TLDRs;
- Strategy stock climbed back above $100, but the Bitcoin-per-share gain has almost completely disappeared since March.
- Share dilution accelerated faster than Bitcoin accumulation, weakening the benefit of recent purchases for common shareholders.
- The company sold MSTR shares and Bitcoin while directing cash toward STRC preferred-stock buybacks and dividends.
- Analysts remain broadly bullish despite lower targets, while upcoming U.S. inflation and retail data could affect Bitcoin.
Strategy Inc. (NASDAQ: MSTR) closed above the psychologically important $100 level on Friday, ending the session at $100.01 after a 3.3% daily gain. The stock also advanced 7.2% over the past week, outperforming Bitcoin’s roughly 3.1% weekly rise.
Yet beneath the rebound, investors are increasingly focused on a less visible metric that may matter more for long-term shareholders: Bitcoin per diluted share. Recent company disclosures show that the benefit of Strategy’s aggressive Bitcoin accumulation has nearly vanished when adjusted for the growing share count.
The stock’s return to triple digits therefore reflected improving market sentiment more than a meaningful improvement in the economics of each common share.
Bitcoin-Per-Share Edge Shrinks
Strategy uses Bitcoin per share, often abbreviated as BPS, to evaluate whether additional Bitcoin purchases actually increase exposure for ordinary shareholders. The metric divides total Bitcoin holdings by the estimated diluted share count.
During the second quarter, gross BPS improved by 4.8%. However, that gain was largely erased in the weeks that followed. By August 2, BPS had fallen 4.3% from the June 30 level, leaving it only about 0.3% higher than it was on March 31.
The underlying reason is straightforward. Strategy’s Bitcoin holdings declined slightly from 846,000 at the end of June to 842,138 by August 2, while the diluted share count rose from about 401.3 million to 417.3 million. In other words, the denominator expanded faster than the numerator.
For shareholders, that means the company still owns an enormous amount of Bitcoin, but each individual share now represents a smaller portion of that holding than it did only a few weeks ago.
Aggressive Capital Activity
Strategy sold roughly 3.01 million MSTR shares, generating about $290.6 million in net proceeds. The company also sold 1,638 Bitcoin for approximately $104.7 million. Part of that cash was used to fund dividends, while another portion was directed toward repurchasing STRC preferred shares.
JUST IN: Strategy $MSTR CEO Phong Le just said, "We're going to get $STRC back to $100 par and start accreting BPS. I hope #Bitcoin bull cycle will start soon, it's going to be interesting for our securities."
"This next bull cycle is going to be a fascinating one to be part… pic.twitter.com/PpPpF6my2k
— BitcoinTreasuries.NET (@BTCtreasuries) August 7, 2026
The company bought back about 912,143 STRC shares for $81.2 million, reducing the amount of preferred stock outstanding. Strategy ended the period with a reported dollar reserve of about $4.0 billion, which provides liquidity for future dividend and interest obligations.
Notably, the company did not repurchase any common shares despite having a previously authorized $1 billion buyback program. Management instead prioritized preferred-share repurchases, arguing that buying those securities below their effective cost could reduce future dividend requirements.
Rally Masks Fundamental Questions
Friday’s rally came as crypto-related equities moved in different directions. Coinbase gained 5.6% on the day and was up 5.0% for the week, while MARA Holdings fell 5.1% on Friday and dropped 10.9% over the same weekly period.
The divergence suggests that investors are becoming more selective within the crypto-equity space rather than treating all Bitcoin-linked stocks as a single trade.
Analysts remain broadly constructive on Strategy, although several firms have reduced their price targets after earnings. Recent targets range from $125 to $325, and the average target compiled by MarketBeat remains well above the current share price.
That optimism is tied largely to the company’s substantial Bitcoin treasury and its ability to access capital markets. However, the spread between the highest and lowest targets also highlights unusually high uncertainty around valuation.
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