MicroStrategy Bitcoin: How Many BTC Does Strategy Own and What Happens Next?

By the SecureShift Team · Updated November 13, 2026

Disclosure: SecureShift has no position in MSTR. Figures are from Strategy's public filings and market data as of mid-November 2026. Educational content, not financial advice.

How much bitcoin does MicroStrategy own?

Strategy is by far the largest corporate holder of bitcoin.

From MicroStrategy to Strategy

• August 2020: MicroStrategy, a business-intelligence software firm led by Michael Saylor, buys 21,454 BTC as a treasury reserve asset.
• 2021–2023: Keeps buying through the bear market, funded by convertible notes.
• 2024: Launches the "21/21 plan" to raise capital for more BTC.
• February 2025: Rebrands as Strategy, with a bitcoin-focused identity.
• 2025–2026: Adds preferred stocks and at-the-market (ATM) equity programs; crosses 800,000+ BTC.

How Strategy funds its bitcoin buys

1. At-the-market common stock sales — the main source; Q3 2026 raised about $5.4 billion net.
2. Convertible notes — low-interest debt convertible into MSTR stock.
3. Perpetual preferred stocks (STRK, STRF, STRD, STRC) — pay fixed dividends, costing about $420 million in Q3 2026.
4. USD reserve — cash set aside to cover dividends and interest.

In 2026 Strategy also sold some bitcoin (about $432 million worth through Q3) to cover preferred dividends and buy back preferreds, and its board approved up to $1.25 billion in BTC sales to fund its USD reserve. That was a notable shift for a company known for "never selling."

The MSCI index removal

In October 2026, MSCI ruled that "non-operating" companies whose main activity is holding digital assets no longer qualify for its Global Investable Market Indexes. Strategy is removed effective at the close on November 30, 2026.

• Index funds tracking MSCI benchmarks must sell MSTR shares. Earlier JPMorgan analysis estimated roughly $2.8 billion in outflows, and up to $8.8 billion if other index providers follow.
• This hits MSTR stock, not Strategy's bitcoin directly.
• MSTR fell to about $114 in mid-November 2026, down about 20% in a week.

Will Strategy have to sell its bitcoin?

Key factors:

• Cost basis: with BTC below the ~$75K average cost, the position is underwater, but there's no margin call — most debt is unsecured convertibles.
• Dividend obligations: preferred dividends need cash, which is why the USD reserve and small BTC sales exist.
• mNAV: when MSTR trades below the value of its bitcoin, issuing new stock to buy BTC dilutes shareholders, slowing purchases.
• Debt maturities: convertible notes mature mostly in 2028–2032.

A forced liquidation of a meaningful part of the 850K BTC isn't imminent based on its filings, but continued sales to fund dividends are possible.

Risks for bitcoin holders

• If Strategy ever sold large amounts, it would be a major supply event.
• Its influence on sentiment is large; MSTR stress can spill into BTC sentiment.
• Copycat "bitcoin treasury companies" face similar index and funding pressure.

FAQ

How many bitcoins does MicroStrategy have?

850,364 BTC as of November 8, 2026, per its SEC filing.

What is MicroStrategy's average bitcoin price?

About $75,456 per BTC.

Is MicroStrategy now called Strategy?

Yes, it rebranded to Strategy in February 2025; the ticker remains MSTR.

Why is MSCI removing Strategy?

MSCI decided companies primarily holding digital assets are "non-operating" and no longer eligible for its investable indexes.