One way to evaluate Strategy ($MSTR) is by looking at shares per bitcoin.

Shares per Bitcoin is calculated by dividing diluted shares outstanding by total Bitcoin held.

It is the inverse of “Bitcoin per share” and represents how many shares are backed by one Bitcoin on the company’s balance sheet.

Over time, this metric has declined, meaning:

- Bitcoin holdings have grown faster than share dilution

- Each Bitcoin now corresponds to fewer shares outstanding

- Existing shareholders have gained exposure to a larger Bitcoin balance per share, on a fully diluted basis

This metric does not measure stock price, returns, or future performance.

It simply reflects balance-sheet structure and capital allocation efficiency over time.

For investors analyzing $MSTR, shares-per-Bitcoin can be a useful supplemental lens when assessing dilution versus Bitcoin accumulation.

For informational purposes only. Not investment advice.