Strategy holds
843,706 BTC
As of June 1, 2026, that's 220,429 sats backing each diluted share. The structure is public. The conclusions are in the book.
Latest filing row: June 2026 — 32 BTC sold, then holdings reconciled to 843,706 BTC.
Sats per diluted share — every buy since the ATM era
Each point is one filing row. The line moves when BTC activity, share count, or both change. The question is whether residual sats per diluted share improved after the capital action.
Cumulative BTC held
From 21,454 BTC in August 2020 to the current disclosed stack. Most rows are purchases; the latest row can also show a BTC sale when Strategy uses that physical funding path.
Physical funding path, atomic BTC cost
Strategy can fund a dividend or liability from same-week ATM proceeds, the USD reserve, an actual BTC sale, or a mix. The physical ledger records which source supplied the cash. The atomic model asks the separate valuation question: how many sats did that dollar use consume?
When no BTC is sold, the model can still treat the payment as BTC-equivalent claim burn. When BTC is sold, the physical and atomic ledgers move closer together: the sale is no longer hypothetical. It is an explicit source/use row, and the residual stack still has to reconcile.
The forever-cost of a perpetual preferred
A perpetual preferred pays a fixed dividend forever. If Bitcoin compounds at a long-term CAGR and the dividend rate is d, the total BTC cost converges to a finite number. The formula is Forever Cost = d / CAGR. Drag the sliders to see how assumptions change the outcome.
This is illustrative only. It shows the structure of the relationship — what happens to forever-cost as you change CAGR and coupon assumptions. The actual analysis (how to value a specific preferred, how to stress-test the CAGR assumption, how execution risk enters the model) is in the book.
The conclusions are paywalled. The math behind this is in the book.
The charts above show the structure. The book explains why it works, when it breaks, and how to think about it as an investor.