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Analytical exposure

Bitcoin exposure

Look-through Bitcoin exposure is an analytical metric. It is not Bitcoin owned directly by Josh and does not give shareholders a legal claim on issuer Bitcoin. It remains separate from securities-portfolio market value, the WSB Strategic Bitcoin Reserve, and the Fiat Freedom Income Model.

Total look-through Bitcoin exposure

Analytical exposure

Total look-through (sats)

2,807,676 sats

Eligible holdings only — excludes WSB Bitcoin Reserve

As of Sep. 23, 2026 at 11:00 p.m. ET

Total look-through (BTC)

0.02807676 BTC

As of Sep. 23, 2026 at 11:00 p.m. ET

Latest metric date

2026-09-24

Newest issuer metric date among current holdings

Eligible holdings

3

Positions with confirmed diluted sats/share

Share of total look-through by position

  • MSTR81.14%
  • ASST12.84%
  • MPJPY6.02%

As of Oct. 30, 2026 at 4:00 p.m. ET

Exposure by portfolio holding

IssuerTickerSharesADRDiluted sats/shareLook-through satsBTC equiv.% of totalMetric date
StrategyMSTR12.121:1187,9552,278,013 sats0.02278013 BTC81.14%2026-09-20
StriveASST13.71:126,317360,542 sats0.00360542 BTC12.84%2026-09-18
MetaplanetMPJPY591:12,866169,121 sats0.00169121 BTC6.02%2026-09-24 (source: "Current")

Held but excluded from look-through: SpaceX (SPCX). These are operating-company allocations, not Bitcoin-amplification positions; see the methodology.

Issuer sources, retrieval dates, and dilution scope are listed under Advanced methodology.

Look-through BTC exposure by holding

Derived analytical estimate using diluted sats per share × shares × ADR ratio. Not direct ownership of issuer Bitcoin. Separate from portfolio market value and the WSB Bitcoin Reserve.

Sources of equity return

A Bitcoin-linked stock can beat or trail Bitcoin for three different reasons. Separate them before comparing.

  1. 1

    Bitcoin-per-share growth

    The company adds Bitcoin faster than it adds diluted shares, so each share represents more Bitcoin. Tracked above as diluted sats per share.

    Issuance examples ↓

  2. 2

    Residual common-equity amplification

    Debt and preferred claims are fixed, so common shareholders absorb a larger percentage of each move in the company’s assets — in both directions.

    Amplification example ↓

  3. 3

    Operating-company growth

    Cash flows from a business other than holding Bitcoin. When Bitcoin is a small part of a company’s value, this dominates. SpaceX’s 18,712 BTC were about 0.05% of its approximate market value on Jun. 30, 2026.

    Research note: Can SpaceX help a Bitcoin portfolio outperform? →

SPCX is held as a small, long-term experimental operating-company allocation. It is not a Bitcoin-amplification position and is excluded from every look-through total on this page.

Diluted sats-per-share history

Append-only primary-source observations. Each issuer’s disclosed points are connected in date order; dates with no disclosure for that issuer are not filled with invented values.

IssuerLatest diluted sats/sharePreviousChangeChange %Vs Jun 30 2026Vs Dec 31 2025As ofSource
MSTRStrategy187,955 satsreported210,824 sats-22,869 sats-10.85%-10.85%-3.61%Sep. 20, 2026 at 4:00 p.m. ETStrategy shares and Bitcoin pages
ASSTStrive26,317 satsreportedUnavailableUnavailableUnavailableUnavailableUnavailableSep. 18, 2026 at 4:00 p.m. ETStrive SEC filing (Form 8-K / exhibit)
MetaplanetMetaplanet2,866 satsreported2,635 sats231 sats+8.77%+8.77%UnavailableSep. 23, 2026 at 11:00 p.m. ETSource label: “Current”Metaplanet analytics tracker (shares tab)
History methodology notesHow observations are recorded, dated, and compared
  • Append-only diluted sats-per-share history from primary sources only (IR, SEC, company dashboards).
  • Prefer issuer-reported diluted sats/share for chart display when available; look-through exposure calculates from unrounded holdings ÷ assumed diluted shares × ADR ratio when raw inputs exist.
  • Never interpolate missing observations; connect only disclosed points and label every point with its actual date.
  • Never replace a historical row with a later current value — append new observations only.
  • MPJPY is a 1:1 Level I ADR for Metaplanet (TSE:3350); apply Metaplanet per-share metrics only while adrRatio remains 1.
  • ASST issuer-defined assumed fully diluted excludes separately disclosed traditional warrants (25,810,455 as of the Sep 18, 2026 observation).
  • WSB Strategic Bitcoin Reserve sats never enter look-through exposure.

Strategy (MSTR) recent change

Since June 30, 2026: -10.85%. Since December 31, 2025: -3.61%.

Strategy’s reported Bitcoin holdings remained at 846,000 BTC between June 30 and September 20 while its assumed diluted share count increased. As a result, this gross diluted Bitcoin-per-share metric declined. This metric alone does not measure the value of Strategy’s operating business, financing activity, preferred capital, liabilities or future capital-markets activity.

Metaplanet diluted sats/share change since June 30, 2026: +8.77%.

How a company can buy Bitcoin while reducing Bitcoin per share

Buying more Bitcoin does not automatically increase Bitcoin per share. The company must acquire Bitcoin faster than it increases its diluted share count.

Starting position

100 BTC
100 diluted shares
1.00 BTC per share

Accretive issuance

Issue 100 new shares
Use proceeds to acquire 150 BTC
250 BTC ÷ 200 shares = 1.25
Bitcoin per share rises 25%

Dilutive issuance

Issue 100 new shares
Use proceeds to acquire 50 BTC
150 BTC ÷ 200 shares = 0.75
Bitcoin per share falls 25%

Debt and preferred financing can increase gross Bitcoin per common share without making the senior claims disappear. Gross diluted sats per share does not subtract debt, preferred liquidation preferences, or other senior obligations.

Why can MSTR move more than Bitcoin when sats per share is unchanged?

Diluted sats per share measures the quantity of Bitcoin associated with each diluted share. Its dollar value still changes when Bitcoin’s price changes. MSTR common equity is also the residual claim after debt and preferred obligations, while its market price may trade above or below common net asset value. MSTR can therefore amplify Bitcoin’s movement even when the quantity of Bitcoin per share has not changed.

Gross BTC value / diluted share

BTC/share × BTC/USD

Illustrative common NAV

Assets − net senior claims

Illustrative market value

Common NAV × mNAV

Simplified educational example (not a Strategy valuation model)

Bitcoin and other assets: $100 · Net senior claims: $20 · Common NAV: $80

If assets rise 10% → Assets $110 · Claims $20 · NAV $90 · Common NAV return +12.5%

If assets fall 10% → Assets $90 · Claims $20 · NAV $70 · Common NAV return −12.5%

The asset moved by $10, but common shareholders began with an $80 residual claim. A $10 movement relative to $80 equals 12.5%.

This simplified example illustrates residual common-equity sensitivity. It is not a prediction that MSTR will move by a fixed multiple of Bitcoin. Actual MSTR performance also reflects changes in mNAV, capital-market expectations, options and equity-market flows, debt and preferred terms, cash and reserves, software and other assets, trading-hour differences, and future dilution or accretion. Secondary mNAV dashboards are not published here.

Advanced methodology

Issuer dilution inputs, calculation rules, limitations, and primary sources. Expand any section for detail.

Issuer methodology and dilution notesHoldings, basic and assumed diluted shares, dilution scope, and per-issuer notes
IssuerBTC holdingsBasic sharesAssumed dilutedDilution scopeBasic sats/shareDiluted sats/shareRetrieved
Strategy (MSTR)846,000420,507,000450,108,000assumed_diluted_convertible_instruments_options_rsus_psus201,186187,9552026-09-23T21:00:00-04:00
Strive (ASST)26,35597,002,649100,144,713issuer_assumed_fully_diluted_excluding_traditional_warrants27,16926,3172026-09-23T21:00:00-04:00
Metaplanet (MPJPY)43,0001,364,282,6241,500,108,824assumed_diluted_tracker3,1512,8662026-09-24T12:00:00+09:00

Strategy / MSTR. Assumed diluted shares are defined by Strategy as basic shares plus assumed conversion of convertible instruments, options, restricted stock units and performance stock units. Sources: strategy.com/shares, strategy.com/btc.

Strive / ASST. Issuer-defined assumed fully diluted shares = effective common + options + unvested employee awards (100,144,713). Separately disclosed traditional warrants (25,810,455) are excluded from that issuer-defined figure and must not be silently included. Displayed rounded diluted sats/share: 26,317. Excluded traditional warrants: 25,810,455. Strive’s assumed fully diluted figure includes effective common shares, options and unvested employee awards, but excludes separately disclosed traditional warrants. A broader treasury-adjusted dilution calculation could therefore produce a lower sats-per-share figure. Source: SEC filing.

Metaplanet / MPJPY. MPJPY represents Metaplanet ordinary shares at a 1:1 ADR ratio. The analytics tracker labels the latest row as “Current”; the stored metric date is the retrieval date and does not imply a new corporate action. Look-through uses unrounded holdings ÷ assumed diluted shares when raw inputs are available (reported rounded diluted sats/share is 2,866). Source: analytics.metaplanet.jp.

Calculation rulesHow look-through sats are calculated, rounded, and kept separate
  • Position look-through sats = portfolio shares × unrounded issuer diluted sats per share × ADR ratio, rounded only at the end to the nearest satoshi. Missing metrics display as Unavailable, never as zero.
  • Historical issuer observations remain append-only.
  • Historical values are never replaced with the latest current value.
  • Third-party estimates are never used when a usable primary disclosure exists.
  • Every metric shows its issuer date and retrieval date.
  • WSB Strategic Bitcoin Reserve sats never enter this look-through total; look-through never enters actual portfolio market value.
  • Research-only examples, such as SPCX in Sources of equity return, never enter the portfolio, valuation history, market observations, or look-through totals.
LimitationsWhat sats per share does and does not measure
  • Sats per share is not the same as net asset value.
  • Sats-per-share growth does not guarantee share-price appreciation.
  • Gross diluted sats per share does not subtract debt, preferred liquidation preferences, or other senior obligations.
Primary source registryIssuer metric dates, retrieval dates, and source URLs
IssuerMetric dateRetrievedSource
Strategy (MSTR)2026-09-202026-09-23T21:00:00-04:00https://www.strategy.com/btc
Strive (ASST)2026-09-182026-09-23T21:00:00-04:00https://www.sec.gov/Archives/edgar/data/1920406/000162828026062806/asst-20260921.htm
Metaplanet (MPJPY)2026-09-24 (source: "Current")2026-09-24T12:00:00+09:00https://analytics.metaplanet.jp/?tab=shares