The Missing Dashboards

Cash, amplification and valuation histories for Strive and Strategy, with dated sources. Preliminary analyses; missing inputs remain gaps.

Strive: Amplification & Cash

Reported cash and securities, with BTC, split-adjusted ASST price and Amplification. STRC is a Strategy preferred stock Strive holds as an investment (counted as an asset, not a claim). SATA and SATS are Strive’s own issuer preferreds; their stated claims make up Amplification. SATS joined at its Oct 20, 2026 IPO settlement (marked SATS).

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Cash & equivalents

$504,400,000

Strive’s STRC holdings — market value · 505,000 shares

$50,177,000

Total cash + marketables · as of 2026-10-23

$554,577,000

Right axes

Cash & equivalentsStrive’s STRC holdings — market value··· BTC/USDASST USD (split-adjusted)Strive Amplification (%)

Cash/STRC bars use the left USD axis; BTC and ASST each have separate right USD axes; Amplification uses its own right % axis. ASST prices retain the February 6, 2026 1-for-20 reverse-split adjustment. No live ASST feed: newer days carry the last dated source close.

Events & dates

2026-03-11 · STRC initial purchase
$50M initial investment: 500,000 shares of Strategy STRC, announced March 11, 2026.
2026-06-18 · STRC share count 505,000
Share count first verified at 505,000 (up from 500,000 at the March purchase); the exact date of the 5,000-share increase between March 17 and June 18, 2026 is not verified. Later fair-value moves are price changes, not share-count changes.
2025-09-12 · Treasury merger closed
Asset Entities / Strive Enterprises merger closed; Strive became a Bitcoin treasury company (not a traditional IPO).
2025-11-10 · SATA initial issuance
2,000,000 shares × $100 stated = $200M; SATA IPO is separate from the treasury merger.
2026-01-16 · Semler acquisition closed
Completion of the Semler Scientific acquisition (Item 2.01); closing, not the September 22, 2025 announcement.
2026-02-06 · 1-for-20 reverse split
Every 20 shares of Class A and Class B common stock became 1, effective 12:01 a.m. Pacific on February 6, 2026. Prices shown are split-adjusted, so no false economic return appears across the split.
2026-10-20 · SATS IPO settled
SATS IPO closed and settled October 20, 2026: 7,000,000 shares × $100 stated (424B5, Oct 26). Marker only; amplification uses issuer-reported share counts. The $1B SATS ATM is capacity, not issuance.
2026-06-16 · Daily Dividends
Strive’s May 14 release explicitly makes SATA daily dividends effective June 16, 2026. Paid each business day to holders of record on the immediately preceding business day; this marker is the cadence effective date, not an inferred record date.

Cash sources, uses & dividend coverage

Source audit reviewed 2026-10-28; latest retained report 2026-10-26. Strive latest balances October 23, filed October 26. Total raised: unavailable — no complete bounded proceeds ledger. Stocks, internal allocations and valuation changes are not external financing flows. Missing flows remain unknown.

October 16 → October 23 (filed October 26): cash $317.5M → $504.4M, net +$186,900,000; STRC market value $49.349M → $50.177M, +$828,000 with 505,000 shares unchanged. SATS settled October 20. Neither change proves net fundraising or STRC dividend income. Opening filing · Closing filing

Dividend coverage: not verified. Cash alone, STRC market value and STRC dividend income are separate. Retained balances and settled SATA/SATS claims do not establish a complete matched-date payout/income schedule or coverage of new hypothetical issuance. No one-year/18-month coverage claim. Existing reported claims are not the calculators’ new modeled issuance. Replenishment plans are not guarantees.

Signed USD cash flows; memo rows excluded from cash sums. Isolated disclosures and balance comparisons, not a complete cash reconciliation. Unknown net proceeds and interval uses remain gaps.
Period / filed	Category / item	USD	Treatment / scope	Source / limitation
2026-03-11–2026-03-11 Filed 2026-03-11	Investments / fair value STRC initial investment	$-50,000,000	cash-flow Isolated purchase; not a complete cash bridge	Source 500,000 STRC shares purchased for $50M. Do not subtract again from subsequent reported cash.
2026-10-20–2026-10-20 Filed 2026-10-26	Financing proceeds SATS IPO settled	Not verified	cash-flow October financing (incomplete)	Source 7,000,000 × $100 stated claims is $700M preferred notional, not verified net cash proceeds/allocation. No proceeds-derived cash balance.
2026-10-16–2026-10-23 Filed 2026-10-26	Investments / fair value STRC fair-value change, unchanged shares	$828,000	valuation-memo October balance comparison	Source 505,000 shares unchanged. Market-value change is not dividend income or financing proceeds.
2026-10-16–2026-10-23 Filed 2026-10-26	Financing proceeds Unreconciled Financing proceeds	Not verified	cash-flow October interval gaps	Source Complete interval cash flow/allocation not verified; not zero. Net cash change cannot be attributed entirely to fundraising.
2026-10-16–2026-10-23 Filed 2026-10-26	BTC purchases / sales Unreconciled BTC purchases / sales	Not verified	cash-flow October interval gaps	Source Complete interval cash flow/allocation not verified; not zero. Net cash change cannot be attributed entirely to fundraising.
2026-10-16–2026-10-23 Filed 2026-10-26	Dividends / interest Unreconciled Dividends / interest	Not verified	cash-flow October interval gaps	Source Complete interval cash flow/allocation not verified; not zero. Net cash change cannot be attributed entirely to fundraising.
2026-10-16–2026-10-23 Filed 2026-10-26	Debt / preferred repurchase cash Unreconciled Debt / preferred repurchase cash	Not verified	cash-flow October interval gaps	Source Complete interval cash flow/allocation not verified; not zero. Net cash change cannot be attributed entirely to fundraising.
2026-10-16–2026-10-23 Filed 2026-10-26	Reserve allocation / movement Unreconciled Reserve allocation / movement	Not verified	cash-flow October interval gaps	Source Complete interval cash flow/allocation not verified; not zero. Net cash change cannot be attributed entirely to fundraising.

Method & sources

Strive cash & marketable securities from filing-verified disclosures and issuer dashboard weekly records that match the weekly 8-K table format. Balances are stocks at their as-of dates, never flows; unknowns stay null, never zero. Debt is excluded from this view: zero debt does not mean zero preferred claims. SATS settled October 20, 2026. October 23 reported balances include subsequent activity; the retained filing does not reconcile SATS net proceeds to cash, so no proceeds are added to those balances.

Bars show reported cash & equivalents and Strive’s STRC holdings — market value only on actual disclosure dates, not carried balances. Unknowns are never zero. The continuous UTC calendar aligns sparse cash disclosures with daily overlays without moving dates.

BTC/USD is the verified UTC daily-close series. Amplification (%) = SATA + settled SATS stated notional ÷ (reported BTC holdings × BTC/USD) × 100, excluding debt and cash; capital carries from its own effective date. SATS starts at October 20 settlement, never before. These overlays reuse retained history and the newer checked extension, with no invented early balances or prices. The balance CSV and separately classified ledger CSV have different scopes; do not sum balance observations as cash flows.

Cash/STRC share counts, basis, effective dates and filing dates are retained below. Fair-value movement is not a change in STRC share count; no exact purchase date is inferred where unknown. The price/capital daily audit remains below the valuation comparison.

June 18, 2026 is the first verified disclosure of 505,000 STRC shares, versus the original 500,000. The exact purchase date of the additional 5,000 shares is unknown; this is a disclosure note, not a purchase event marker.

Cash is unknown from the September 12, 2025 treasury launch through December 30, 2025; the first reported balance is December 31, 2025. No earlier balance is invented or shown as zero.
Issuer dashboard early-2026 records (Jan 16 cash $0, Mar 16 $137.4M, Apr 1 $138.3M, Apr 15 $140.2M) conflict with filing-verified values and are excluded.
The issuer dashboard record dated June 29, 2026 duplicates the filing's June 18 column; filing values are used instead.
STRC fair value is a market measure, distinct from the $50.5M stated notional (505,000 shares × $100).
Semler convertible debt ($10M, January–April 2026, later retired) is excluded from this cash & securities view; zero debt does not mean zero preferred claims.
SATS settled October 20, 2026; October 23 balances were filed October 26. Complete financing/BTC/dividend/interest/fee flows and the SATS proceeds allocation are not reconciled. Cash change is not verified fundraising.

2025-12-31: cash $67,499,000 · STRC $0
Filed 2026-03-19 · STRC shares 0 · Total $67,499,000
10-K balance sheet: cash $67.499M; explicit zero investments in preferred equity.
2026-03-09: cash $143,400,000 · STRC unknown
Filed 2026-03-11 · STRC shares unknown · Total unknown
8-K business update; $50M of this cash was subsequently used to purchase STRC.
2026-03-17: cash $83,700,000 · STRC $50,400,000
Filed 2026-03-19 · STRC shares 500,000 · Total $134,100,000
Financial-results exhibit; initial 500,000-share STRC purchase ($50M) made March 2026.
2026-04-02: cash $86,900,000 · STRC $50,500,000
Filed 2026-04-06 · STRC shares unknown · Total $137,400,000
8-K business update.
2026-04-13: cash $89,700,000 · STRC $50,500,000
Filed 2026-04-15 · STRC shares unknown · Total $140,200,000
8-K business update.
2026-06-18: cash $144,500,000 · STRC $44,738,000
Filed 2026-06-29 · STRC shares 505,000 · Total $189,238,000
Weekly 8-K table, prior-week column.
2026-06-26: cash $141,700,000 · STRC $37,658,000
Filed 2026-06-29 · STRC shares 505,000 · Total $179,358,000
Weekly 8-K table.
2026-06-30: cash $145,466,000 · STRC $42,854,000
Filed 2026-08-10 · STRC shares 505,000 · Total $188,320,000
10-Q balance sheet; 505,000 STRC shares, $50.5M notional.
2026-07-02: cash $153,400,000 · STRC $44,379,000
Filed see source · STRC shares unknown · Total $197,779,000
Issuer dashboard weekly record; weekly 8-K table format.
2026-07-10: cash $154,100,000 · STRC $44,177,000
Filed see source · STRC shares unknown · Total $198,277,000
Issuer dashboard weekly record; weekly 8-K table format.
2026-07-17: cash $157,400,000 · STRC $43,071,000
Filed see source · STRC shares unknown · Total $200,471,000
Issuer dashboard weekly record; weekly 8-K table format.
2026-07-24: cash $154,000,000 · STRC $43,879,000
Filed see source · STRC shares unknown · Total $197,879,000
Issuer dashboard weekly record; weekly 8-K table format.
2026-07-31: cash $151,300,000 · STRC $45,177,000
Filed see source · STRC shares unknown · Total $196,477,000
Issuer dashboard weekly record; weekly 8-K table format.
2026-08-07: cash $154,900,000 · STRC $47,980,000
Filed 2026-08-10 · STRC shares unknown · Total $202,880,000
10-Q subsequent-events update; matches issuer dashboard weekly record.
2026-08-14: cash $154,800,000 · STRC $47,864,000
Filed 2026-08-17 · STRC shares 505,000 · Total $202,664,000
Weekly 8-K table.
2026-08-21: cash $171,900,000 · STRC $48,571,000
Filed see source · STRC shares unknown · Total $220,471,000
Issuer dashboard weekly record; weekly 8-K table format.
2026-08-28: cash $183,500,000 · STRC $49,152,000
Filed see source · STRC shares unknown · Total $232,652,000
Issuer dashboard weekly record; weekly 8-K table format.
2026-09-04: cash $202,600,000 · STRC $49,364,000
Filed see source · STRC shares unknown · Total $251,964,000
Issuer dashboard weekly record; weekly 8-K table format.
2026-09-11: cash $204,200,000 · STRC $49,813,000
Filed see source · STRC shares unknown · Total $254,013,000
Issuer dashboard weekly record; weekly 8-K table format.
2026-09-18: cash $229,600,000 · STRC $49,748,000
Filed see source · STRC shares unknown · Total $279,348,000
Issuer dashboard weekly record; weekly 8-K table format.
2026-09-25: cash $248,800,000 · STRC $49,763,000
Filed 2026-10-05 · STRC shares 505,000 · Total $298,563,000
Weekly 8-K table, prior-week column.
2026-09-30: cash $284,722,000 · STRC $50,172,000
Filed see source · STRC shares unknown · Total $334,894,000
Issuer dashboard weekly record; weekly 8-K table format.
2026-10-02: cash $284,700,000 · STRC $50,202,000
Filed 2026-10-05 · STRC shares 505,000 · Total $334,902,000
Weekly 8-K table.
2026-10-09: cash $310,300,000 · STRC $50,328,000
Filed 2026-10-19 · STRC shares 505,000 · Total $360,628,000
Weekly 8-K table, prior-week column.
2026-10-13: cash $310,300,000 · STRC $50,330,000
Filed 2026-10-14 · STRC shares unknown · Total $360,630,000
Weekly 8-K table; matches issuer dashboard record.
2026-10-16: cash $317,500,000 · STRC $49,349,000
Filed 2026-10-19 · STRC shares 505,000 · Total $366,849,000
Weekly 8-K table; latest filing.
2026-10-23: cash $504,400,000 · STRC $50,177,000
Filed 2026-10-26 · STRC shares 505,000 · Total $554,577,000
Weekly 8-K table; latest filing. Cash rose $186.9M after the Oct 20 SATS IPO; the filing gives no proceeds allocation, so no SATS proceeds are added separately.

Strategy: Amplification & Cash

Strategy Cash Reserve History · USD Reserve + USD Cash, with reported repurchase cash spending. Bitcoin price and Amplification are optional overlays, not live cash balances.

Overlay scale

Balance bars / negative spending bars → left axis (USD)Orange dotted → Bitcoin price axis (right)Gold solid → Equivalent multiple / % (outer right)

USD balances / cash spent ($B)Bitcoin price ($)Amplification (× / %)

USD ReserveUSD Cash2029-note repurchase · cash spentSTRC repurchases · interval cash spentBitcoin priceAmplification — equivalent multiple

USD Reserve

$4.83B

$4,830,000,000.00 · as of 2026-10-25 · disclosed 2026-10-26

USD Cash

$0.24B

$242,400,000.00 · as of 2026-10-25 · disclosed 2026-10-26

Combined USD assets

$5.07B

$5,072,400,000.00 · as of 2026-10-25 · disclosed 2026-10-26

Cash held + disclosed buybacks

$8.494B

$5.0724B assets + $1.378649B note cash + $2.0432B STRC consideration = $8.494249B. Partial bridge since Dec 1, 2025; not verified total raised.

Jan–Jun net stock issuance cash: $15.754270B; consolidated cash bridge closes at $1.713684B including restricted cash. Not the same scope as designated assets.

Cumulative STRC buyback cash spent

$2.0432B

2026-07-20–2026-10-25 · 14 nonoverlapping activity intervals, including $347M of earlier July/August purchases. Rounded consideration; settlement timing remains unknown.

Convertible-note buyback cash spent

$1.378649B

2029 notes · May 11–25 activity, reported May 26, 2026; June 10-Q settlement cash. $1.50B principal retired, not cash spent. Already reflected in balances; no second deduction.

Balances already reflect spending: negative bars show cash uses, not adjustments to remaining cash. Combined assets = USD Reserve + USD Cash; GAAP cash is not stacked or added. Cash raised is distinct from cash still held. Reserve-only early observations do not imply zero USD Cash.

Cash bridge scope: Dec 1, 2025–2026-10-25; overlays retain the common Jan 1, 2025 chart calendar. Rounded balances and interval cash costs reuse the existing homepage infographic, extended by later 8-K intervals; 14 STRC activity intervals total $2.0432B for 2026-07-20–2026-10-25. Historical subtotals only: the original nine-interval $1.4913B and the Oct 19 thirteen-interval $1.8383B. Primary-source cash cost is verified for the latest 2026-10-19–2026-10-25 $204.9M interval (8-K filed 2026-10-26); other costs are infographic-sourced, not independently reverified. May report cash ≈$1.379B is corroborated by the June 10-Q.

Cash reconciliation since December 1, 2025

Full opening liquidity, December flows, complete July–October financing/BTC/dividend ledger, investments and settlement crosswalk are not reconciled. No residual is classified as fundraising.

The original $8.147249B bridge includes only nine STRC intervals. Adding four earlier intervals ($347M) gives $8.494249B. Both are ending assets plus selected uses, not total raised. Opening reserve $1.44B is a December 1 report observation; its funding and earlier opening cash cannot be assumed zero. Never add the $1.50B retired principal, overlapping cumulative buybacks, or the $22M BTC-funding proceeds to this partial bridge.

Opening $1.44B designated reserve was funded by common ATM proceeds at establishment. It is not full opening consolidated liquidity; do not count its funding again after the opening boundary. Ending designated assets include expected unsettled ATM proceeds. Reserve↔USD Cash allocations are internal, not external funding.

December 1 opening reserve

Fully reconciled January 1–June 30 consolidated cash block

Cash, equivalents and restricted cash: $2.303343B opening − $589.659M net change = $1.713684B closing. Stock offering cash $15.780296B less $26.026M issuance costs = $15.754270B. Do not sum overlapping weekly disclosures or add the note payment again.

operating net: $9,850,000.00
btc purchases: -$13,672,101,000.00
btc sales: $41,038,000.00
ppe purchases: -$2,719,000.00
short term investment purchases: -$831,768,000.00
short term investment sales: $99,435,000.00
common offering proceeds: $8,245,330,000.00
common issuance costs paid: -$9,777,000.00
preferred offering proceeds: $7,534,966,000.00
preferred issuance costs paid: -$16,249,000.00
preferred dividends paid: -$629,175,000.00
option exercises: $20,373,000.00
espp: $3,047,000.00
convertible repurchase cash: -$1,378,649,000.00
other financing outflows: -$299,000.00
fx effect on cash: -$2,961,000.00

August 3 10-Q · cash-flow statement page 6

Additional nonoverlapping July–October disclosures

2026-07-27–2026-08-02 · filed 2026-08-03
commonNetProceeds: $290,600,000.00 · btcSaleNet: $104,730,000.00 · dividends: $52,400,000.00 · reserveAllocation: $250,000,000.00 · cashBalanceAllocation: $11,700,000.00
2026-08-03–2026-08-09 · filed 2026-08-10
commonNetProceeds: $653,100,000.00 · btcSaleNet: $108,600,000.00 · reserveAllocation: $650,000,000.00 · cashBalanceAllocation: $3,100,000.00
2026-08-10–2026-08-16 · filed 2026-08-17
commonNetProceeds: $333,700,000.00 · dividends: $52,400,000.00 · reserveAllocation: $149,100,000.00
2026-08-17–2026-08-23 · filed 2026-08-24
commonNetProceeds: $2,006,500,000.00 · reserveAllocation: $300,000,000.00 · usdCashAllocationDerived: $1,570,100,000.00
2026-09-14–2026-09-20 · filed 2026-09-21
btcPurchases: $75,700,000.00 · reserveDividendAndInterestUse: $57,400,000.00
2026-09-21–2026-09-27 · filed 2026-09-28
commonNetProceeds: $246,200,000.00 · btcPurchases: $142,700,000.00 · reserveDividends: $22,100,000.00
2026-09-28–2026-10-04 · filed 2026-10-05
commonNetProceeds: $15,700,000.00 · btcPurchases: $28,700,000.00 · reserveDividendAndInterestUse: $142,500,000.00 · interestEarnedUsedForSTRC: $22,200,000.00 · usdCashUsedForSTRC: $154,100,000.00
2026-10-12–2026-10-18 · filed 2026-10-19
commonNetProceeds: $22,000,000.00 · btcPurchases: $22,100,000.00 · reserveDividends: $45,500,000.00

Allocations to Reserve/USD Cash are memorandum only. October 5 STRC consideration $176.3M includes $154.1M funded from USD Cash plus $22.2M interest earnings; count the purchase once, not both its funding components as more spending. Missing intervals are not zero. Full December-to-October bridge remains open.

December 1-31 flows and December 1 full consolidated cash
Full July1-October25 weekly proceeds/BTC/dividend/interest ledger (reviewed through October26; missing flows remain unknown)
Exact settlement timing and unsettled receivables
Consolidated versus designated-bucket crosswalk and short-term investment balances
No supported balancing classification or complete total raised

STRC reported intervals · USD millions · not cumulative disclosures
Cash spending interval	Report / filing	Cash spent	Stated notional retired	Source
2026-07-20–2026-07-26	2026-07-27	25.0	28.893	Cash graphic · Period filing
2026-07-27–2026-08-02	2026-08-03	81.2	91.214	Cash graphic · Period filing
2026-08-03–2026-08-09	2026-08-10	108.6	115.202	Cash graphic · Period filing
2026-08-10–2026-08-16	2026-08-17	132.2	138.872	Cash graphic · Period filing
2026-08-17–2026-08-23	2026-08-24	136.4	143.121	Cash graphic · Period filing
2026-08-24–2026-08-30	2026-08-31	151.8	155.718	Cash graphic · Period filing
2026-08-31–2026-09-07	2026-09-08	176.3	181.089	Cash graphic · Period filing
2026-09-08–2026-09-13	2026-09-14	139.3	142.047	Cash graphic · Period filing
2026-09-14–2026-09-20	2026-09-21	174.0	177.124	Cash graphic · Period filing
2026-09-21–2026-09-27	2026-09-28	151.7	153.453	Cash graphic · Period filing
2026-09-28–2026-10-04	2026-10-05	176.3	177.380	Cash graphic · Period filing
2026-10-05–2026-10-11	2026-10-12 / 2026-10-13	192.4	193.214	Cash graphic · Period filing
2026-10-12–2026-10-18	2026-10-19	193.1	193.878	Cash graphic · Period filing
2026-10-19–2026-10-25	2026-10-26	204.9	206.846	Cash graphic · Period filing

May 26 repurchase release · June 10-Q cash settlement · Latest balances (as of 2026-10-25, filed 2026-10-26) · Funding subtotal

Cash sources, uses & dividend coverage

Source audit reviewed 2026-10-28; latest retained report 2026-10-26. Strategy scope ends 2026-10-25. Total raised: unavailable — no complete bounded proceeds ledger. Stocks, internal allocations and valuation changes are not external financing flows. Missing flows remain unknown.

Dividend coverage: not verified. No retained matched-date complete series-rate/count payout schedule and unrestricted cash basis supports a dated runway. H1 paid dividends are historical uses, not a forward annual rate. No one-year/18-month coverage claim. Existing reported claims are not the calculators’ new modeled issuance. Replenishment plans are not guarantees.

Signed USD cash flows; memo rows excluded from cash sums. H1 including restricted cash reconciles once; note drilldown overlaps H1. July–October remains incomplete.
Period / filed	Category / item	USD	Treatment / scope	Source / limitation
2026-01-01–2026-06-30 Filed 2026-08-03	Other cash reconciliation operating net	$9,850,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	BTC purchases / sales btc purchases	$-13,672,101,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	BTC purchases / sales btc sales	$41,038,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Other cash reconciliation ppe purchases	$-2,719,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Investments / fair value short term investment purchases	$-831,768,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Investments / fair value short term investment sales	$99,435,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Financing proceeds common offering proceeds	$8,245,330,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Financing proceeds common issuance costs paid	$-9,777,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Financing proceeds preferred offering proceeds	$7,534,966,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Financing proceeds preferred issuance costs paid	$-16,249,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Dividends / interest preferred dividends paid	$-629,175,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Financing proceeds option exercises	$20,373,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Financing proceeds espp	$3,047,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Debt / preferred repurchase cash convertible repurchase cash	$-1,378,649,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Other cash reconciliation other financing outflows	$-299,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-01-01–2026-06-30 Filed 2026-08-03	Other cash reconciliation fx effect on cash	$-2,961,000	cash-flow H1 consolidated cash including restricted	Source Cash-flow statement component. Sum this block once; quarterly/weekly subsets and note drilldown are not additional flows.
2026-07-20–2026-07-26 Filed 2026-07-27	Debt / preferred repurchase cash STRC 2026-07-20	$-25,000,000	cash-flow July–October bounded activity (incomplete)	Source Reported purchase activity, not verified settlement date; rounded cash consideration, not shares times par. First July tranche was pending settlement July 24; July 30 repetition is not another purchase.
2026-07-27–2026-08-02 Filed 2026-08-03	Debt / preferred repurchase cash STRC 2026-07-27	$-81,200,000	cash-flow July–October bounded activity (incomplete)	Source Reported purchase activity, not verified settlement date; rounded cash consideration, not shares times par. First July tranche was pending settlement July 24; July 30 repetition is not another purchase.
2026-08-03–2026-08-09 Filed 2026-08-10	Debt / preferred repurchase cash STRC 2026-08-03	$-108,600,000	cash-flow July–October bounded activity (incomplete)	Source Reported purchase activity, not verified settlement date; rounded cash consideration, not shares times par. First July tranche was pending settlement July 24; July 30 repetition is not another purchase.
2026-08-10–2026-08-16 Filed 2026-08-17	Debt / preferred repurchase cash STRC 2026-08-10	$-132,200,000	cash-flow July–October bounded activity (incomplete)	Source Reported purchase activity, not verified settlement date; rounded cash consideration, not shares times par. First July tranche was pending settlement July 24; July 30 repetition is not another purchase.
2026-08-17–2026-08-23 Filed 2026-08-24	Debt / preferred repurchase cash STRC 2026-08-17	$-136,400,000	cash-flow July–October bounded activity (incomplete)	Source Rounded interval cash cost from retained homepage graphic; dates and share notional from retained primary-disclosure activity audit. Not cumulative disclosure and not a change in cash balance.
2026-08-24–2026-08-30 Filed 2026-08-31	Debt / preferred repurchase cash STRC 2026-08-24	$-151,800,000	cash-flow July–October bounded activity (incomplete)	Source Rounded interval cash cost from retained homepage graphic; dates and share notional from retained primary-disclosure activity audit. Not cumulative disclosure and not a change in cash balance.
2026-08-31–2026-09-07 Filed 2026-09-08	Debt / preferred repurchase cash STRC 2026-08-31	$-176,300,000	cash-flow July–October bounded activity (incomplete)	Source Rounded interval cash cost from retained homepage graphic; dates and share notional from retained primary-disclosure activity audit. Not cumulative disclosure and not a change in cash balance.
2026-09-08–2026-09-13 Filed 2026-09-14	Debt / preferred repurchase cash STRC 2026-09-08	$-139,300,000	cash-flow July–October bounded activity (incomplete)	Source Rounded interval cash cost from retained homepage graphic; dates and share notional from retained primary-disclosure activity audit. Not cumulative disclosure and not a change in cash balance.
2026-09-14–2026-09-20 Filed 2026-09-21	Debt / preferred repurchase cash STRC 2026-09-14	$-174,000,000	cash-flow July–October bounded activity (incomplete)	Source Rounded interval cash cost from retained homepage graphic; dates and share notional from retained primary-disclosure activity audit. Not cumulative disclosure and not a change in cash balance.
2026-09-21–2026-09-27 Filed 2026-09-28	Debt / preferred repurchase cash STRC 2026-09-21	$-151,700,000	cash-flow July–October bounded activity (incomplete)	Source Rounded interval cash cost from retained homepage graphic; dates and share notional from retained primary-disclosure activity audit. Not cumulative disclosure and not a change in cash balance.
2026-09-28–2026-10-04 Filed 2026-10-05	Debt / preferred repurchase cash STRC 2026-09-28	$-176,300,000	cash-flow July–October bounded activity (incomplete)	Source Rounded interval cash cost from retained homepage graphic; dates and share notional from retained primary-disclosure activity audit. Not cumulative disclosure and not a change in cash balance.
2026-10-05–2026-10-11 Filed 2026-10-13	Debt / preferred repurchase cash STRC 2026-10-05	$-192,400,000	cash-flow July–October bounded activity (incomplete)	Source Rounded interval cash cost from retained homepage graphic; dates and share notional from retained primary-disclosure activity audit. Not cumulative disclosure and not a change in cash balance.
2026-10-12–2026-10-18 Filed 2026-10-19	Debt / preferred repurchase cash STRC 2026-10-12	$-193,100,000	cash-flow July–October bounded activity (incomplete)	Source Rounded interval cash cost from retained homepage graphic; dates and share notional from retained primary-disclosure activity audit. Not cumulative disclosure and not a change in cash balance.
2026-10-19–2026-10-25 Filed 2026-10-26	Debt / preferred repurchase cash STRC 2026-10-19	$-204,900,000	cash-flow July–October bounded activity (incomplete)	Source 8-K Oct 26: 2,068,459 STRC repurchased for $204.9M aggregate purchase price, funded from USD Cash. Nonoverlapping with the Oct 12–18 interval.
2026-05-11–2026-05-25 Filed 2026-05-26	Debt / preferred repurchase cash 2029 convertible-note cash drilldown	$-1,378,649,000	overlap-memo H1 convertible_repurchase_cash drilldown	Source May 11–25 purchase activity, reported May 26, 2026: approximately $1.38B cash for $1.50B 2029 convertible-note principal, not March. June 10-Q cash settlement is $1.378649B, rounded $1.379B in the retained infographic. Exact settlement date is not established; no balance deduction is performed.
2026-07-27–2026-08-02 Filed 2026-08-03	Financing proceeds commonNetProceeds	$290,600,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-07-27–2026-08-02 Filed 2026-08-03	BTC purchases / sales btcSaleNet	$104,730,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-07-27–2026-08-02 Filed 2026-08-03	Dividends / interest dividends	$-52,400,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-07-27–2026-08-02 Filed 2026-08-03	Reserve allocation / movement reserveAllocation	$250,000,000	internal-memo July–October bounded activity (incomplete)	Source Funding/allocation memo only; not additional proceeds or repurchase spending. Interest earnings used for STRC do not establish complete period income.
2026-07-27–2026-08-02 Filed 2026-08-03	Reserve allocation / movement cashBalanceAllocation	$11,700,000	internal-memo July–October bounded activity (incomplete)	Source Funding/allocation memo only; not additional proceeds or repurchase spending. Interest earnings used for STRC do not establish complete period income.
2026-08-03–2026-08-09 Filed 2026-08-10	Financing proceeds commonNetProceeds	$653,100,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-08-03–2026-08-09 Filed 2026-08-10	BTC purchases / sales btcSaleNet	$108,600,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-08-03–2026-08-09 Filed 2026-08-10	Reserve allocation / movement reserveAllocation	$650,000,000	internal-memo July–October bounded activity (incomplete)	Source Funding/allocation memo only; not additional proceeds or repurchase spending. Interest earnings used for STRC do not establish complete period income.
2026-08-03–2026-08-09 Filed 2026-08-10	Reserve allocation / movement cashBalanceAllocation	$3,100,000	internal-memo July–October bounded activity (incomplete)	Source Funding/allocation memo only; not additional proceeds or repurchase spending. Interest earnings used for STRC do not establish complete period income.
2026-08-10–2026-08-16 Filed 2026-08-17	Financing proceeds commonNetProceeds	$333,700,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-08-10–2026-08-16 Filed 2026-08-17	Dividends / interest dividends	$-52,400,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-08-10–2026-08-16 Filed 2026-08-17	Reserve allocation / movement reserveAllocation	$149,100,000	internal-memo July–October bounded activity (incomplete)	Source Funding/allocation memo only; not additional proceeds or repurchase spending. Interest earnings used for STRC do not establish complete period income.
2026-08-17–2026-08-23 Filed 2026-08-24	Financing proceeds commonNetProceeds	$2,006,500,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-08-17–2026-08-23 Filed 2026-08-24	Reserve allocation / movement reserveAllocation	$300,000,000	internal-memo July–October bounded activity (incomplete)	Source Funding/allocation memo only; not additional proceeds or repurchase spending. Interest earnings used for STRC do not establish complete period income.
2026-08-17–2026-08-23 Filed 2026-08-24	Reserve allocation / movement usdCashAllocationDerived	$1,570,100,000	internal-memo July–October bounded activity (incomplete)	Source Funding/allocation memo only; not additional proceeds or repurchase spending. Interest earnings used for STRC do not establish complete period income.
2026-09-14–2026-09-20 Filed 2026-09-21	BTC purchases / sales btcPurchases	$-75,700,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-09-14–2026-09-20 Filed 2026-09-21	Dividends / interest reserveDividendAndInterestUse	$-57,400,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-09-21–2026-09-27 Filed 2026-09-28	Financing proceeds commonNetProceeds	$246,200,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-09-21–2026-09-27 Filed 2026-09-28	BTC purchases / sales btcPurchases	$-142,700,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-09-21–2026-09-27 Filed 2026-09-28	Dividends / interest reserveDividends	$-22,100,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-09-28–2026-10-04 Filed 2026-10-05	Financing proceeds commonNetProceeds	$15,700,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-09-28–2026-10-04 Filed 2026-10-05	BTC purchases / sales btcPurchases	$-28,700,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-09-28–2026-10-04 Filed 2026-10-05	Dividends / interest reserveDividendAndInterestUse	$-142,500,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-09-28–2026-10-04 Filed 2026-10-05	Dividends / interest interestEarnedUsedForSTRC	$22,200,000	internal-memo July–October bounded activity (incomplete)	Source Funding/allocation memo only; not additional proceeds or repurchase spending. Interest earnings used for STRC do not establish complete period income.
2026-09-28–2026-10-04 Filed 2026-10-05	Debt / preferred repurchase cash usdCashUsedForSTRC	$-154,100,000	internal-memo July–October bounded activity (incomplete)	Source Funding/allocation memo only; not additional proceeds or repurchase spending. Interest earnings used for STRC do not establish complete period income.
2026-10-12–2026-10-18 Filed 2026-10-19	Financing proceeds commonNetProceeds	$22,000,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-10-12–2026-10-18 Filed 2026-10-19	BTC purchases / sales btcPurchases	$-22,100,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.
2026-10-12–2026-10-18 Filed 2026-10-19	Dividends / interest reserveDividends	$-45,500,000	cash-flow July–October bounded activity (incomplete)	Source Only this bounded disclosed amount; omitted intervals and other flows unknown.

Method, coverage & dated sources

Amplification A = stated preferred claims / (reported BTC × BTC/USD) × 100, using exactly the unchanged Strategy series in the bottom common comparison. Equivalent multiple M = 1 / (1 − A/100); A = (1 − 1/M) × 100. Examples: 10% = 1.111×; 20% = 1.25×; 50% = 2×. This is not Strategy’s separate issuer-defined amplification formula and includes no debt or cash adjustment.

Coverage: 657 equivalent-multiple points across 2025-01-01–2026-10-19. Confirmed zero preferred claims plot at 1× / 0%, including in Log. Unknown inputs stay gaps; amplification at or above 100% has a nonpositive denominator and no meaningful positive finite equivalent multiple, so it also stays a gap.

Preferred balances retain the common comparison’s latest-prior effective/as-of dates, filing dates, fixed STRE FX and reported-period settlement limitations. This is an ex-post reported-balance illustration, not a lookahead-free backtest. No later balances are backfilled. CSV exports the original percentage, equivalent multiple and dated sources separately.

Overlay scale: Log uses native base-10 axes for Bitcoin price and the equivalent multiple. Paired tick labels both derive from the same multiple-axis position, not a separate linear percentage axis. Cash bars and the left USD axis always stay linear.

Cash-chart bars use a linear USD axis: USD Reserve and treasury-purpose USD Cash are separate balance buckets; GAAP cash remains in the retained audit but is not plotted or added. The original graphic supplies 18 labeled rounded reserve observations; later filings extend the pair through October 25, filed October 26. Report dates stay report dates where exact effective dates are unknown; October 12 gives October 11 balances, October 19 gives October 18 balances and October 26 gives October 25 balances. Unlabeled June bars are not estimated. Combined USD assets = reserve + USD Cash, not a third bar. Negative repurchase bars are cash uses already reflected in reported balances, never deducted again.

BTC and split-adjusted MSTR prices reuse retained comparison sources, carrying the last dated trading close on nontrading days. Overlay calendar ends 2026-10-19; cash and flow reviews extend through the October 26 report of October 25 balances. Those dates do not imply complete missing flows or a new live cash feed. The bottom preferred-notional/BTC comparison supplies this overlay unchanged.

2024-12-31 · filing date: see source · GAAP CCE $38,117,000.00 · Reserve — · USD Cash —
Reported cash & equivalents; separately reported restricted cash excluded. $1.780M separately reported restricted cash excluded. Primary SEC table text was verified through search; full-document download was blocked. No matched-date market BTC NAV sourced.
2025-12-01 · filing date: see source · GAAP CCE — · Reserve $1,440,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2025-12-31 · filing date: see source · GAAP CCE $2,301,470,000.00 · Reserve — · USD Cash —
Reported cash & equivalents; separately reported restricted cash excluded. $1.873M separately reported restricted cash excluded. USD Reserve allocation within reported CCE is unverified; not reserve-excluded freely available cash. Primary SEC table text was verified through search; full-document download was blocked. No matched-date market BTC NAV sourced.
2026-01-12 · filing date: see source · GAAP CCE — · Reserve $2,250,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-05-26 · filing date: see source · GAAP CCE — · Reserve $871,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-06-29 · filing date: see source · GAAP CCE — · Reserve $2,550,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-06-30 · filing date: see source · GAAP CCE $1,711,837,000.00 · Reserve — · USD Cash —
Reported cash & equivalents; separately reported restricted cash excluded. $1.847M separately reported restricted cash excluded. USD Reserve allocation within reported CCE is unverified; not reserve-excluded freely available cash. $736.145M short-term investments excluded. Latest full matched balance-sheet date located; October holdings are not a new debt/cash observation. Primary SEC table text was verified through search; full-document download was blocked. No matched-date market BTC NAV sourced.
2026-07-13 · filing date: see source · GAAP CCE — · Reserve $3,000,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-07-20 · filing date: see source · GAAP CCE — · Reserve $3,225,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-07-27 · filing date: see source · GAAP CCE — · Reserve $3,750,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-08-03 · filing date: see source · GAAP CCE — · Reserve $4,000,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-08-10 · filing date: see source · GAAP CCE — · Reserve $4,650,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-08-17 · filing date: see source · GAAP CCE — · Reserve $4,800,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-08-24 · filing date: see source · GAAP CCE — · Reserve $5,100,000,000.00 · USD Cash $1,590,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-08-31 · filing date: see source · GAAP CCE — · Reserve $5,100,000,000.00 · USD Cash $1,610,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-09-08 · filing date: see source · GAAP CCE — · Reserve $5,100,000,000.00 · USD Cash $1,440,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-09-14 · filing date: see source · GAAP CCE — · Reserve $5,100,000,000.00 · USD Cash $1,300,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-09-21 · filing date: see source · GAAP CCE — · Reserve $5,040,000,000.00 · USD Cash $1,050,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-09-28 · filing date: see source · GAAP CCE — · Reserve $5,020,000,000.00 · USD Cash $1,000,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-10-05 · filing date: see source · GAAP CCE — · Reserve $4,880,000,000.00 · USD Cash $833,400,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-10-11 · filing date: see source · GAAP CCE — · Reserve $4,880,000,000.00 · USD Cash $640,500,000.00
Retained graphic table, rounded USD Reserve + USD Cash; Oct12 report explicitly says latest balances as of Oct11. Repurchases are flows already reflected in balances, never subtracted again.
2026-10-18 · filed 2026-10-19 · GAAP CCE — · Reserve $4,830,000,000.00 · USD Cash $447,300,000.00
Defined USD assets = USD Reserve + USD Cash, rounded reserve. Not GAAP CCE; never add GAAP CCE again.
2026-10-25 · filed 2026-10-26 · GAAP CCE — · Reserve $4,830,000,000.00 · USD Cash $242,400,000.00
Defined USD assets = USD Reserve + USD Cash, rounded reserve. USD Cash fell by the $204.9M STRC buyback cash; already reflected, never subtract again.

Strategy preferred sources · Per-series balances, filing dates and fixed-FX audits are retained in the bottom comparison’s expandable notes and CSV.

Strategy: BTC & MSTR Prices

Strategy price axes scale

BTC/USD (left, dotted) · MSTR split-adjusted USD (right, dashed)

Method, coverage & dated sources

2024-12-31 · filing date: see source · GAAP CCE $38,117,000.00 · Reserve — · USD Cash —
Reported cash & equivalents; separately reported restricted cash excluded. $1.780M separately reported restricted cash excluded. Primary SEC table text was verified through search; full-document download was blocked. No matched-date market BTC NAV sourced.
2025-12-01 · filing date: see source · GAAP CCE — · Reserve $1,440,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2025-12-31 · filing date: see source · GAAP CCE $2,301,470,000.00 · Reserve — · USD Cash —
Reported cash & equivalents; separately reported restricted cash excluded. $1.873M separately reported restricted cash excluded. USD Reserve allocation within reported CCE is unverified; not reserve-excluded freely available cash. Primary SEC table text was verified through search; full-document download was blocked. No matched-date market BTC NAV sourced.
2026-01-12 · filing date: see source · GAAP CCE — · Reserve $2,250,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-05-26 · filing date: see source · GAAP CCE — · Reserve $871,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-06-29 · filing date: see source · GAAP CCE — · Reserve $2,550,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-06-30 · filing date: see source · GAAP CCE $1,711,837,000.00 · Reserve — · USD Cash —
Reported cash & equivalents; separately reported restricted cash excluded. $1.847M separately reported restricted cash excluded. USD Reserve allocation within reported CCE is unverified; not reserve-excluded freely available cash. $736.145M short-term investments excluded. Latest full matched balance-sheet date located; October holdings are not a new debt/cash observation. Primary SEC table text was verified through search; full-document download was blocked. No matched-date market BTC NAV sourced.
2026-07-13 · filing date: see source · GAAP CCE — · Reserve $3,000,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-07-20 · filing date: see source · GAAP CCE — · Reserve $3,225,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-07-27 · filing date: see source · GAAP CCE — · Reserve $3,750,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-08-03 · filing date: see source · GAAP CCE — · Reserve $4,000,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-08-10 · filing date: see source · GAAP CCE — · Reserve $4,650,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-08-17 · filing date: see source · GAAP CCE — · Reserve $4,800,000,000.00 · USD Cash —
Retained original graphic: labeled rounded USD Reserve, plotted on source report date; exact balance effective date and USD Cash not provided. Reserve is not GAAP cash.
2026-08-24 · filing date: see source · GAAP CCE — · Reserve $5,100,000,000.00 · USD Cash $1,590,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-08-31 · filing date: see source · GAAP CCE — · Reserve $5,100,000,000.00 · USD Cash $1,610,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-09-08 · filing date: see source · GAAP CCE — · Reserve $5,100,000,000.00 · USD Cash $1,440,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-09-14 · filing date: see source · GAAP CCE — · Reserve $5,100,000,000.00 · USD Cash $1,300,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-09-21 · filing date: see source · GAAP CCE — · Reserve $5,040,000,000.00 · USD Cash $1,050,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-09-28 · filing date: see source · GAAP CCE — · Reserve $5,020,000,000.00 · USD Cash $1,000,000,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-10-05 · filing date: see source · GAAP CCE — · Reserve $4,880,000,000.00 · USD Cash $833,400,000.00
Retained graphic table, rounded USD Reserve + USD Cash; plotted on source report date; exact balance effective date not supplied. Repurchases are flows already reflected in balances, never subtracted again.
2026-10-11 · filing date: see source · GAAP CCE — · Reserve $4,880,000,000.00 · USD Cash $640,500,000.00
Retained graphic table, rounded USD Reserve + USD Cash; Oct12 report explicitly says latest balances as of Oct11. Repurchases are flows already reflected in balances, never subtracted again.
2026-10-18 · filed 2026-10-19 · GAAP CCE — · Reserve $4,830,000,000.00 · USD Cash $447,300,000.00
Defined USD assets = USD Reserve + USD Cash, rounded reserve. Not GAAP CCE; never add GAAP CCE again.
2026-10-25 · filed 2026-10-26 · GAAP CCE — · Reserve $4,830,000,000.00 · USD Cash $242,400,000.00
Defined USD assets = USD Reserve + USD Cash, rounded reserve. USD Cash fell by the $204.9M STRC buyback cash; already reflected, never subtract again.

Strategy preferred sources · Per-series balances, filing dates and fixed-FX audits are retained in the bottom comparison’s expandable notes and CSV.

Strategy & Strive: Valuation Comparison

Strive house Net mNAV: daily prices with last publicly disclosed balance quantities, separately on basic and source-diluted share bases. Strategy retains sparse ex-post anchors. Carried inputs are analytical history, not independently reported daily balances.

Strive basic: 270 daily values (2026-01-01–2026-10-25), 28 gaps since January 1, 2026. Source-diluted: 90 (2026-07-28–2026-10-25). 17 separate ex-post anchor markers; Strategy 1 exact-FDSO and 2 briefing approximation markers. Unknown publication dates never enter daily joins.

Market check: Checking newer closes; retained dated source closes shown. BTC close as of 2026-10-25; ASST source session as of 2026-10-23; source fetched 2026-10-26T01:47:49.767167+00:00.

Net mNAV (×) · BTC/USD on right axis

Net mNAV scale

Green long dash: Strive house basic/all-senior-claims Net mNAV · green short dash: source-diluted carried-input Net mNAV · hollow green circles: separate ex-post ASST anchors.

◇ Strategy briefing approximations: September 20/27, rounded claims/assets and implied FDSO; Friday source close with Sunday balances, publication time unknown. Not exact daily claims.

Amplification (%)

Amplification scale

Dashed vertical marks: preferred launches · dotted mark: Strive treasury launch · dated sources below.

Current CEBE cross-check · latest snapshots, not historical inputs

Checking public snapshot…

Data via CEBE Tracker, cebetracker.io

CEBE method and access limitations

CEBE uses basic shares, accrued preferred liquidation claims, static BTC claims and senior-claim fractions capped to [0, 1]. House basic calculation above uses feed quantities but uncapped debt + preferred − cash − STRC and no static-BTC deduction; it is not the source-diluted house series. Snapshot BTC and live BTC dates are distinct from stock dates. Feed estimates combine disclosures and may carry earlier balances; they are not original single-date balance sheets. No CEBE snapshots enter historical joins.

Public companies feed returned 200. Instruments, deals and history returned 401 (licensed access); no key configured. Documentation identifies superseded rows and duplicate July 26/27 MSTR STRC/ATM legs; no deal totals are used. Claims retired are not cash consideration. Snapshot requests cache at least five minutes, without polling.

API documentation · Methodology · rules unknown

Retained market-close sources & timestamps

Coinbase Exchange BTC-USD UTC daily candles · fetched 2026-10-26T01:47:49.767167+00:00

2026-10-20: $82938.26 · source candle/session timestamp 2026-10-20T00:00:00Z

2026-10-21: $84024.67 · source candle/session timestamp 2026-10-21T00:00:00Z

2026-10-22: $81307.16 · source candle/session timestamp 2026-10-22T00:00:00Z

2026-10-23: $81078.04 · source candle/session timestamp 2026-10-23T00:00:00Z

2026-10-24: $80769.67 · source candle/session timestamp 2026-10-24T00:00:00Z

2026-10-25: $80053.16 · source candle/session timestamp 2026-10-25T00:00:00Z

Yahoo Finance ASST USD daily unadjusted close (existing split treatment) · fetched 2026-10-26T01:47:49.767167+00:00

2026-10-20: $27.059999465942383 · source candle/session timestamp 2026-10-20T13:30:00Z

2026-10-21: $30.75 · source candle/session timestamp 2026-10-21T13:30:00Z

2026-10-22: $29.030000686645508 · source candle/session timestamp 2026-10-22T13:30:00Z

2026-10-23: $28.969999313354492 · source candle/session timestamp 2026-10-23T13:30:00Z

BTC candles are completed UTC days. ASST records are actual trading sessions only; October 24–25 retain October 23 price provenance in the existing calculation, not newly dated equity closes. Original observations and balance carry rules are unchanged.

Strive daily history · public disclosures, Net NAV and CSV

House last-reported-input construction: daily BTC/USD and last dated split-adjusted equity close; each balance quantity carries only after its own public disclosure, conservatively from the next observed market session. Net NAV = BTC value + cash + reported securities fair value − all senior debt − preferred stated claims (uncapped). Basic Net mNAV = price × basic common / Net NAV. Source-diluted Net mNAV is separate and withheld unless corresponding conversion claims reconcile. No dividend deduction from reported cash; no interpolation, current backfill or later-filed prior-column lookahead.

Shares are normalized to post-February 6, 2026 1-for-20 units, including prior original common counts divided by 20. SATA is never split. Source-diluted counts with unknown publication or unreconciled converted debt are withheld. Late annual/quarterly prior columns become eligible only after publication, and cannot replace a more recent effective-date balance. January1 uses the November14 published holdings/basic/cash and November10 SATA claims, not the later year-end balance. January20–February16 remains a gap across acquisition and preferred financing until public replacement totals. After October20 SATS closing, stated claims include the settled $700M; cash remains the last reported October16 balance, not an assumed proceeds-adjusted balance. This mixed-age construction can diverge from CEBE’s current proceeds-adjusted snapshot. Source-diluted counts are the issuer’s assumed-diluted definition, not a rebuilt all-in warrant count.

Disclosure audit date

Net NAV $1,211,228,644.88 · basic 2.967× · source-diluted 3.033× · price close 2026-10-23

btc: 36,818 · economic 2026-10-16 · public 2026-10-19 · usable 2026-10-20 · source age 9 days source
latest column; check per-field source, especially shares. · Next observed market session after publication; intraday timestamp not assumed.
basic: 124,064,126 · economic 2026-10-16 · public 2026-10-19 · usable 2026-10-20 · source age 9 days source
latest column; check per-field source, especially shares. · Next observed market session after publication; intraday timestamp not assumed.
diluted: 126,790,020 · economic 2026-10-16 · public 2026-10-19 · usable 2026-10-20 · source age 9 days source
latest column; check per-field source, especially shares. · Next observed market session after publication; intraday timestamp not assumed.
cash: 317,500,000 · economic 2026-10-16 · public 2026-10-19 · usable 2026-10-20 · source age 9 days source
latest column; check per-field source, especially shares. · Next observed market session after publication; intraday timestamp not assumed.
securities: 49,349,000 · economic 2026-10-16 · public 2026-10-19 · usable 2026-10-20 · source age 9 days source
Weekly 8-K table; latest filing. · Next observed market session after publication; intraday timestamp not assumed.
debt: 0 · economic 2026-05-12 · public 2026-05-14 · usable 2026-05-15 · source age 166 days source
Q1 subsequent-events disclosure May12: explicit no short/long term debt; reported cash, STRC, Class A+B and SATA stated claims. Post-split common units. · Next observed market session after publication; intraday timestamp not assumed.
preferred: 2,103,017,600 · economic 2026-10-20 · public 2026-10-20 · usable 2026-10-21 · source age 5 days source
Constructed claims update: last disclosed SATA14030176×$100 + settled SATS7000000×$100 stated. SATS closing verified October20; no assumed fresh cash balance or reserve subtraction. Last reported cash remains October16 until a new balance disclosure; proceeds are a flow, not automatically cash remaining. · Next observed market session after publication; intraday timestamp not assumed.

Verified launches & dates

2025-02-05 · STRK · STRK initial issuance closed
7,300,000 actual shares issued; stated amount USD100 per share. Not offering proceeds.
2025-03-25 · STRF · STRF initial issuance closed
8,500,000 actual shares issued; stated amount USD100 per share. Not offering proceeds.
2025-06-10 · STRD · STRD initial issuance closed
11,764,700 actual shares issued; stated amount USD100 per share. Not offering proceeds.
2025-07-29 · STRC · STRC initial issuance closed
28,011,111 actual shares issued; stated amount USD100 per share. Not offering proceeds.
2025-09-12 · ASST · Strive treasury merger closed
Before this verified merger-close date Strive treasury ratios are not applicable.
2025-11-10 · SATA · SATA initial issuance closed
2,000,000 shares × $100 stated = $200 million; $80 issue price is not the stated claim.
2025-11-13 · STRE · STRE initial issuance closed
7,750,000 actual shares issued; stated amount EUR100 per share. Not offering proceeds.
2026-10-20 · SATS · SATS IPO settled
SATS IPO closed and settled October 20, 2026 (7,000,000 shares × $100 stated, per the Oct 26 424B5). Event marker only; claims enter amplification from issuer-reported share counts, not from this marker. The $1B SATS ATM is capacity, not issuance.

Coverage & carry-forward assumptions

Net comparison separates Strive basic/all-senior-claims and source-diluted calculations; dated cash/STRC counted once. Strategy/ex-post anchor markers remain sparse; Strive daily net balance inputs carry from public-availability dates, not economic dates. The separate Amplification inputs retain their prior ex-post effective-date method. Ex-post reported-balance illustration, not a lookahead-free backtest. Filing dates are retained separately. Weekly sold/repurchased-share reporting is not a certified daily settlement or cancellation ledger.

Strategy coverage

Strategy: 3 sparse anchors 2026-09-20–2026-10-19; no carried Strategy net series. Amplification: 657 points · 2025-01-01 – 2026-10-19.

2025 begins with the Dec31,2024 capital seed; preferred zero before first STRK issuance. Weekly activity and quarter anchors carry forward without adding the same issuance twice. Existing 2026 schedules remain unchanged; repurchase activity is not certified cancellation.

155 filings reviewed · 96 balance updates. Latest preferred input: 2026-10-25. STRE uses fixed Dec31,2025 EUR/USD 1.174 throughout: €775M = $909.850M; neither IPO spot FX nor daily FX.

Strive coverage

Daily basic 270 (2026-01-01–2026-10-25); source-diluted 90 (2026-07-28–2026-10-25); 28 basic gaps. Separate ex-post anchors: 17. Amplification: 401 points · 2025-09-14 – 2026-10-19.

No Strive treasury ratio before launch. Confirmed SATA zero until November10,2025, then reported shares × $100. Weekly totals include the issuer’s pending-issuance convention. SATS (7,000,000 × $100) is counted from its Oct20,2026 settlement in ex-post Amplification. Public-availability daily Net mNAV instead waits for disclosure: the Oct23 balance filed Oct26 becomes eligible Oct26, so Oct20–25 points intentionally carry the last reported (Oct16) cash and claims; that is the last public disclosure, not a current Oct16 balance. No lookahead. Strive net history uses the dated Dec31 close on January1; standalone gross/Amplification source history remains unchanged.

59 filings reviewed · 40 balance updates. Latest preferred input: 2026-10-23. Latest reported SATA: Oct16; carried through Oct19, not a same-day balance.

Formulas & dated sources

Net mNAV = price × source-defined diluted shares / (BTC held × BTC/USD + defined USD assets − nonconverting/OTM debt − applicable preferred). Converted claims and corresponding shares must share one classification; no basic/ADSO substitution.

ASST uses same-date cash + STRC fair value, nonconvertible SATA claims and issuer Assumed Fully Diluted Shares. July 2 and July 10 use the official historical API’s diluted count (common + options + awards; separately recorded traditional warrants excluded), not all-in gross dilution. Their original dilution publication dates are unknown; balance filings are July 6/13. Earlier 2025 API counts equal issued shares despite warrant balances and are rejected, not treated as diluted. Debt-zero source dates remain explicit. MSTR exact-FDSO coverage uses the October 19 anchor: October 18 FDSO/BTC/assets plus October 19 observed nominal claims, with the dated price below every retained conversion threshold. September 20/27 official sensitivity briefings supply separate approximate anchors using implied FDSO (~429.8M/~431.3M), rounded claims/assets and Friday market closes. The $800M ITM 2030A debt is excluded and corresponding shares included; other debt and STRK claims remain. Earlier basic/ADSO counts cannot fill missing FDSO. October 15 exact FDSO was recovered but no same-date assets, so it remains unplotted. July 17 ASST diluted count was filed July 27: it enters the daily series on July28, never on July17; separate report-date markers are explicitly ex-post.

Amplification (%) = preferred stated notional ÷ (reported BTC held × BTC/USD) × 100. Debt and cash do not enter Amplification; net valuation uses its own matched claims/assets scope.

Strive daily Net mNAV uses independently public-dated fields; Strategy/ex-post markers are not carried. Amplification retains its original effective-date method. No interpolation or current-value backfill. Strive daily inputs use publication-safe dates; separate anchors and Amplification are retained ex-post reported-history illustrations, not information-available backtests.

Ex-post Net mNAV anchor sources (20)

ASST · 2026-07-17 · filed 2026-07-27 · diluted 86,264,972 · assets $200,471,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). July 17 diluted count was reported in July 27 filing, later than July 20 balance filing; ex-post only. Debt zero from dated issuer dashboard record. Issuer dashboard weekly record; weekly 8-K table format.
ASST · 2026-07-24 · filed 2026-07-27 · diluted 86,694,972 · assets $197,879,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Issuer dashboard weekly record; weekly 8-K table format.
ASST · 2026-07-31 · filed 2026-08-03 · diluted 86,804,205 · assets $196,477,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Issuer dashboard weekly record; weekly 8-K table format.
ASST · 2026-08-07 · filed 2026-08-10 · diluted 88,705,776 · assets $202,880,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. 10-Q subsequent-events update; matches issuer dashboard weekly record.
ASST · 2026-08-14 · filed 2026-08-17 · diluted 89,302,926 · assets $202,664,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Weekly 8-K table.
ASST · 2026-08-21 · filed 2026-08-24 · diluted 92,949,226 · assets $220,471,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Issuer dashboard weekly record; weekly 8-K table format.
ASST · 2026-08-28 · filed 2026-08-31 · diluted 96,523,351 · assets $232,652,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Issuer dashboard weekly record; weekly 8-K table format.
ASST · 2026-09-04 · filed 2026-09-08 · diluted 98,148,551 · assets $251,964,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Issuer dashboard weekly record; weekly 8-K table format.
ASST · 2026-09-11 · filed 2026-09-14 · diluted 98,139,091 · assets $254,013,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Issuer dashboard weekly record; weekly 8-K table format.
ASST · 2026-09-18 · filed 2026-09-21 · diluted 100,144,713 · assets $279,348,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Issuer dashboard weekly record; weekly 8-K table format.
ASST · 2026-09-25 · filed 2026-09-28 · diluted 100,776,795 · assets $298,563,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Weekly 8-K table, prior-week column.
ASST · 2026-09-30 · filed 2026-10-05 · diluted 100,716,638 · assets $334,894,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Issuer dashboard weekly record; weekly 8-K table format.
ASST · 2026-10-02 · filed 2026-10-05 · diluted 103,714,772 · assets $334,902,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Weekly 8-K table.
ASST · 2026-10-09 · filed 2026-10-13 · diluted 113,116,098 · assets $360,628,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Weekly 8-K table, prior-week column.
ASST · 2026-10-16 · filed 2026-10-19 · diluted 126,790,020 · assets $366,849,000.00
Claims/holdings · Diluted shares · Assets
Issuer Assumed Fully Diluted Shares; nonconvertible SATA remains in claims. Defined USD assets = same-date cash + STRC fair value (never cash twice). Debt zero from dated issuer dashboard record. Weekly 8-K table; latest filing.
ASST · 2026-07-02 · filed see source · diluted 85,434,132 · assets $197,779,000.00
Claims/holdings · Diluted shares · Assets
Ex-post historical issuer API fully_diluted_shares; issued common plus options_legacy plus rsu_rsa. Post-February-2026 reverse-split units. Debt explicitly zero. Nonconvertible SATA remains a claim at $100 stated per share. USD assets are same-date cash plus marketable_securities, counted once. Traditional warrants exist in a separate field but are excluded by the reported diluted value: do not call this all-in gross dilution. No historical stock-price conversion test was reconstructed. API record is historical, not current FDSO backfill. filed null because dilution has no source_url and its public publication date is not established; balance filing date is recorded separately.
ASST · 2026-07-10 · filed see source · diluted 85,937,812 · assets $198,277,000.00
Claims/holdings · Diluted shares · Assets
Ex-post historical issuer API fully_diluted_shares; issued common plus options_legacy plus rsu_rsa. Post-February-2026 reverse-split units. Debt explicitly zero. Nonconvertible SATA remains a claim at $100 stated per share. USD assets are same-date cash plus marketable_securities, counted once. Traditional warrants exist in a separate field but are excluded by the reported diluted value: do not call this all-in gross dilution. No historical stock-price conversion test was reconstructed. API record is historical, not current FDSO backfill. filed null because dilution has no source_url and its public publication date is not established; balance filing date is recorded separately.
MSTR · 2026-09-20 · filed see source · diluted 429,800,000 · assets $6,092,000,000.00
Claims/holdings · Diluted shares · Assets
Official briefing approximation: implied FDSO (~429.8M / ~431.3M), rounded debt/preferred/assets; economic balance date differs from Friday market close and later referenced balance filing. Public briefing publication timestamp unknown. 2030A $800M conversion is in FDSO and excluded from debt; STRK remains in claims. Daily BTC close is used, not briefing rounded BTC reference. No current backfill or daily verified claims.
MSTR · 2026-09-27 · filed see source · diluted 431,300,000 · assets $6,021,000,000.00
Claims/holdings · Diluted shares · Assets
Official briefing approximation: implied FDSO (~429.8M / ~431.3M), rounded debt/preferred/assets; economic balance date differs from Friday market close and later referenced balance filing. Public briefing publication timestamp unknown. 2030A $800M conversion is in FDSO and excluded from debt; STRK remains in claims. Daily BTC close is used, not briefing rounded BTC reference. No current backfill or daily verified claims.
MSTR · 2026-10-19 · filed 2026-10-19 · diluted 426,322,000 · assets $5,277,300,000.00
Claims/holdings · Diluted shares · Assets
One mixed-date source anchor only: October 18 BTC/assets/FDSO, Oct 16 issuer price classification, Oct 19 observed nominal claims (no earlier effective date). FDSO excludes all converts/STRK; dated Oct 19 price $136.02 is below lowest $149.77 conversion threshold, consistent with full claims. No current FDSO backfill; option/award counts retained as reported, not dynamically rebuilt.

Investigated historical gaps

ASST · 2025-09-30: API fully_diluted_shares exactly equals issued_shares despite nonzero traditional_warrants and zero legacy options/RSU fields. Not accepted as genuine source-reconciled diluted anchor. No same-date cashDebt API record. Do not substitute basic or automatically add warrants.
ASST · 2025-12-31: API fully_diluted_shares exactly equals issued_shares despite nonzero traditional_warrants and zero legacy options/RSU fields. Not accepted as genuine source-reconciled diluted anchor. No same-date cashDebt API record. Do not substitute basic or automatically add warrants.
MSTR · 2025-01-01/2026-10-19: No additional historical source-defined FDSO recovered. Retained 2025 capital counts are explicitly basic; historical ADSO cannot substitute. Current shares endpoint returned access denied; SEC direct annual filing request returned 403. Nominal claims and cash alone do not make a valid anchor.
ASST · 2026-07-17: API now reports 86281135 versus retained SEC-source diluted 86264972. Preserve source-specific versions; do not silently overwrite SEC figure.
ASST · 2026-03-31: API diluted 71985609 includes 98408 convertible_bonds shares; claims classification needs note-level reconciliation. API cashDebt nearby dates are not quarter-end and conflict with retained financial-release cash scope; no carry-forward.
ASST · 2026-06-30: API diluted 84653128 recovered but cashDebt has June29 not June30. Need quarter-end cash/STRC and same-date debt/preferred reconciliation; June29 cannot backfill.

Common share counts are sparse reported balances, not an interpolated weekly issuance estimate. Strive pre-split Class A+B counts are divided by 20 to match split-adjusted quotes; preferred counts are not reverse-split adjusted.

No explicit Strategy November23 weekly total; December1 filing covers November17–30 jointly. Previous reported holdings carry forward until next observed endpoint.
MSTR Dec 31 2024 basic is reported to thousands (245,778,000), not exact whole-share precision; cover Feb 4 2025 is exact and separate.
MSTR Q1 balance sheet class sum is separately rounded; no independently verified issuer basic-total row extracted for that date.
Strive September12–13 holdings remain unknown: primary agreement specifies69BTC but does not establish completed receipt on merger close. Ratios begin September14 with reported aggregate holdings, not assumed launch holdings.
Launch capital-description filingDate unresolved (null); do not substitute asOf or infer from accession.
ASST dated basic counts are sparse; no invented weekly share totals, no legacy predecessor asset-manager counts.
ASST year-end annual basic 44,713,285 excludes 53,614 equivalent prefunded warrants present in dashboard issued total 44,766,899; keep actual basic policy.
Pre-first SATA zero can carry forward through Nov 9; no invented daily observations.

MSTR preferred schedule policy

Verified launch/quarter/annual counts reconciled to weekly reported sales; period-end activity balances used under the approved quick comparison, not certified settlement dates. Full STRK $100 and fixed STRE EURUSD1.174. Verified Dec31/Q1/Q2 issued/outstanding anchors; weekly reported sales and repurchases at period ends form an activity-based reconstruction, not certified daily legally settled shares. STRC repurchases deducted once by share count, never by cash cost or again for cancellation. STRK retained in full at $100. STRE EUR775M translated at fixed Dec31 issuer equivalent USD909.850M (EURUSD 1.174), not daily FX.

Exact daily settled issuance unavailable; weekly sold-share endpoints used as reported activity, not certified legally outstanding balances. All four quarter/year anchors reconcile exactly.
No separate weekly ATM update for September 29–October 5 was identified in the SEC index; October 6 capital-markets 8-K supplies September 30 cumulative quarter totals but no subsequent-week flow table. Full-year reconciliation is exact; no inferred nonzero issuance added.
September 2 weekly filing labels its period August 26–September 1, leaving August 25 outside consecutive labeled periods; reproduced as filed, no date correction or invented flow.
December 29–31 weekly endpoint is not separately observed in 2025 filings; February 19 2026 annual report anchors December 31 exactly, matching December 28 rolled balances.
Observations include only 2025 plus the expressly requested December 31 2024 zero seed; source filings can be later than asOf (ex post). Existing 2026 source files were read only and not changed.
Exact intraweek issuance/repurchase settlement and cancellation dates are not disclosed; weekly activity reconstruction is not certified daily outstanding claims.
March30–31 STRC sales of 2,275,972 were excluded from Q1 issued balance, then included once at Apr5 activity endpoint; exact settlement dates unknown.
July24 first 288,930 STRC repurchases explicitly pending settlement; period-end activity deduction is not a verified cancellation.
Oct19 carries Oct18 reported activity; same-day outstanding balance unavailable.
STRE uses fixed Dec31 FX, so USD totals differ from later spot-FX issuer headlines; no headline used as a schedule input.

Reviewed filings (155)

2025-01-03 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-01-06 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-01-13 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-01-21 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-01-23 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-01-24 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-01-27 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-01-31 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-02-03 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-02-05 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-02-05 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-02-10 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-02-18 · 10-K · Reviewed preferred balance sheet and issuance note; used zero or exact quarter/year-end anchor and verified launch terms.
2025-02-18 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-02-20 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-02-24 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-02-24 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-03-03 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-03-10 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-03-17 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-03-18 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-03-21 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-03-24 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-03-25 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-03-31 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-04-07 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-04-14 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-04-21 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-04-28 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-05-01 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-05-01 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-05-05 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-05-05 · 10-Q · Reviewed preferred balance sheet and issuance note; used zero or exact quarter/year-end anchor and verified launch terms.
2025-05-12 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-05-19 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-05-22 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-05-27 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-06-02 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-06-02 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-06-06 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-06-09 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-06-10 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-06-16 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-06-16 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-06-23 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-06-23 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-06-30 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-07-01 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-07-07 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-07-07 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-07-14 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-07-21 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-07-21 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-07-23 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-07-25 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-07-28 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-07-29 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-07-31 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-07-31 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-08-04 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-08-05 · 10-Q · Reviewed preferred balance sheet and issuance note; used zero or exact quarter/year-end anchor and verified launch terms.
2025-08-11 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-08-11 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-08-18 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-08-25 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-08-28 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-09-02 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-09-02 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-09-08 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-09-15 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-09-22 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-09-29 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-09-30 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-10-01 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-10-06 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-10-14 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-10-20 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-10-27 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-10-30 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-11-03 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-11-03 · 10-Q · Reviewed preferred balance sheet and issuance note; used zero or exact quarter/year-end anchor and verified launch terms.
2025-11-03 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-11-04 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-11-07 · 8-K · Reviewed primary filing text and tables; no additional preferred share flow extracted. Dividends, authorizations, capacity, amendments and unrelated items not treated as issuance.
2025-11-10 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-11-13 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-11-17 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-12-01 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-12-08 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-12-15 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-12-22 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2025-12-29 · 8-K · Extracted actual initial issuance / weekly reported share counts; see flowRecords.
2026-01-02 · 8-K · Downloaded and reviewed
2026-01-05 · 8-K · Downloaded and reviewed
2026-01-12 · 8-K · Downloaded and reviewed
2026-01-20 · 8-K · Downloaded and reviewed
2026-01-26 · 8-K · Downloaded and reviewed
2026-02-02 · 8-K · Downloaded and reviewed
2026-02-02 · 8-K · Downloaded and reviewed
2026-02-05 · 8-K · Downloaded and reviewed
2026-02-09 · 8-K · Downloaded and reviewed
2026-02-17 · 8-K · Downloaded and reviewed
2026-02-19 · 10-K · Reviewed preferred balance sheet and issuance note; used zero or exact quarter/year-end anchor and verified launch terms.
2026-02-19 · 10-K · Downloaded and reviewed
2026-02-23 · 8-K · Downloaded and reviewed
2026-03-02 · 8-K · Downloaded and reviewed
2026-03-09 · 8-K · Downloaded and reviewed
2026-03-16 · 8-K · Downloaded and reviewed
2026-03-23 · 8-K · Downloaded and reviewed
2026-03-23 · 8-K · Downloaded and reviewed
2026-03-30 · 8-K · Downloaded and reviewed
2026-04-01 · 8-K · Downloaded and reviewed
2026-04-06 · 8-K · Downloaded and reviewed
2026-04-13 · 8-K · Downloaded and reviewed
2026-04-20 · 8-K · Downloaded and reviewed
2026-04-27 · 8-K · Downloaded and reviewed
2026-05-01 · 8-K · Downloaded and reviewed
2026-05-04 · 8-K · Downloaded and reviewed
2026-05-05 · 8-K · Downloaded and reviewed
2026-05-06 · 10-Q · Downloaded and reviewed
2026-05-11 · 8-K · Downloaded and reviewed
2026-05-15 · 8-K · Downloaded and reviewed
2026-05-18 · 8-K · Downloaded and reviewed
2026-05-26 · 8-K · Downloaded and reviewed
2026-06-01 · 8-K · Downloaded and reviewed
2026-06-08 · 8-K · Downloaded and reviewed
2026-06-08 · 8-K · Downloaded and reviewed
2026-06-10 · 8-K · Downloaded and reviewed
2026-06-15 · 8-K · Downloaded and reviewed
2026-06-15 · 8-K · Downloaded and reviewed
2026-06-22 · 8-K · Downloaded and reviewed
2026-06-29 · 8-K · Downloaded and reviewed
2026-07-06 · 8-K · Downloaded and reviewed
2026-07-13 · 8-K · Downloaded and reviewed
2026-07-20 · 8-K · Downloaded and reviewed
2026-07-27 · 8-K · Downloaded and reviewed
2026-07-30 · 8-K · Downloaded and reviewed
2026-07-31 · 8-K/A · Downloaded and reviewed
2026-08-03 · 8-K · Downloaded and reviewed
2026-08-03 · 10-Q · Downloaded and reviewed
2026-08-10 · 8-K · Downloaded and reviewed
2026-08-17 · 8-K · Downloaded and reviewed
2026-08-24 · 8-K · Downloaded and reviewed
2026-08-31 · 8-K · Downloaded and reviewed
2026-09-01 · 8-K · Downloaded and reviewed
2026-09-08 · 8-K · Downloaded and reviewed
2026-09-14 · 8-K · Downloaded and reviewed
2026-09-21 · 8-K · Downloaded and reviewed
2026-09-25 · 8-K · Downloaded and reviewed
2026-09-28 · 8-K · Downloaded and reviewed
2026-10-01 · 8-K · Downloaded and reviewed
2026-10-05 · 8-K · Downloaded and reviewed
2026-10-13 · 8-K · Downloaded and reviewed
2026-10-16 · 8-K · Downloaded and reviewed
2026-10-19 · 8-K · Downloaded and reviewed

ASST preferred schedule policy

SATA actual outstanding times $100 stated amount; no proceeds/capacity/carrying values. Zero only where confirmed before first issuance. Common reverse split does not affect SATA. SATA outstanding reported shares × $100; weekly reporting convention includes sold shares pending next-business-day issuance. Effective balance dates, not filing dates, drive this ex-post illustration. No SATS before October 20. January 27 settled issuance is documented, but no full balance is invented from a partial flow.

12,729 net additional SATA shares between Nov 10 and Dec 31 confirmed by audited year-end; exact settlement dates not established. Do not book entire difference on Dec 31 as issuance.
Requested /tmp/strive-pref-sources cache absent; reused repository existing audit and downloaded annual filing instead.
January 27 transaction quantities do not establish total outstanding because intervening ATM shares are not dated.
Q1 ATM count is rounded in narrative; 110,466 is arithmetic residual using approximately 929,999 exchange shares, not independently precise ATM disclosure.
June 18 and subsequent weekly totals must not be mislabeled exact outstanding. September 30 exact shares split the overlapping September 25–October 2 weekly flow without adding the full week twice.
October 19 has no same-day balance. Friday October 16 reported 14,030,176 includes the general settlement footnote; no assumption of zero new October 19 issuance.
No precise daily ATM/settlement ledger between disclosures; every intervening date is explicitly carried, not interpolated.

Reviewed filings (59)

· 8-K / exhibit · Capital description confirms no preferred shares outstanding on merger close; zero remains applicable until first settled preferred issuance Nov 10.
2025-11-10 · 8-K / exhibit · Initial IPO closed: 2 million shares, $100 stated amount, $80 issue price; use stated not proceeds.
2025-11-14 · 10-Q · Quarter-end balance confirms no preferred shares outstanding.
2026-01-05 · 8-K · Downloaded and reviewed; HTTP 200
2026-01-13 · 8-K · Downloaded and reviewed; HTTP 200
2026-01-15 · 8-K · Downloaded and reviewed; HTTP 200
2026-01-16 · 8-K · Downloaded and reviewed; HTTP 200
2026-01-21 · 8-K · Downloaded and reviewed; HTTP 200
2026-01-22 · 8-K · Downloaded and reviewed; HTTP 200
2026-01-28 · 8-K · Downloaded and reviewed; HTTP 200
2026-02-03 · 8-K · Downloaded and reviewed; HTTP 200
2026-02-13 · 8-K · Downloaded and reviewed; HTTP 200
2026-03-11 · 8-K · Downloaded and reviewed; HTTP 200
2026-03-19 · 10-K · Downloaded and reviewed; HTTP 200
2026-03-19 · 8-K · Downloaded and reviewed; HTTP 200
2026-03-30 · 8-K · Downloaded and reviewed; HTTP 200
2026-04-06 · 8-K · Downloaded and reviewed; HTTP 200
2026-04-15 · 8-K · Downloaded and reviewed; HTTP 200
2026-04-27 · 8-K · Downloaded and reviewed; HTTP 200
2026-05-01 · 8-K · Downloaded and reviewed; HTTP 200
2026-05-04 · 8-K · Downloaded and reviewed; HTTP 200
2026-05-14 · 10-Q · Downloaded and reviewed; HTTP 200
2026-05-14 · 8-K · Downloaded and reviewed; HTTP 200
2026-05-14 · 8-K · Downloaded and reviewed; HTTP 200
2026-05-19 · 8-K · Downloaded and reviewed; HTTP 200
2026-05-26 · 8-K · Downloaded and reviewed; HTTP 200
2026-06-01 · 8-K · Downloaded and reviewed; HTTP 200
2026-06-02 · 8-K · Downloaded and reviewed; HTTP 200
2026-06-08 · 8-K · Downloaded and reviewed; HTTP 200
2026-06-08 · 8-K · Downloaded and reviewed; HTTP 200
2026-06-15 · 8-K · Downloaded and reviewed; HTTP 200
2026-06-15 · 8-K · Downloaded and reviewed; HTTP 200
2026-06-22 · 8-K · Downloaded and reviewed; HTTP 200
2026-06-29 · 8-K · Downloaded and reviewed; HTTP 200
2026-07-06 · 8-K · Downloaded and reviewed; HTTP 200
2026-07-13 · 8-K · Downloaded and reviewed; HTTP 200
2026-07-15 · 8-K · Downloaded and reviewed; HTTP 200
2026-07-20 · 8-K · Downloaded and reviewed; HTTP 200
2026-07-27 · 8-K · Downloaded and reviewed; HTTP 200
2026-08-03 · 8-K · Downloaded and reviewed; HTTP 200
2026-08-10 · 10-Q · Downloaded and reviewed; HTTP 200
2026-08-10 · 8-K · Downloaded and reviewed; HTTP 200
2026-08-10 · 8-K · Downloaded and reviewed; HTTP 200
2026-08-14 · 8-K · Downloaded and reviewed; HTTP 200
2026-08-17 · 8-K · Downloaded and reviewed; HTTP 200
2026-08-24 · 8-K · Downloaded and reviewed; HTTP 200
2026-08-31 · 8-K · Downloaded and reviewed; HTTP 200
2026-09-08 · 8-K · Downloaded and reviewed; HTTP 200
2026-09-14 · 8-K · Downloaded and reviewed; HTTP 200
2026-09-15 · 8-K · Downloaded and reviewed; HTTP 200
2026-09-21 · 8-K · Downloaded and reviewed; HTTP 200
2026-09-28 · 8-K · Downloaded and reviewed; HTTP 200
2026-10-05 · 8-K · Downloaded and reviewed; HTTP 200
2026-10-13 · 8-K · Downloaded and reviewed; HTTP 200
2026-10-13 · 8-K · Downloaded and reviewed; HTTP 200
2026-10-13 · 8-K · Downloaded and reviewed; HTTP 200
2026-10-14 · 8-K · Downloaded and reviewed; HTTP 200
2026-10-16 · 8-K · Downloaded and reviewed; HTTP 200
2026-10-19 · 8-K · Downloaded and reviewed; HTTP 200

BTC: Coinbase daily candles, UTC close; Oct 19 partial day. Equity: Yahoo Finance daily chart (third-party; split-adjusted closes); nontrading days use the last source close, retained in the dated audit and CSV. Oct 19 equity capture is also partial.

Daily provenance

Oct 25, 2026 · BTC/USD $80,053.16

MSTR reported inputs

ASST reported inputs

The Missing Dashboards

Homepage publishing

Four export-ready panels below the existing dashboards. Preview only — not yet on the homepage. Values come from the same shared, dated issuer inputs as the dashboards above.

01 Homepage export

Grain of Salt SF

As of Oct 25, 2026

Strategy Cash Reserve History

Reported balances and cash uses

USD Reserve

$4.830B

Designated liquidity

USD Cash

$242.4M

Treasury cash

Combined USD assets

$5.0724B

Reserve + USD Cash

Latest STRC buyback

$204.9M

Oct 19–Oct 25 cash spent

Total STRC buybacks

$2.0432B

14 reported intervals

Cash held + buybacks

$8.4942B

Partial bridge, not total raised

USD ReserveUSD CashBuyback cash (incl. convert)

May 26 converts: $1.378649B cash for $1.50B 2029 principal.

Buybacks are already reflected in balances; pink bars are cash uses, never deducted twice. Report dates equally spaced. Early bars are reserve-only: USD Cash not reported, not zero.

grainofsaltsf.com / Source dates retained with every metric

Sources, dates and method

Balances as of Oct 25, 2026, filed Oct 26, 2026: Strategy 8-K. Defined USD assets = USD Reserve + USD Cash (issuer definition, not GAAP cash).

Latest STRC buyback Oct 19, 2026–Oct 25, 2026: source. Total = 14 unique nonoverlapping reported intervals, covered through Oct 25, 2026.

Cash held + disclosed buybacks is a partial stock-plus-uses bridge (Dec 1, 2025–Oct 25, 2026): assets + May 26 convert cash + STRC buyback cash. It is not total cash raised. Full opening liquidity, December flows, complete July–October financing/BTC/dividend ledger, investments and settlement crosswalk are not reconciled. No residual is classified as fundraising.

May 26 convert: 10-Q settlement $1.378649B cash for $1.50B principal. Bars start Dec 1, 2025 on source report dates; rows before Aug 24, 2026 are reserve-only proxies because the retained source reports no USD Cash for them (unknown, not zero).

02 Homepage export

Grain of Salt SF

As of Oct 25, 2026

Strategy Net Leverage History

Net debt relative to Bitcoin asset value

2.35%

Net leverage

At fixed BTC $82,330 (Oct 15 reference)

$1.6416B net debt

$6.714B debt − $5.0724B USD assets

Net leverage = (debt − defined USD assets) ÷ Bitcoin asset value. Dashed Dec 1, 2025–Aug 23, 2026: proxy (USD Reserve only — USD Cash and full USD assets unknown, not zero — and the May 26–Jun 29 debt reconstruction). Solid from Aug 24, 2026: reported Reserve + USD Cash. Ends Oct 25, 2026 at 2.42%.

grainofsaltsf.com / Source dates retained with every metric

Sources, dates and method

Current tile: (debt $6.714B as observed Oct 19, 2026 − defined USD assets $5.0724B as of Oct 25, 2026) ÷ (848,517 BTC × $82,330). Retained fixed BTC reference $82,330 (Oct 15, 2026 snapshot) — not a live quote.

Plotted line: same formula on each daily BTC close (Coinbase/retained closes), with each input carried from its own latest prior effective date — an ex-post effective-date illustration (as-of dates, not publication dates), not a lookahead-free history. Current tile mixes the Oct 15 BTC reference with Oct 19–25 balances. First computable Dec 1, 2025 at 12.08%; plot ends Oct 25, 2026 at 2.42% using that day's close $80,053.16.

Start Dec 1, 2025: Strategy Dec 1, 2025 8-K established the $1.44B USD Reserve (funded by MSTR ATM) with 650,000 BTC as of Nov 30; it does not establish USD Cash or full USD assets, so the line before Aug 24, 2026 is a reserve-only proxy that may overstate net leverage. On Dec 1, 2025: net (reserve-only) 12.08%; gross debt ÷ BTC value with no asset offset 14.65% — a different measure, not plotted.

Debt is convertible-note principal only at every date (other secured debt excluded), from each filing's convertible-note table and carried from its quarter-end: Sep 30, 2025 10-Q $8.213661B; Dec 31, 2025 10-K and Mar 31, 2026 10-Q $8.213659B; Jun 30, 2026 10-Q $6.713659B. May 26–Jun 29, 2026 is a dashed proxy (Mar 31 principal − $1.50B 2029 principal retired), not a filed balance. Current issuer convertible total $6.714B (Oct 19, 2026). Preferred claims are excluded — this is net leverage, not amplification.

03 Homepage export

Grain of Salt SF

As of Oct 23, 2026

Strive Cash Reserve History

Reported cash and STRC securities

Cash & equivalents

$504.4M

Reported cash

STRC investment

$50.177M

Fair value

Combined USD assets

$554.577M

Cash + securities

Cash & equivalentsSTRC value

Cash + securities; STRC is an asset, SATA/SATS are preferred claims. Report dates equally spaced.

grainofsaltsf.com / Source dates retained with every metric

Sources, dates and method

Latest as of Oct 23, 2026, filed Oct 26, 2026: Strive 8-K. STRC 505,000 shares at fair value.

History starts at the first supported primary balance sheet (Sep 30, 2025, Q3 10-Q published Nov 14, 2025: cash $109.069M, short-term investments $0, debt $0). Balances are plotted on their as-of dates, not their later publication dates, so the history is not lookahead-free. Rows with unknown STRC show cash only and are gaps in the leverage line; nothing is zero-filled. STRC is an investment asset; SATA and SATS are preferred claims, not cash.

04 Homepage export

Grain of Salt SF

As of Oct 23, 2026

Strive Net Leverage History

Net debt relative to Bitcoin asset value

−15.67%

Net cash position

At fixed BTC $82,330 (Oct 15 reference)

$554.577M net USD assets

Cash and securities exceed debt

Net leverage = (debt − cash − STRC) ÷ Bitcoin asset value. Line from Sep 30, 2025; ends Oct 25, 2026 at −16.11%.

grainofsaltsf.com / Source dates retained with every metric

Sources, dates and method

Current tile: (debt $0M − cash + STRC $554.577M as of Oct 23, 2026) ÷ (43,000 BTC × $82,330). Retained fixed BTC reference $82,330 (Oct 15, 2026 snapshot) — not a live quote.

Plotted line: ex-post effective-date illustration (as-of dates, not publication/knowledge dates; not lookahead-free) on daily BTC closes, each input carried from its own latest prior date. First computable Sep 30, 2025 at −16.25%; ends Oct 25, 2026 at −16.11% (close $80,053.16). Debt follows disclosed facts, including $120M at the Jan 16 Semler close and $10M on Jan 28, then $0. 8 days are gaps where STRC value was not reported (Mar 9, 2026–Mar 16, 2026). Preferred claims excluded.

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