Strategy —the company formerly known as MicroStrategy— holds 846,000 BTC on its balance sheet as of September 24, 2026, according to the dataset SatsIntel refreshes daily and checks against the company's filings. It is, by a wide margin, the largest corporate Bitcoin treasury in the world: that figure equals roughly 4% of all the Bitcoin that will ever exist (the cap is 21 million) and close to two thirds of all the BTC held by listed companies on the planet. You can check the live figure on its profile in the SatsIntel directory.
The number above updates itself: it comes from the same dataset that powers the Bitcoin treasury directory, not from a digit typed by hand months ago.
How many Bitcoin Strategy holds, in context
846,000 BTC is a figure that's hard to grasp. Three references help. Against Bitcoin's total supply (21 million), Strategy controls around 4%. Against the Bitcoin that trades daily in the markets, its position is so large it could not unwind it in the open market without moving the price: when it has needed dollars, it has sold small, measured blocks. And against the rest of the corporate treasuries —179 listed companies holding 1,290,882 BTC between them— Strategy alone represents close to 66% of the total: the rest of the sector, combined, doesn't reach half of what a single company holds.
Has Strategy sold any Bitcoin in 2026?
Yes, and it's worth stating precisely, because for years the answer was no. In its 8-K filed on August 3, 2026, Strategy disclosed the sale of 1,638 BTC between July 27 and August 2 at an average price of around $63,957 —roughly $104.7 million— used to pay the distributions on its preferred shares and to repurchase STRC stock. It was the second sale of the summer: in July it had already sold 3,588 BTC for the same purpose.
Neither one is a forced liquidation. Strategy's Bitcoin is not pledged as collateral, so it cannot receive a margin call on the reserve; what it does have is dollar bills with due dates —preferred dividends and interest— and a cash reserve of roughly $4 billion built precisely to meet them. The difference between "selling because you're forced to" and "selling to pay a bill" is the backbone of our analysis on whether a Bitcoin treasury can be forced to sell.
Net of everything, the company remains a buyer this year: it has accumulated far more Bitcoin than it has sold. But the 2024 model —buy every week, never sell— no longer describes what it does in 2026.
What they're worth and the price it paid
At September 2026 prices, those 846,000 BTC are worth more than $71 billion. The cumulative acquisition cost is around $64 billion, which puts the average purchase price at $75,419 per Bitcoin according to the August 3, 2026 8-K. That average cost matters: it's the threshold below which the reserve trades at an unrealized loss, and above which every Bitcoin accumulated adds book value. The exact figure moves every day with the price; the live value is always on the Strategy profile.
How it funds the purchases (without touching the business's cash)
The most interesting question isn't how many Bitcoin it holds, but how it pays for them. Strategy has built a funding machine with three levers:
At-the-market (ATM) equity raises: it issues new shares directly into the market at the prevailing price. When the stock trades above the value of its reserve (mNAVmNAVMultiple on Net Asset Value: how a treasury company trades relative to its BTC.View term → greater than 1), issuing and buying BTC adds Bitcoin per share instead of diluting.
Convertible debt: very low-rate bonds that convert into shares if the price rises, a cheap way to raise capital leveraged on the Bitcoin thesis.
Perpetual preferreds: a ladder of fixed-income instruments —STRK at 8%, STRF, STRC at 12% with two payments a month and STRD— that pay a dividend in exchange for capital, without diluting the common stock and with no maturity. It's the balance-sheet model that Michael Saylor has turned into a template for the rest of the sector, explained in detail in our analysis of Strategy's financial engineering.
The flip side of that ladder is exactly what showed up in July and August: preferred dividends are paid in dollars every quarter, rain or shine, and that commitment is what pushes the company to sell Bitcoin when share issuance doesn't cover it.
How the stock is valued: mNAV and BTC Yield
Holding 846,000 BTC doesn't mean the stock is worth exactly that. Two sector-specific metrics explain it. mNAV measures how many times the value of its Bitcoin reserve the company trades at: above 1 there's a premium, below it, a discount. And BTC Yield measures whether the company grows the Bitcoin per share over time —the true test of whether its issuance machine creates or destroys value for the shareholder. A treasury that issues shares to buy BTC only adds value if BTC per shareBTC per ShareBitcoin per fully diluted share: the denominator of BTC Yield.View term → rises; if it falls, it's diluting.
The rest of the sector
Strategy is the benchmark, but it's not alone: Metaplanet in Japan, Twenty One, Marathon, Riot and 179 listed companies replicate the idea at different scales. The full directory of Bitcoin treasuries ranks them by holdings, with mNAV and live data for each, and the annotated list of Bitcoin treasury companies explains who's who. If you want to understand the phenomenon from scratch, the guide to what a Bitcoin treasury is is the starting point.
Holdings and valuation as of September 24, 2026, from the dataset SatsIntel refreshes daily and checks against the company's filings. Sales and average-cost figures come from Strategy's 8-K of August 3, 2026. This is educational content, not financial advice.
