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MSTR Price Model

STRATEGY INC · MICROSTRATEGY · NASDAQ: MSTR

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BTC: CoinGecko API

Holdings: 843,738 BTC (MAY 25, 2026)

Basic Shares: 351.7M · Assumed Diluted: 381.95M

BTC/Share: 220,900 sats · EV mNAV methodology

BTC Price

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MSTR Price

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Current mNAV

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Mkt Cap ÷ BTC NAV

1× BEAR

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Fair value floor

2× CONSERVATIVE

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Modest premium

3× BASE

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Historical norm

4× BULL

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Cycle top range

5× ULTRA BULL

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Euphoria peak

vs BTC NAV

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Mkt Cap vs BTC NAV

mNAV Scenario Gauge

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calculating…

BEAR · 1×

CONSERVATIVE · 2×

BASE · 3×

BULL · 4×

ULTRA · 5×

Bear (1× mNAV)

Conservative (2×)

Base (3×)

Bull (4×)

Ultra Bull (5×)

MSTR Fair Value vs BTC Price

1× Bear

2× Conservative

3× Base

4× Bull

5× Ultra Bull

Current mNAV

MSTR price

BTC Price Projector

$80,000

projected BTC price

drag to adjust

$40K $150K $300K $500K

Current mNAV · —

Live EV-Based · Matches Strategy

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1× mNAV · Bear

Fair Value Floor

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2× mNAV · Conservative

Modest Premium

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3× mNAV · Base

Historical Norm

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4× mNAV · Bull

Cycle Top Range

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5× mNAV · Ultra Bull

Euphoria / Cycle Peak

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₿ Holdings: 843,738 BTC

Basic Shares: 351.70M

Assumed Diluted: 381.95M

BTC/Share (diluted): —

Debt+Pref−Cash: $21.36B

BTC NAV

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BTC Price × 843,738 holdings

Market Cap

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MSTR Price × 351.70M basic shares

Enterprise Value

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Mkt Cap + Debt + Pref − Cash

mNAV — EV-Based (matches Strategy)

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Enterprise Value ÷ BTC NAV

mNAV — MC-Based (simple)

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Market Cap ÷ BTC NAV

⚠ Not financial advice. EV mNAV (matches Strategy.com) = Enterprise Value ÷ BTC NAV, where EV = Market Cap + Debt ($6.75B) + Preferred ($15.48B) − Cash ($0.87B). MC mNAV (simple) = Market Cap ÷ BTC NAV. All MSTR price calculations and scenarios use EV-based methodology. BTC/Share uses Assumed Diluted Shares Outstanding (381.95M) per Strategy.com, giving 220,900 sats/share. Data from Strategy Inc SEC filings & Strategy.com (MAY 25, 2026). Always verify at strategy.com.