British HODL · Quarter-end research
ATH FLOOR
Bitcoin held × Bitcoin USD all-time high ÷ shares, at 1× gross mNAV, compared with each quarter's actual closing share price.
Coinbase-reported USD ATH · Oct 6, 2025. Applied to every quarter.
ATH FLOOR - MSTR
Strategy (MSTR) · 2020 Q3 – 2026 Q3 (6 years) · quarter-end data through September 30, 2026
Swipe the chart sideways to see every quarter.
STOCK FLOAT — Class A + Class B common shares
421,978,000 shares at Sep 30, 2026 · QoQ +13.56% · Stock float CAGR: 28.74% (2020 Q3 – 2026 Q3)
Split-adjusted trading began Aug 8, 2024. Historical shares and prices are already split-adjusted.
ATH FLOOR CAGR
Bitcoin-per-share growth
30.18%
2020 Q3 – 2026 Q3 · 6 yrs
$52.09 → $253.53
BITCOIN FLOAT CAGR
Growth of Bitcoin holdings
67.60%
2020 Q3 – 2026 Q3 · 6 yrs
38,250 BTC → 847,666 BTC
DILUTION DRAG
Annualized growth-rate gap
−37.42 pp
2020 Q3 – 2026 Q3 · 6 yrs
ATH FLOOR CAGR − BITCOIN FLOAT CAGR; pp = percentage points.
This is a growth-rate gap, not a stock-return shortfall; share issuance may have financed Bitcoin purchases.
ATH FLOOR CAGR and BITCOIN FLOAT CAGR each use CAGR = (last ÷ first)^(1 ÷ years) − 1, with years = quarter intervals ÷ 4 (24 ÷ 4 = 6). MSTR covers 2020 Q3 – 2026 Q3; MSTR and ASST ranges differ, so their CAGRs are not same-period comparisons. The same Bitcoin all-time-high benchmark is applied to every quarter, so it does not change these CAGRs.
ATH FLOOR is a scenario, not a guaranteed market-price floor.
Quarterly data (25 quarters)
| Quarter | Quarter end | Close date | BTC held | Class A+B shares | ATH FLOOR | Actual close | Share QoQ | Filing |
|---|---|---|---|---|---|---|---|---|
| 2020 Q3 | 2020-09-30 | 2020-09-30 | 38,250 | 92,670,000 | $52.09 | $15.056 | — | SEC filing |
| 2020 Q4 | 2020-12-31 | 2020-12-31 | 70,469 | 95,870,000 | $92.77 | $38.855 | +3.45% | Issuer earnings release |
| 2021 Q1 | 2021-03-31 | 2021-03-31 | 91,326 | 97,460,000 | $118.27 | $67.880 | +1.66% | SEC filing |
| 2021 Q2 | 2021-06-30 | 2021-06-30 | 105,085 | 97,480,000 | $136.06 | $66.450 | +0.02% | SEC filing |
| 2021 Q3 | 2021-09-30 | 2021-09-30 | 114,042 | 103,580,000 | $138.96 | $57.840 | +6.26% | Issuer earnings release |
| 2021 Q4 | 2021-12-31 | 2021-12-31 | 124,391 | 112,860,000 | $139.11 | $54.449 | +8.96% | Issuer earnings release |
| 2022 Q1 | 2022-03-31 | 2022-03-31 | 129,218 | 112,980,000 | $144.35 | $48.632 | +0.11% | SEC filing |
| 2022 Q2 | 2022-06-30 | 2022-06-30 | 129,699 | 113,010,000 | $144.85 | $16.430 | +0.03% | Issuer earnings release |
| 2022 Q3 | 2022-09-30 | 2022-09-30 | 130,000 | 113,180,000 | $144.97 | $21.226 | +0.15% | Issuer earnings release |
| 2022 Q4 | 2022-12-31 | 2022-12-30 | 132,500 | 115,490,000 | $144.80 | $14.157 | +2.04% | SEC filing |
| 2023 Q1 | 2023-03-31 | 2023-03-31 | 140,000 | 129,587,000 | $136.35 | $29.232 | +12.21% | SEC filingRestated |
| 2023 Q2 | 2023-06-30 | 2023-06-30 | 152,333 | 140,829,000 | $136.52 | $34.242 | +8.68% | SEC filingRestated |
| 2023 Q3 | 2023-09-30 | 2023-09-29 | 158,245 | 145,070,000 | $137.67 | $32.828 | +3.01% | SEC filing |
| 2023 Q4 | 2023-12-31 | 2023-12-29 | 189,150 | 168,681,000 | $141.53 | $63.162 | +16.28% | SEC filingRestated |
| 2024 Q1 | 2024-03-31 | 2024-03-28 | 214,278 | 176,472,000 | $153.25 | $170.456 | +4.62% | SEC filingRestated |
| 2024 Q2 | 2024-06-30 | 2024-06-28 | 226,331 | 190,670,000 | $149.82 | $137.748 | +8.05% | SEC filing |
| 2024 Q3 | 2024-09-30 | 2024-09-30 | 252,220 | 202,640,000 | $157.09 | $168.600 | +6.28% | SEC filing |
| 2024 Q4 | 2024-12-31 | 2024-12-31 | 447,470 | 245,778,000 | $229.78 | $289.620 | +21.29% | SEC filing |
| 2025 Q1 | 2025-03-31 | 2025-03-31 | 528,185 | 266,177,000 | $250.44 | $288.270 | +8.30% | SEC filing |
| 2025 Q2 | 2025-06-30 | 2025-06-30 | 597,325 | 280,958,000 | $268.33 | $404.230 | +5.55% | SEC filing |
| 2025 Q3 | 2025-09-30 | 2025-09-30 | 640,031 | 287,108,000 | $281.35 | $322.210 | +2.19% | SEC filing |
| 2025 Q4 | 2025-12-31 | 2025-12-31 | 672,500 | 312,062,000 | $271.99 | $151.950 | +8.69% | SEC filing |
| 2026 Q1 | 2026-03-31 | 2026-03-31 | 762,099 | 345,926,000 | $278.05 | $124.800 | +10.85% | SEC filing |
| 2026 Q2 | 2026-06-30 | 2026-06-30 | 846,000 | 371,603,000 | $287.33 | $86.930 | +7.42% | SEC filing |
| 2026 Q3 | 2026-09-30 | 2026-09-30 | 847,666 | 421,978,000 | $253.53 | $153.090 | +13.56% | SEC filing |
Sources & methodology
Dilution drag. ATH FLOOR CAGR − BITCOIN FLOAT CAGR, in percentage points. It is the difference between two annualized growth rates, not an investment loss or a rate of return. This is a growth-rate gap, not a stock-return shortfall; share issuance may have financed Bitcoin purchases.
Formula. ATH FLOOR = Bitcoin held × Bitcoin USD all-time high ÷ shares, at 1× gross mNAV. It is a gross Bitcoin-per-share value: it excludes debt and preferred claims, cash, and operating-business value, and is not a fair value, target or forecast.
Bitcoin benchmark. Bitcoin all-time high (USD): $126,210.50 USD, the Coinbase-reported all-time high reached Oct 6, 2025 (Coinbase Bitcoin price page, verified Nov 4, 2026). This is one named provider's figure; other aggregators report slightly different highs. The same value is used for every historical quarter, not a point-in-time high. It is a stored, dated reference and does not update automatically.
Denominator. Actual issued common shares (Class A + Class B). Not exchange-defined free float.
10-for-1 stock split · Aug 8, 2024. Split-adjusted trading began Aug 8, 2024. Historical shares and prices are already split-adjusted. SEC 2024 Form 10-K · Note 2(a) · SEC stock-split disclosure · Issuer 10-for-1 forward split announcement
Actual price. Split-adjusted close on the last trading session of each quarter (not a quarterly high, low, average or announcement-day price). Source: Massive adjusted daily bars (prior extraction) — Massive custom bars documentation; request https://api.massive.com/v2/aggs/ticker/MSTR/range/1/day/2020-09-01/2026-09-30?adjusted=true&sort=asc&limit=50000 (retrieved: prior reviewed extraction). Prices are stored in this page; your browser makes no market-data requests.
Historical model. Supplied, previously reviewed artifact: MSTR_ATH_FLOOR_stock_overlay_data.csv (25 observations), backed by MSTR_Quarterly_Shares_and_Bitcoin_2020_2026.xlsx. Latest fundamentals rechecked against issuer SEC filings on Nov 4, 2026.
- All shares and prices are on the post-August-2024 10-for-1 forward split basis.
- 2026Q3 rechecked on 2026-11-04 against the 10-Q: 847,666 BTC and 421,978 thousand basic shares.
Edition 2026-Q3: immutable quarter-end data through September 30, 2026 (data through-date, not a build or live timestamp). Future quarters are appended only after reconciliation; nothing is ingested automatically. Educational research, not investment advice.