Strategy holds $52B in net Bitcoin reserves after adjustments

Strategy Inc. is sitting on roughly $52.5 billion in net Bitcoin reserves after subtracting what it owes to preferred shareholders and convertible debt holders. The gross number is substantially larger. Strategy holds approximately 845,050 BTC valued at around $74 billion, which represents about 4.02% of Bitcoin’s entire circulating supply. But after accounting for roughly $14.8 to $15.5 billion in preferred stock obligations and $6.7 to $6.8 billion in out-of-the-money convertible debt, the net figure lands at $52.5 billion. A new way of counting The shift in reporting methodology traces back to July 2026, when Strategy introduced a revised metrics framework that prioritizes net exposure for common shareholders. Previously, the company simply trumpeted its total Bitcoin stack. Now it’s voluntarily showing its work, deducting the claims that sit above common equity in the capital structure. Executive Chairman Michael Saylor has been the loudest champion of this approach. The framework is designed to give shareholders a clearer picture of what actually belongs to them after everyone else in line gets paid first. The company has also introduced a market net asset value metric, referr...