Strategy Inc.'s Price-to-Book Ratio Falls Below Industry Averages Due to Bitcoin Holdings

Strategy Inc., formerly known as MicroStrategy and trading under the ticker MSTR, has become one of the most closely watched equities linked to Bitcoin. As of late September 2026, its shares traded in a range near $152 to $158, giving the firm a market capitalization of roughly $60 billion.

At this time, the company reported holdings of 847,666 bitcoin, acquired at an average cost of about $75,437 per coin, for a total outlay of about $63.95 billion. The market value of that stack hovered around $70-71 billion depending on the daily spot price.

The stock's price-to-book ratio has settled near 1.89x to 2.0x, based on a book value per share of $83.12 reported for the quarter ended June 30, 2026. This multiple sits below the broader software sector average of roughly 3.1x and well below some peer sets near 7.9x.

The central question is whether this discount to book value, combined with the scale of the Bitcoin treasury, creates a genuine bargain for investors or simply reflects the volatility and leverage embedded in the balance sheet.