Bitcoin treasury glossary

ATM: at-the-market offering

A program for selling securities into the market over time. Strategy’s weekly filings state the shares sold, net proceeds and remaining capacity. The financing proceeds do not all necessarily go to bitcoin purchases. Example: September 28, 2026 filing.

Bitcoin holdings and acquisition cost

Holdings are the quantity reported at a date. Acquisition cost is the amount paid for the assets, including the fees specified by the filing. Market value requires a price at a particular time. These measures answer different questions.

Bitcoin per share

Bitcoin holdings divided by a defined share count. A basic share count and a diluted share count produce different denominators. Strategy’s supplemental measures use company-defined assumptions that must be named when quoted. Source: August 24, 2026 glossary.

BTC Yield

Strategy’s name for the percentage change in its defined bitcoin-per-share measure over a period. It is not interest earned on bitcoin, a cash dividend or the return an investor receives on MSTR. The company lists limitations on its use. Source: Q2 2026 report.

mNAV

A multiple used to compare a security’s market value with a defined bitcoin-related asset measure. Strategy’s definition changed on July 23, 2026. Its current company formula uses the MSTR price divided by Net Bitcoin Per Share in dollars; other ratios use different treatments of debt, preferreds and cash. Source: August 24 glossary. Read the full mNAV explanation.

Perpetual preferred stock

Equity with specified dividend and liquidation rights, and no scheduled maturity. “Preferred” describes rights relative to other share classes; it does not guarantee payment or eliminate price risk. Different series can have different priority. Source: Q2 2026 report.

Cumulative dividend

A dividend that can accumulate when unpaid according to the security’s governing terms. Non-cumulative preferreds do not have the same arrears entitlement. Neither term means that cash payment is assured. See the preferred comparison.

Stated amount, par value and market price

These are different concepts. STRC’s dividend calculations use its $100 stated amount. Its legal par value is $0.001 per share; its exchange price can differ from both. Avoid calling the $100 stated amount the legal par value. Source: October 1, 2026 filing.

USD Reserve and USD Cash

Strategy’s USD Reserve is intended to support preferred dividends and debt interest. USD Cash is a broader pool used for treasury and capital-management purposes. The latest weekly filing reports the two separately. Source: September 28, 2026 filing.

BTC Monetization Program

Strategy’s program, announced June 29, 2026, for selling bitcoin for specified capital purposes, including the reserve, distributions, interest and security repurchases. It means the treasury strategy can include sales as well as purchases. Source: June 29 filing.

Record date and payment date

The record date identifies holders entitled to a declared dividend under the relevant terms. The payment date is when that dividend is payable. An ex-dividend date is an exchange/trading convention and should not be invented from a record date. We publish the dates actually stated in the filing.

Form 8-K

A current report filed with the SEC. Strategy uses 8-Ks for bitcoin activity and other events, including dividend announcements. A new 8-K is not necessarily a new bitcoin purchase. Read the document, its covered period and the relevant tables.