Strategy's Average Bitcoin Price: What the $75,446 Cost Basis Tells You

Strategy's average bitcoin price, as filed

Strategy's average bitcoin price is approximately $75,446 per bitcoin, inclusive of fees and expenses, on a holding of 848,517 bitcoin with an aggregate purchase price of $64.02 billion, as of October 25, 2026. That comes from the company's Form 8-K filed October 26, 2026, and the same cost basis appears in its third quarter results release dated October 29, 2026.

For context, a timestamped market snapshot on November 1, 2026 at 11:01:09 UTC showed bitcoin at $77,889.79 (Yahoo Finance BTC-USD data). That puts the spot price roughly 3.2% above Strategy's average purchase cost at that moment. This is a dated snapshot, not a live quote, and the gap moves with the market.

The short conclusion: the average cost tells you what Strategy paid, on average, across years of accumulation. It does not tell you when the company must sell, and a price near or below that figure is not, by itself, a distress signal.

What the average cost is, and what it is not

Average purchase price is a historical accounting number. It is the total dollars spent, divided by coins held. It is not any of the following:

• A margin-call threshold or liquidation trigger
• The current carrying value of the bitcoin on the balance sheet
• A solvency boundary for the company
• A breakeven price for common shareholders, whose outcome also depends on debt, preferred stock, and share count

Strategy's capital structure includes preferred stock and other obligations that sit ahead of common equity. So the question "is bitcoin above or below $75,446" does not map onto "is MSTR safe." Those are different questions with different inputs.

The current position, per the filings

During the week of October 19 to 25, 2026, Strategy did not buy or sell any bitcoin and did not sell shares under its at-the-market offering program. It did repurchase 2,068,459 STRC shares for $204.9 million, funded with USD Cash. The Q3 release also notes a BTC Yield of (3.7)% year to date 2026, and that Phong Le is President and CEO, with Andrew Kang stepping down as CFO effective November 5, 2026.

Yes, Strategy has sold bitcoin

This point matters because it corrects a common assumption. The Q3 2026 release discloses that the company has sold approximately $431.8 million of bitcoin year to date in 2026, to fund a portion of its preferred stock dividends and STRC buybacks.

The sales sit under a disclosed BTC Monetization Program: board authorization to sell bitcoin to fund the USD Reserve, preferred dividends and interest, or repurchases of MSTR or Digital Credit Securities. The trade-off is plain. Selling bitcoin funds obligations and buybacks without issuing new common shares, but it reduces the bitcoin pile that common shareholders ultimately have a claim on. Whether that trade is good for a shareholder depends on the price at which sales happen and what the proceeds buy, not on the average cost line.

Why our tracker can show a premium while the stock trades below bitcoin value

This confuses many readers, and the answer is that "mNAV" is not one universal formula. The two versions differ in the numerator:

• Market cap divided by bitcoin value uses only the common equity value.
• Enterprise value divided by bitcoin value adds claims like debt and preferred stock to the numerator.

On the 21Rates Strategy treasury page, observed November 1, 2026: Bitcoin Value $66.09B at $77,888 per BTC, Market Cap $61.54B, and a displayed mNAV of 1.195x, labeled Premium to BTC. The embedded page data shows why: an enterprise value input of 79,000,000,000 USD against a bitcoin value of roughly $66.09B produces the 1.195x figure, while market cap divided by bitcoin value gives about 0.931x, a discount.

Both are arithmetically consistent. They answer different questions. The market-cap version asks what common equity trades at relative to the coins. The enterprise-value version asks what the whole capital structure trades at relative to the coins. An enterprise-value numerator is not common-equity market capitalization, and the component inputs behind that enterprise value figure, such as specific debt and preferred balances, are not itemized on the tracker, so we do not present a bridge between the two numbers. Strategy also publishes its own mNAV definition, which differs again; compare like with like before drawing conclusions from any single ratio.

For reference, the tracker showed a stock price of $130.51 and 0.002143 BTC per share, with a holdings date of October 18, 2026. The October 26 SEC filing confirms the same 848,517 BTC as of October 25.

How other treasury companies compare

The 21Rates treasury companies directory, updated October 23, 2026, lists 183 companies holding about 1294K BTC in total, with MSTR the largest holder. Two dated comparisons from November 1, 2026:

Read these with care. These are dated 21Rates tracker displays, not independently audited valuation inputs. Strive's enterprise-value input remains unverified, so its 0.299x mNAV is not proof of mispricing. More broadly, a discount to bitcoin value does not mean a company will buy back shares, sell bitcoin, or unwind. The directory's Lowest mNAV sort has anomalous enterprise-value inputs and is not a validated ranking of investable discounts; the individual company pages, with their stated dates and limitations, are the better starting point.

What to do with this

If you hold or are considering MSTR, the average cost is one input among several. The more decision-relevant questions are how much of the company is bitcoin versus other claims, what the preferred and debt obligations require in cash, and how the disclosed monetization program changes the bitcoin-per-share figure over time. The filings linked above are the primary sources for all three. If you are comparing treasury companies against each other, use the company-level tracker pages with their dates attached, and treat any single mNAV number as a snapshot with a stated formula, not a verdict.

Frequently asked questions

What is Strategy's average bitcoin price right now?

Approximately $75,446 per bitcoin, inclusive of fees and expenses, on 848,517 bitcoin as of October 25, 2026, per the company's Form 8-K filed October 26, 2026. This figure only changes when Strategy buys or sells, so check the latest filing for updates.

Does bitcoin falling below $75,446 force Strategy to sell?

No. Average purchase cost is a historical accounting figure, not a margin-call threshold or liquidation trigger. Strategy has disclosed selling bitcoin voluntarily under its BTC Monetization Program, which is a funding decision, not a forced one.

Has Strategy ever sold bitcoin?

Yes. The Q3 2026 results release discloses approximately $431.8 million of bitcoin sold year to date in 2026, funding part of its preferred stock dividends and STRC buybacks. Sales are authorized under a board-approved BTC Monetization Program.

Why does the 21Rates tracker show MSTR at a premium while the stock seems cheap versus its bitcoin?

The displayed mNAV of 1.195x uses enterprise value in the numerator, which includes claims like debt and preferred stock. Market cap divided by bitcoin value gives about 0.931x, a discount. Both are correct arithmetic answering different questions.

Is a treasury company trading below its bitcoin value automatically a bargain?

Not necessarily. A discount can reflect debt, preferred claims, operating costs, governance concerns, or stale inputs. Some tracker enterprise-value figures are unverified, so a low mNAV alone does not prove mispricing or predict buybacks.

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