Project intrinsic value forward
Monthly simulation seeded from the latest snapshot (Jun 26, 2026). All math runs live in your browser.
Unit
End IV / share
$260
+212.8% vs today
End BTC price
$131,425
Mkt cap $2.6T · +119.7% · 30% CAGR
End MSTR price
$260
Mkt cap $94.6B · +216.8% vs today
End amplification
43%
Target 44%
Total div paid
$11.7B
Issuance $50.0B
Intrinsic value per share
+212.8%Capital structure projection
Monthly issuance & cumulative dividends
Bitcoin accumulated
+47.6%Bitcoin per share (sats)*
+45.4%*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 |
|---|---|---|---|---|---|---|---|---|
| 2026-06-26 | $59.8K | 847,363 | $1.3B | $6.7B | $15.5B | $0.0 | $139.6M | $83 |
| 2026-07-26 | $61.1K | 850,813 | $1.4B | $6.7B | $16.0B | $490.2M | $139.6M | $86 |
| 2026-08-26 | $62.5K | 858,030 | $1.4B | $6.7B | $16.5B | $595.3M | $144.3M | $88 |
| 2026-09-26 | $63.9K | 866,888 | $1.4B | $6.7B | $17.3B | $715.8M | $150.0M | $91 |
| 2026-10-26 | $65.3K | 876,478 | $1.4B | $6.7B | $18.0B | $783.0M | $156.9M | $94 |
| 2026-11-26 | $66.7K | 886,411 | $1.4B | $6.7B | $18.9B | $827.3M | $164.4M | $97 |
| 2026-12-26 | $68.2K | 896,523 | $1.4B | $6.7B | $19.7B | $862.0M | $172.3M | $101 |
| 2027-01-26 | $69.7K | 906,743 | $1.4B | $6.7B | $20.6B | $893.0M | $180.6M | $104 |
| 2027-02-26 | $71.3K | 917,041 | $1.4B | $6.7B | $21.6B | $922.9M | $189.1M | $107 |
| 2027-03-26 | $72.8K | 927,407 | $1.4B | $6.7B | $22.5B | $952.9M | $198.0M | $111 |
| 2027-04-26 | $74.4K | 937,835 | $1.4B | $6.7B | $23.5B | $983.4M | $207.1M | $114 |
| 2027-05-26 | $76.1K | 948,326 | $1.4B | $6.7B | $24.5B | $1.0B | $216.5M | $118 |
| 2027-06-26 | $77.8K | 958,878 | $1.4B | $6.7B | $25.5B | $1.0B | $226.3M | $122 |
| 2027-07-26 | $79.5K | 969,494 | $1.4B | $6.7B | $26.6B | $1.1B | $236.3M | $126 |
| 2027-08-26 | $81.2K | 980,175 | $1.4B | $6.7B | $27.7B | $1.1B | $246.6M | $130 |
| 2027-09-26 | $83.0K | 990,920 | $1.4B | $6.7B | $28.9B | $1.1B | $257.3M | $134 |
| 2027-10-26 | $84.9K | 1,001,733 | $1.4B | $6.7B | $30.1B | $1.2B | $268.3M | $138 |
| 2027-11-26 | $86.7K | 1,012,614 | $1.4B | $6.7B | $31.3B | $1.2B | $279.7M | $143 |
| 2027-12-26 | $88.7K | 1,023,565 | $1.4B | $6.7B | $32.6B | $1.3B | $291.4M | $147 |
| 2028-01-26 | $90.6K | 1,034,587 | $1.4B | $6.7B | $33.9B | $1.3B | $303.5M | $152 |
| 2028-02-26 | $92.6K | 1,045,681 | $1.4B | $6.7B | $35.2B | $1.3B | $316.0M | $157 |
| 2028-03-26 | $94.7K | 1,056,849 | $1.4B | $6.7B | $36.6B | $1.4B | $328.9M | $162 |
| 2028-04-26 | $96.8K | 1,068,092 | $1.4B | $6.7B | $38.0B | $1.4B | $342.2M | $167 |
| 2028-05-26 | $98.9K | 1,079,412 | $1.4B | $6.7B | $39.5B | $1.5B | $355.9M | $173 |
| 2028-06-26 | $101.1K | 1,090,809 | $1.4B | $6.7B | $41.0B | $1.5B | $370.0M | $178 |
| 2028-07-26 | $103.3K | 1,102,285 | $1.4B | $6.7B | $42.6B | $1.6B | $384.6M | $184 |
| 2028-08-26 | $105.6K | 1,113,841 | $1.4B | $6.7B | $44.2B | $1.6B | $399.7M | $190 |
| 2028-09-26 | $107.9K | 1,134,836 | $1.4B | $5.7B | $46.9B | $2.7B | $415.2M | $196 |
| 2028-10-26 | $110.3K | 1,150,563 | $1.4B | $5.7B | $49.1B | $2.2B | $440.9M | $202 |
| 2028-11-26 | $112.8K | 1,164,085 | $1.4B | $5.7B | $51.1B | $2.0B | $461.7M | $208 |
| 2028-12-26 | $115.3K | 1,176,716 | $1.4B | $5.7B | $53.0B | $1.9B | $480.8M | $215 |
| 2029-01-26 | $117.8K | 1,189,016 | $1.4B | $5.7B | $54.9B | $1.9B | $499.3M | $222 |
| 2029-02-26 | $120.4K | 1,201,229 | $1.4B | $5.7B | $56.9B | $2.0B | $518.0M | $229 |
| 2029-03-26 | $123.1K | 1,213,457 | $1.4B | $5.7B | $59.0B | $2.0B | $537.1M | $236 |
| 2029-04-26 | $125.8K | 1,225,747 | $1.4B | $5.7B | $61.1B | $2.1B | $556.6M | $244 |
| 2029-05-26 | $128.6K | 1,238,118 | $1.4B | $5.7B | $63.2B | $2.2B | $576.8M | $252 |
| 2029-06-26 | $131.4K | 1,250,580 | $1.4B | $5.7B | $65.5B | $2.2B | $597.6M | $260 |
Value-for-value
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