BTC Treasury & Digital Credit Tracker

How Strategy (MSTR) and Strive (ASST) — and their preferred equities STRC and SATA — are trending relative to Bitcoin.

Strategy — MSTR common · STRC preferred Strive — ASST common · SATA preferred
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Bitcoin
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Strategy
MSTR
—
common
Net mNAVⓘ
—
mcap ÷ net reserve
STRC
—
preferred
Strive
ASST
—
common
Net mNAVⓘ
—
mcap ÷ net reserve
SATA
—
preferred

Company Stats

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Where each company stands right now — share price, size, and the balance-sheet building blocks that every metric below is built from. Hover any line item for how it's calculated and why it matters.

MSTR — Daily Close

Line: daily close (left) · Line: net mNAV (right)

ASST — Daily Close

Line: daily close since Jan 1, 2026 (left) · Line: net mNAV (right)

STRC — Preferred Daily Close

Line: daily close (left) · Steps: shares outstanding (right)

SATA — Preferred Daily Close

Line: daily close (left) · Steps: shares outstanding (right)

Accumulation & Holdings

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How big each bitcoin treasury is and how fast it's growing.

MSTR — Accumulation

Weekly · Bars: BTC acquired / week (left) · Line: total BTC holdings (right)

ASST — Accumulation

Weekly · Bars: BTC acquired / week (left) · Line: total BTC holdings (right)

Cost & Efficiency

How well the bitcoin was bought — each company's entry price versus today's market.

Per-Share & Yield (common shareholders)

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What one share of common stock actually owns, and whether accumulation is outpacing dilution.

MSTR — BTC per Share

sats / share over time · basic shares

ASST — BTC per Share

sats / share over time · basic shares

Valuation & Premium

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Whether the market is pricing each company above or below the bitcoin behind it — for the structure as a whole, and for common shareholders after debt and preferred take their cut.

MSTR — Price vs. mNAV

Line: daily close (left) · Line: EV mNAV (right) · (mcap + debt + preferred − cash) ÷ BTC reserve

ASST — Price vs. mNAV

Line: daily close (left) · Line: EV mNAV (right) · (mcap + debt + preferred − cash) ÷ BTC reserve

Capital Structure

How much cushion sits between each treasury and its obligations — leverage, coverage, and staying power.

Leverage and coverage use face/notional values. Lower leverage and higher coverage = a safer structure for common holders; higher leverage can enable faster accumulation.

Implied Price Calculator

model

Set your assumptions, get an implied share price.

How the model works
  • Month-by-month engine — issuance buys BTC, dividends get serviced, and each month's price backs out of your EV mNAV.
  • Starts from today's live balance sheet.
  • Defaults are real — issuance uses each company's rolling 3-month pace from its filings (MSTR preferred sits at $0 while the STRC ATM is paused below par). Override anything.
  • Dividend cash runway — issuance proceeds first park N months of preferred dividends as cash (MSTR's recent posture); only the rest buys BTC. Parked cash never earns the mNAV multiple, so it's per-share neutral and a longer runway means less accretion. 0 = every dollar buys BTC.
  • Issuance is earned, not assumed — the common ATM shuts in any month the modeled net mNAV sits below your floor (default 1.00×, Strategy's stated accretion threshold). Dividends then follow a waterfall: runway cash first, then issuance only while the ATM is open, then forced BTC sales. That's what makes a premium collapse actually hurt — you lose the accretion engine and start selling coin at the same moment.

A model, not a forecast: BTC and mNAV move linearly to your targets; issuance is constant per month while the ATM is open. Not modeled: in-the-money converts flipping to shares, variable preferred-rate resets, and taxes on unrealized gains. EV basis prices the whole structure (mcap = mNAV × BTC NAV − claims); net basis prices the common's residual (mcap = mNAV × net NAV). Converts are held at notional throughout — the model doesn't flip in-the-money tranches into share count. Runway cash offsets claims at face value but never earns the multiple — only BTC-bought dollars capture the issuance premium.

Company Actions

A running log of what each company actually did, week by week, straight from their SEC filings — raises, buys, sales, and dividend changes. Newest first; scroll for history.

Short Interest

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How crowded the short side is, instrument by instrument — and what it costs to stay short. methodologyⓘ

MSTR — Short Interest

ASST — Short Interest

STRC — Short Interest

SATA — Short Interest

Sources & methodology — Prices as of —; data as of —. Data refreshes automatically throughout market hours.
Not investment advice. Confirm against each issuer's latest filing before relying on the ratios.