Project intrinsic value forward
Monthly simulation seeded from the latest snapshot (Aug 11, 2026). All math runs live in your browser.
Unit
End IV / share
$258
+183.4% vs today
End BTC price
$139,893
Mkt cap $2.8T · +119.7% · 30% CAGR
End MSTR price
$258
Mkt cap $103.0B · +169.2% vs today
End amplification
41%
Target 41%
Total div paid
$11.9B
Issuance $47.4B
Intrinsic value per share
+183.4%Capital structure projection
Monthly issuance & cumulative dividends
Bitcoin accumulated
+42.0%Bitcoin per share (sats)*
+40.0%*Raw BTC holdings ÷ shares. Does not subtract convertible debt or preferred liquidation value — pure economic exposure per share, not a debt-adjusted IV measure.
Premium metrics: Price/IV vs EV/NAV vs Price/NAV
Price/IV is the share-accretion metric. EV/NAV is the metric Strategy publicly cites as their mNAV. Price/NAV (market cap / BTC NAV) is the common equity-only premium widely quoted by analysts.
Month-by-month detail
| Date | BTC px | BTC held | Cash | Conv debt | Pref | Issuance | Div | IV/sh |
|---|---|---|---|---|---|---|---|---|
| 2026-08-11 | $63.7K | 840,447 | $4.5B | $6.7B | $15.5B | $0.0 | $144.1M | $91 |
| 2026-09-11 | $65.1K | 843,555 | $4.7B | $6.7B | $16.0B | $490.4M | $144.1M | $94 |
| 2026-10-11 | $66.5K | 850,138 | $4.7B | $6.7B | $16.5B | $587.0M | $149.0M | $96 |
| 2026-11-11 | $68.0K | 858,154 | $4.7B | $6.7B | $17.2B | $699.8M | $154.9M | $99 |
| 2026-12-11 | $69.5K | 866,770 | $4.7B | $6.7B | $18.0B | $760.6M | $161.9M | $102 |
| 2027-01-11 | $71.0K | 875,650 | $4.7B | $6.7B | $18.8B | $800.2M | $169.5M | $105 |
| 2027-02-11 | $72.6K | 884,658 | $4.7B | $6.7B | $19.6B | $831.5M | $177.5M | $108 |
| 2027-03-11 | $74.2K | 893,740 | $4.7B | $6.7B | $20.5B | $859.7M | $185.8M | $111 |
| 2027-04-11 | $75.8K | 902,874 | $4.7B | $6.7B | $21.4B | $887.1M | $194.4M | $114 |
| 2027-05-11 | $77.5K | 912,052 | $4.7B | $6.7B | $22.3B | $914.7M | $203.2M | $118 |
| 2027-06-11 | $79.2K | 921,272 | $4.7B | $6.7B | $23.2B | $942.9M | $212.4M | $121 |
| 2027-07-11 | $81.0K | 930,532 | $4.7B | $6.7B | $24.2B | $971.8M | $221.8M | $125 |
| 2027-08-11 | $82.8K | 939,834 | $4.7B | $6.7B | $25.2B | $1.0B | $231.5M | $128 |
| 2027-09-11 | $84.6K | 949,179 | $4.7B | $6.7B | $26.3B | $1.0B | $241.6M | $132 |
| 2027-10-11 | $86.5K | 958,566 | $4.7B | $6.7B | $27.3B | $1.1B | $251.9M | $136 |
| 2027-11-11 | $88.4K | 967,998 | $4.7B | $6.7B | $28.4B | $1.1B | $262.5M | $140 |
| 2027-12-11 | $90.3K | 977,476 | $4.7B | $6.7B | $29.5B | $1.1B | $273.5M | $144 |
| 2028-01-11 | $92.3K | 987,000 | $4.7B | $6.7B | $30.7B | $1.2B | $284.8M | $148 |
| 2028-02-11 | $94.4K | 996,572 | $4.7B | $6.7B | $31.9B | $1.2B | $296.4M | $152 |
| 2028-03-11 | $96.5K | 1,006,192 | $4.7B | $6.7B | $33.1B | $1.2B | $308.4M | $157 |
| 2028-04-11 | $98.6K | 1,015,862 | $4.7B | $6.7B | $34.4B | $1.3B | $320.8M | $162 |
| 2028-05-11 | $100.8K | 1,025,583 | $4.7B | $6.7B | $35.7B | $1.3B | $333.5M | $166 |
| 2028-06-11 | $103.0K | 1,035,355 | $4.7B | $6.7B | $37.1B | $1.4B | $346.7M | $171 |
| 2028-07-11 | $105.3K | 1,045,181 | $4.7B | $6.7B | $38.5B | $1.4B | $360.2M | $176 |
| 2028-08-11 | $107.6K | 1,055,061 | $4.7B | $6.7B | $39.9B | $1.4B | $374.1M | $182 |
| 2028-09-11 | $110.0K | 1,064,995 | $4.7B | $6.7B | $41.4B | $1.5B | $388.5M | $187 |
| 2028-10-11 | $112.4K | 1,083,970 | $4.7B | $5.7B | $43.9B | $2.5B | $403.3M | $192 |
| 2028-11-11 | $114.9K | 1,097,654 | $4.7B | $5.7B | $45.9B | $2.0B | $428.7M | $198 |
| 2028-12-11 | $117.4K | 1,109,225 | $4.7B | $5.7B | $47.7B | $1.8B | $448.7M | $204 |
| 2029-01-11 | $120.0K | 1,119,975 | $4.7B | $5.7B | $49.5B | $1.8B | $466.8M | $210 |
| 2029-02-11 | $122.7K | 1,130,430 | $4.7B | $5.7B | $51.3B | $1.8B | $484.3M | $216 |
| 2029-03-11 | $125.4K | 1,140,802 | $4.7B | $5.7B | $53.1B | $1.8B | $502.0M | $223 |
| 2029-04-11 | $128.2K | 1,151,181 | $4.7B | $5.7B | $54.9B | $1.9B | $520.0M | $229 |
| 2029-05-11 | $131.0K | 1,161,601 | $4.7B | $5.7B | $56.8B | $1.9B | $538.5M | $236 |
| 2029-06-11 | $133.9K | 1,172,078 | $4.7B | $5.7B | $58.8B | $2.0B | $557.6M | $243 |
| 2029-07-11 | $136.9K | 1,182,619 | $4.7B | $5.7B | $60.8B | $2.0B | $577.2M | $250 |
| 2029-08-11 | $139.9K | 1,193,228 | $4.7B | $5.7B | $62.9B | $2.1B | $597.4M | $258 |
Value-for-value
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