Saylor now calls it the company's North Star. Bitcoin per share — ₿PS — measures how much of the world's hardest money sits behind each fully-diluted MSTR share. Since the first 21,454-coin purchase in August 2020, the number has compounded through bear markets, convert raises, an STRC preferred, and a 10-for-1 stock split. This page tracks it.
Each share's claim on Strategy's Bitcoin reserves, measured in satoshis. The line goes up when the company acquires Bitcoin faster than it issues equity-equivalent dilution; it goes down when it does the opposite. The bumpy 2023 trough reflects aggressive convert issuance during accumulation; the post-2024 acceleration reflects the premium-issuance flywheel finding its rhythm.
A note on the 14 May 2026 partial redemption of the November 2024 0% convertible — and why ₿PS should jump.
In November 2024, with Bitcoin at $92,300, Strategy issued $3 billion of zero-coupon convertible notes at a conversion price of $672.40 (set when MSTR traded at $433.80). At that strike the bond would have converted into roughly 4,462,000 shares at maturity.
On 14 May 2026 the company agreed to extinguish $1.5 billion of notional — half the issue — for $1.38 billion in cash. That is an 8% discount in MSTR's favour, and it eliminates roughly 2,231,000 shares from the assumed-diluted count.
The accretion does not stop at the share count. Three further effects are likely in the coming week:
Source narrative: @RichLassiterMD analysis on X, 14 May 2026. The conversion-price sensitivity table at the head of this page (₿ = $250,000, mNAV = 1.22, etc.) is the original work of the same author.
Every quarterly milestone since the August 2020 treasury announcement, plus key intra-quarter events. Pre-2024 figures use estimated diluted share counts (see methodology); from 12/31/2023 onward, figures match Strategy's reported KPIs in 8-K filings. All share counts shown on a post-split basis (10-for-1 split, August 2024).
| Date | BTC held | Diluted shares (M) | ₿PS (sats) | QoQ Δ | Event |
|---|