BTC per share
The bitcoin held by a treasury company divided by its diluted share count. Tells you how much actual BTC each share represents · the only metric that matters for long-term shareholder accretion.
Strategy (MSTR) was at roughly 0.00124 BTC (124,000 sats) per share as of mid-2026 and has grown this number every quarter via accretive equity issuance.
How to read it
This is the only treasury number that compounds for you. Price per share and mNAV bounce around with sentiment, but BTC per share only moves when the company actually adds or sheds coins relative to its share count. Read it quarter over quarter: a rising line means the flywheel works, a flat line means you own an expensive spot proxy, a falling line means dilution is eating the thesis.
On Galaxy Mind
The /treasuries table carries BTC holdings and market cap per company, which together give you this figure, and the per-ticker pages chart its inputs over time. The allocation engine on /fit leans on the same idea: MSTR anchors aggressive long-horizon portfolios precisely because BTC per share has historically grown every quarter.
Context
Strategy sat at roughly 0.00124 BTC per share (about 124,000 sats) as of mid-2026, up from under 90,000 sats two years earlier. Saylor's framing is that a share of MSTR is a claim on a growing stack: dilution that grows the stack faster than the share count is a feature, not a cost.