75,578, nor does it reveal the purchase date of each coin. Use it to compare the aggregate cost basis with a dated market price, not to infer an unrealized gain or loss for a particular lot.
July 2026 sales and the later balance
Between July 1 and July 24, Strategy sold approximately 2,225 BTC for aggregate gross proceeds of approximately $135.2 million, an average sale price of $60,773 per BTC. The subsequent disclosure put holdings at approximately 843,775 BTC as of July 24.
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Do not automatically recalculate the average purchase price by subtracting sale proceeds from total cost. The correct post-sale cost basis depends on the units removed and the accounting method used. Use a newly disclosed average when Strategy provides one; otherwise retain the last stated average and mark it as the latest reported cost-basis figure, not a reconstructed post-sale value.
The sale-period average is a transaction statistic, not a new portfolio average. Comparing $60,773 with the $75,578 average cost can provide context about the disclosed sale price, but it does not by itself establish the tax or accounting gain on the coins sold.
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Historical checkpoint
Strategy’s 2025 Form 10-K reported 717,131 BTC, an aggregate purchase price of $54.5 billion and an average purchase price of approximately $76,027 per BTC as of February 13, 2026. This is useful for measuring changes over time, but it should not be mixed with the June 30 or July 24 balances in one undated “current” number.
For a clean comparison, put the February 13, June 30 and July 24 quantities in separate rows and show the interval between them. The increase from 717,131 BTC to approximately 846,000 BTC reflects purchases over the intervening period, while the decline to approximately 843,775 BTC reflects the July sales. The filings, rather than a back-solved estimate, should remain the authority for each balance.
Debt: principal, carrying value and fair value are different
At June 30, 2026, convertible-note principal totaled $6.713659 billion. The balance-sheet net carrying value was $6.670114 billion, while reported fair value was $6.259499 billion. These are three different measurements:
- Principal is the contractual face amount investors are owed at maturity, subject to the note terms.
- Net carrying value is the accounting amount after applicable discounts, premiums and issuance-related adjustments.
- Fair value is an estimated market value for the notes and can move as interest rates, credit spreads and the share price change.
For a conservative “BTC less debt” screen, use principal and say so. For accounting analysis, use carrying value. For a market-oriented view of the debt securities, use fair value. Never switch between them without labeling the change.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallConvertible-note tranches reported at June 30, 2026
| Tranche | Principal | Maturity or holder put date |
|---|---|---|
| 2028 notes | $1.010 billion | Not stated in the supplied figures; verify the note terms in the filing |
| 2029 notes | $1.500 billion | Not stated in the supplied figures; verify the note terms in the filing |
| 2030A notes | $0.800 billion | Not stated in the supplied figures; verify the note terms in the filing |
| 2030B notes | $2.000 billion | Not stated in the supplied figures; verify the note terms in the filing |
| 2031 notes | $603.659 million | Not stated in the supplied figures; verify the note terms in the filing |
| 2032 notes | $0.800 billion | Not stated in the supplied figures; verify the note terms in the filing |
| Total convertible principal | $6.713659 billion |
The filing also listed $11.1 million of other long-term secured debt. Include it when presenting total senior debt, or state clearly that your calculation covers convertible notes only.
A maturity monitor should retain each tranche even when the total is unchanged. Principal that comes due sooner can create a different liquidity question from later-dated notes, and a holder put date can bring forward the relevant decision point. The exact coupons, maturity dates and put provisions must come from the note tables and indentures; do not infer them from a label such as 2028 or 2030A.
Calculate gross bitcoin value correctly
The basic calculation is:
Gross BTC value = BTC held × BTC spot price
Every result should identify the exchange and timestamp. Strategy identifies Coinbase as the principal market for bitcoin in its market-value scenarios and describes the figures as mathematical calculations.
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Worked July 24 example
- Use the disclosed balance: 843,775 BTC.
- Use the stated Coinbase price: $64,164 at 4:00 p.m. Eastern Time on July 24, 2026.
- Multiply: 843,775 × $64,164 = $54,139,979,100.
- Round only after the calculation: approximately $54.14 billion.
The result is an estimate of market value at that price, not cash that could necessarily be realized in one sale. Selling a large position can affect execution prices, and the company itself warns that its mathematical market-value amounts may differ materially from realizable fair value.
For a repeatable tracker, store the unrounded multiplication and a displayed rounded value. If you later change the price, the original result remains auditable. Also keep the exchange consistent when comparing periods, or explain that a change in venue may contribute to a different quote.
Two useful net-value views
View 1: gross BTC value less convertible principal
Using the July 24 gross value and June 30 convertible-note principal produces:
$54.139979 billion − $6.713659 billion = approximately $47.426320 billion
This is an analytical screen, not a GAAP measure. It also mixes a July 24 BTC valuation with debt reported at June 30, so label it as a cross-date estimate.
View 2: include other senior debt
Adding the reported $11.1 million of secured debt gives:
$54.139979 billion − $6.713659 billion − $0.0111 billion = approximately $47.415220 billion
This still excludes claims that are not supplied in the figures above. A common-equity analysis should separately identify preferred-stock obligations, unpaid interest, other liabilities and any claims senior to common stock when those amounts are available. Do not describe either subtraction as the company’s net asset value unless you define every included and excluded item.
How to present a scenario without overstating precision
Show gross BTC value, debt and cash on separate lines before showing any residual. A reader can then substitute a different timestamped bitcoin price or a later debt balance without rebuilding the entire analysis. If the BTC quantity is approximate, preserve that qualification in the heading and avoid presenting the residual to more precision than the inputs support.
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Include cash and USD reserves separately
At June 30, 2026, the 10-Q reported cash and short-term investments of $2.40 billion for U.S. entities and $51.4 million for non-U.S. entities. A later July 24 disclosure reported $3.75 billion of cash and short-term investments, including unsettled ATM proceeds.
Do not add cash to BTC value and call the result “net BTC value.” Instead, show separate lines for gross BTC, cash, debt and other claims. If you calculate an equity-style value, explain whether the cash figure is period-end or subsequent, whether financing proceeds are settled and which liabilities you subtract.
The July 24 cash number is especially easy to misread because it includes unsettled ATM proceeds. Mark it as a subsequent liquidity disclosure rather than silently replacing the June 30 cash balance. When comparing liquidity, note the entity scope as well: the June 30 figures distinguish U.S. and non-U.S. entities, while the later total is presented as a consolidated cash and short-term-investments figure.
How to verify each update in SEC filings
- Open Strategy’s latest 10-Q or 10-K in SEC EDGAR and confirm the filing period end.
- Search the filing for “bitcoin,” “average price paid,” “convertible notes,” “fair value,” “cash and short-term investments” and “subsequent events.”
- Copy the BTC count and average purchase price exactly, preserving “approximately” where the filing uses it.
- Read the subsequent-event footnote for purchases, sales or a later BTC balance.
- Open material 8-K filings between quarter-end and today. Look specifically for bitcoin transactions, ATM issuance, note repurchases, new financing and liquidity disclosures.
- Enter each new fact as a new dated row; do not overwrite the prior period-end row.
SEC filing data is the primary verification source. Company announcements can provide an earlier transaction update, but the next periodic filing may revise presentation, add fees or clarify the balance.
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Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Common tracking mistakes and fixes
- Calling average purchase price a market price: label it as historical cost basis per BTC.
- Using a live quote without a timestamp: save the exchange, time zone, time and price with every calculation.
- Subtracting fair value from principal or vice versa: choose one debt measurement and name it.
- Combining June 30 BTC with July 24 price data silently: disclose the cross-date nature of the estimate.
- Ignoring post-period sales: check subsequent events and 8-Ks before calling a quarter-end balance current.
- Counting cash as BTC value: keep cash and short-term investments in their own columns.
- Assuming gross market value equals liquidation proceeds: note execution costs, market impact and the company’s fair-value warning.
- Omitting preferred or other senior claims: add them explicitly when analyzing common-equity exposure, or state that the calculation excludes them.
- Using rounded balances as if they were exact: preserve the filing’s approximately qualifier and round the final calculation sensibly.
- Assuming a sale changes average cost mechanically: wait for a newly disclosed cost-basis figure or label any reconstruction as your own estimate.
- Combining entity-level cash totals improperly: identify whether a number covers U.S. entities, non-U.S. entities or a later consolidated disclosure.
How often to update the tracker
Recheck the ledger at every 10-Q and 10-K, then scan for material 8-K disclosures between filings. Update spot-price calculations whenever you publish them because bitcoin prices change continuously. A quarterly holdings number is not a live quote, and a live quote does not update the company’s debt or cost basis.
Set a review trigger for each type of event: a new BTC purchase or sale, an ATM or other financing, a note repurchase, a debt maturity or put notice, and a change in cash or short-term investments. These events can affect different columns on different dates, so one undifferentiated “latest” row is inadequate.
The most dependable presentation is a dated table showing BTC count, aggregate cost basis, average cost, transaction activity, spot-price source, gross BTC value, debt by measurement, cash and any senior claims. That format lets a reader reproduce the arithmetic and see exactly which facts are reported and which are calculated.
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How many bitcoins does Strategy hold?
Strategy reported approximately 846,000 BTC at June 30, 2026. After selling approximately 2,225 BTC from July 1 through July 24, it disclosed approximately 843,775 BTC as of July 24, 2026. Use the later figure only with its July 24 date and qualification.
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What is Strategy’s average Bitcoin purchase price?
The June 30, 2026 Form 10-Q stated an average price paid of $75,578 per bitcoin. That is an accumulated cost-basis measure, not a live market quote or a guaranteed price for any individual coin.
How much debt does Strategy have?
At June 30, 2026, convertible-note principal was $6.713659 billion. The filing also listed $11.1 million of other long-term secured debt. Convertible-note carrying value was $6.670114 billion and fair value was $6.259499 billion, so identify which debt measure you use.
How do I calculate Strategy’s gross Bitcoin value?
Multiply the dated BTC balance by a timestamped BTC spot price: BTC held × BTC price. Using 843,775 BTC and Coinbase’s $64,164 price at 4:00 p.m. Eastern Time on July 24, 2026 gives approximately $54.14 billion.
What is Strategy’s Bitcoin value after debt?
For a simple analytical screen, subtract convertible-note principal from gross BTC value. The July 24 example gives approximately $47.426320 billion before the $11.1 million of secured debt. This is not a GAAP net asset value and mixes a July 24 BTC valuation with June 30 debt data.
Where can I verify Strategy’s holdings and debt?
Use Strategy’s filings in SEC EDGAR, beginning with the latest 10-Q or 10-K and then checking material 8-K filings and subsequent-event disclosures. Search for bitcoin, average price paid, convertible notes, fair value and cash and short-term investments.
Should cash be added to Bitcoin value?
Keep cash and short-term investments separate from gross BTC value. Strategy reported $2.40 billion for U.S. entities and $51.4 million for non-U.S. entities at June 30, 2026, and $3.75 billion on July 24 including unsettled ATM proceeds. An equity-style calculation must explain which cash date and liabilities it uses.
Why do principal, carrying value and fair value differ?
Principal is the contractual face amount, carrying value is the accounting amount after applicable adjustments, and fair value is an estimated market value for the notes. They answer different questions and should not be mixed in one subtraction without labels.
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The Bottom Line
Track Strategy with dated rows, not a single headline number. Keep BTC holdings, average cost, post-period purchases or sales, debt principal, carrying value, fair value, cash and senior claims in separate fields. For any gross or net calculation, identify the exchange, timestamp and valuation date, and state clearly when the figures come from different dates.
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