Strategy's Bitcoin Trove Hits 840,447 BTC; "Digital Credit" Plan Targets More BTC Per Share

Strategy, known for building a corporate Bitcoin reserve, released a new investor update saying it held 840,447 BTC as of Aug. 9, equal to about 4% of Bitcoin's total supply. The company said its approach goes beyond simply holding Bitcoin. It aims to use capital markets to build a "Digital Credit" platform designed to increase Bitcoin holdings on a per-share basis. As of Aug. 10, Strategy's stock (MSTR) had a market capitalization of about $38.368 billion, or roughly 1.06x mNAV (market value to net Bitcoin per share value). Strategy emphasized that MSTR is not a Bitcoin ETF: common shareholders do not directly own the Bitcoin on the balance sheet, and their claims sit behind the company's debt and preferred shares. Under its digital credit strategy, Strategy said it plans, when market conditions allow, to issue digital credit products each year equivalent to 10% to 20% of its Bitcoin reserves. The company estimated the annual issuance scale at roughly $5.4 billion to $10.8 billion. Strategy said that if Bitcoin's long-term yield exceeds its financing costs, the model could raise common shareholders' Bitcoin exposure per share. The company also highlighted that MSTR, as the common stock of a Bitcoin reserve company, carries both amplified upside and amplified risk. Key risks cited include Bitcoin price volatility, shifts in financing conditions, mNAV compression, dilution from equity issuance, and servicing pressure from debt and preferred shares. Strategy remains among the world's largest public companies by Bitcoin holdings and said it will continue to increase long-term Bitcoin holdings and per-share Bitcoin exposure through capital-market tools, digital credit issuance, and active asset allocation.