Bitcoin Treasury Drift
Is each share getting you more Bitcoin — or less?
Why This Metric Exists
When a company like Strategy says “we hold 717,131 BTC,” that sounds impressive. And it is. But as a shareholder, you don't own the company's total Bitcoin stack — you own a fraction of it, determined by how many shares exist.
Every time a company issues new shares to buy more Bitcoin, two things happen simultaneously: the total BTC goes up, and the number of shares goes up. The question that matters to you is: which one grew faster?
Accretive
BTC grew faster than shares. Each share now represents more Bitcoin than before. The company is increasing your exposure.
Dilutive
Shares grew faster than BTC. Each share now represents less Bitcoin than before. Your exposure per share has decreased.
This page tracks that ratio — BTC held ÷ shares outstanding — over time. We call the change in this ratio the drift. It's the metric you won't find on the company's own website.
MSTR — Strategy (formerly MicroStrategy)
The largest corporate Bitcoin holder. 99 purchases from August 2020 to February 2026, funded through convertible notes, ATM equity offerings, and preferred stock.
Current BTC/Share
0.00162
Peak BTC/Share
0.00185
Dec 2024
Change Since Start
+682.0%
Accretive
Change From Peak
-12.1%
Dec 2024 peak
BTC Per Share Over Time
BTC held ÷ diluted shares outstanding
The Two Forces: BTC Held vs Shares Outstanding
Both growing — but which one faster?
Key Milestones
| Milestone | Date | BTC Held | Shares | BTC/Share |
|---|---|---|---|---|
| First Purchase | Aug 11, 2020 | 21,454 | 103.4M | 0.000207 |
| Pre-21/21 Plan | Nov 4, 2024 | 252,220 | 219.8M | 0.00115 |
| Peak BTC/Share | Dec 16, 2024 | 439,000 | 237.7M | 0.00185 |
| Post-21/21 Plan | Mar 17, 2025 | 499,226 | 287.3M | 0.00174 |
| Latest | Feb 17, 2026 | 717,131 | 442.0M | 0.00162 |
How to Read This
The BTC/Share Chart
The top chart shows one number over time: how much Bitcoin each share represents. If the line goes up, shareholders are gaining Bitcoin exposure per share. If it goes down, dilution is outpacing accumulation.
The formula is simple: total BTC held ÷ diluted shares outstanding. Both numbers come from public filings.
The Two Forces Chart
The second chart shows the two inputs separately: BTC held (orange area) and shares outstanding (purple dashed line). When the orange area grows faster than the purple line climbs, shareholders benefit. When the purple line outpaces the orange, each share is getting diluted.
The Bull Case
- If BTC/share has grown since inception, the company's strategy is accretive — each share buys you more Bitcoin today than when you first invested.
- The company is effectively using financial engineering (debt, convertibles, ATM) to acquire Bitcoin faster than it dilutes. Shareholders benefit from the leverage without personally taking on debt.
- If Bitcoin's price rises, each share's BTC exposure multiplies the gain — you get the leverage effect on top of the underlying asset appreciation.
The Bear Case
- If BTC/share has declined from its peak, recent share issuance is dilutive — each share now represents less Bitcoin than it once did.
- Aggressive ATM (at-the-market) offerings can flood the market with new shares. If the company buys Bitcoin at high prices during these periods, the BTC-per-share math can work against shareholders.
- BTC/share doesn't capture the market premium. You might be paying 2x NAV per share, meaning you're effectively paying double for each unit of Bitcoin exposure compared to buying BTC directly.
- Debt-funded Bitcoin buying carries risk: if BTC price drops significantly, the company still owes the debt. Leverage amplifies losses just as it amplifies gains.
What This Metric Does Not Tell You
- Share price performance. BTC/share can be accretive while the stock price drops (if the market devalues the premium), or dilutive while the stock price rises (if Bitcoin rallies hard enough to mask dilution).
- Premium or discount to NAV. A share trading at 2x its Bitcoin backing is a very different investment than one trading at 1x. This metric tracks the backing, not the price you pay for it.
- Future dilution risk. Approved share issuance programs and outstanding convertible notes represent potential future dilution not yet reflected in current shares outstanding.
Methodology & Data Sources
How We Calculate BTC/Share
We take the company's total Bitcoin holdings at each purchase date and divide by the interpolated diluted shares outstanding at that same date. BTC holdings come from company announcements (8-K filings and press releases). Shares outstanding come from quarterly SEC filings (10-Q and 10-K reports).
Share Count Interpolation
SEC filings report shares outstanding quarterly. Between filing dates, we linearly interpolate the share count. This is an approximation — actual dilution from ATM offerings happens gradually throughout the quarter, not at a constant rate. The quarterly anchor points are accurate; between them, there may be minor timing differences.
Stock Split Adjustment
Strategy (MSTR) completed a 10-for-1 stock split on August 1, 2024. This is the only stock split during their entire Bitcoin-holding period (August 2020 — present). A stock split does not change the total value of your holdings — it simply divides each share into 10 shares at 1/10th the price.
For consistency, all share counts on this page are shown on a post-split (split-adjusted) basis. Pre-split share counts from SEC filings have been multiplied by 10 so the entire timeline is directly comparable. This means the BTC/share figures before August 2024 reflect what each post-split share represented — not the original pre-split share. The red dashed line on both charts marks the split date.
Data Sources
Company press releases and SEC 8-K filings. Strategy publishes every purchase at strategy.com/purchases.
SEC quarterly filings (10-Q) and annual reports (10-K). Diluted share count used where available.
Limitations & Transparency
- Shares outstanding are interpolated between quarterly filings. Actual intra-quarter share counts may differ.
- We use diluted shares where reported. Some filings report basic vs diluted differently; we aim for the most conservative (highest) share count.
- This metric does not account for the market premium/discount at which shares trade. A share may back 0.016 BTC but trade at a price implying 0.032 BTC worth of value (2x NAV).
- Outstanding convertible notes, warrants, and preferred stock conversion rights represent potential future dilution not reflected in current shares outstanding.
- Pre-split share counts (before August 1, 2024) have been retroactively adjusted ×10 to match the post-split basis. The original SEC filings show pre-split numbers.
Important Disclaimer
This page is for educational and informational purposes only. It is not financial advice, investment advice, or a recommendation to buy, sell, or hold any security. The data presented is derived from public filings and may contain inaccuracies due to interpolation, timing differences, or data entry errors. Always verify data against primary sources (SEC EDGAR, company filings) before making investment decisions. Past performance and historical BTC/share trends do not predict future results. Bitcoin and Bitcoin-related securities are volatile and carry significant risk of loss.