Strategy says they don't sell Bitcoin to fund dividends. We model the obligation stack in BTC anyway — because that's where the math lives.
Each MSTR share backs
210,264 sats
Up 51,437 sats (+32.4%) in the past 18 months. Strategy raised dollars, bought Bitcoin, and each existing share ended up owning more sats than before. That's the entire game.
As of July 6, 2026: 843,775 BTC held, 401,294,000 diluted shares outstanding. source 8‑K →
A Measure in Sats independent modeling project — not affiliated with Strategy Inc or Michael Saylor. Disclosures & methodology →
Sats sit behind every share
One Bitcoin is 100,000,000 sats — the smallest unit. When Strategy owns 843,775 BTC and has 401,294,000 assumed diluted shares, the BTC pile divides into 210,264 sats of backing per share — the asset side of the balance sheet, divided up. You can't redeem a share for those sats; the share's value just rides on them, and on what the market makes of the wrapper around them.
Stock price, market cap, and the dollar value of the BTC stash all move with whatever mood the market is in this morning. Sats per share moves only when the capital structure itself changes — a Bitcoin purchase, an ATM issuance, a convert going in-the-money, an option vest. It's the scorecard for the machine itself, separate from the daily price moves. The valuation and mNAV pages build the price-aware lenses on top of this primitive; sats-per-share is the upstream measure they all anchor against.
Issuing more shares made your share worth more
People hear "dilution" and think "bad for me." That intuition is right for a normal company. It's wrong for this one. Here's the arithmetic from the week of April 27, 2026:
| Shares issued this week | 1,451,601 |
| Net proceeds raised | $255.0M |
| BTC bought with those dollars | 3,273.00 BTC |
| Sats brought in per new share | 225,475 |
| Sats per share before this week | 213,597 |
| Sats per share after this week | 213,644 |
New shares walked in carrying 225,475 sats each. That's more than the 213,597 sats existing shares already had. So the pool got bigger and richer per share. This only works while the market pays more than one "NAV" for each share — investors willingly handing over more Bitcoin-per-share than they get back. Management calls this operating above mNAV = 1. When that holds, every issuance is accretive. When it doesn't, common issuance stops. Preferreds can keep running either way.
Every number links to its 8‑K
A Form 8‑K is the SEC's "current report" — public companies have four business days to file one whenever a material event happens (earnings preview, M&A, exec changes). For Strategy, that material event is a weekly Bitcoin purchase summary. Every row on the tranches table is one 8‑K. The filing is public, dated, and signed — the raw ink this whole site sits on top of. (Full definitions on the thesis page glossary.)
We don't paraphrase. We don't aggregate away the evidence. Every row in our tranche table links to the 8‑K it came from. If a number here doesn't match the number in the filing, the filing wins. Click any tranche and follow the link to the SEC — you can audit us in one tab.
Each week, in motion
The line goes up because each week's Δ BTC % beat its Δ shares %. The ratio of those two is how accretive the week was — 49 of 75 ATM-era weeks had a ratio above 1.
| Week | Δ shares | Δ BTC | Ratio | Sats / share | 8‑K |
|---|---|---|---|---|---|
| 2026-07-06 |
+0K
+0.00%
|
+-2,225
+-0.26%
|
—
|
210,264 | SEC ↗ |
| 2026-06-30 |
+12,677K
+3.26%
|
+-1,363
+-0.16%
|
—
|
210,818 | SEC ↗ |
| 2026-06-22 |
+2,565K
+0.66%
|
+520
+0.06%
|
0.1×
|
218,046 | SEC ↗ |
| 2026-06-15 |
+1,872K
+0.49%
|
+1,587
+0.19%
|
0.4×
|
219,360 | SEC ↗ |
| 2026-06-08 |
+1,424K
+0.37%
|
+1,550
+0.18%
|
0.5×
|
220,016 | SEC ↗ |
| 2026-06-01 |
+-1,413K
+-0.37%
|
+-32
+-0.00%
|
—
|
220,429 | SEC ↗ |
| 2026-05-18 |
+428K
+0.11%
|
+24,869
+3.04%
|
27.2×
|
219,627 | SEC ↗ |
| 2026-05-11 |
+705K
+0.18%
|
+535
+0.07%
|
0.4×
|
213,391 | SEC ↗ |
A ratio of 2× means BTC grew twice as fast as shares that week. Pure-add weeks (convert-funded, no dilution) show as ∞. For the full history and a deeper explainer on the coupon-vs-CAGR math that determines whether the BTC funding the preferreds is finite — see the BTC-cost page.
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