Why MSTR Common Stock Isn't a Pure Bitcoin Investment Anndy Lian: The company likes to talk about "Bitcoin holdings per share," as if each share represents pure ownership of its growing Bitcoin reserves. But this is an illusion. In this context, does holding Bitcoin equate to holding stocks? No, Bitcoin and Strategy (MSTR) common stock are not the same, and that's the core conclusion. While Strategy holds a massive Bitcoin reserve (over 650,000 as of December 2025), common shareholders do not have direct or unlimited ownership of these Bitcoins. The company's current capital structure includes billions of dollars in senior liabilities, including debt, and more importantly, Bitcoin-backed preferred stock (such as STRC, STRD, STRK), which takes precedence over common stock in the value distribution order. Therefore: MSTR common stock represents a leveraged, subordinate ownership of Bitcoin, not a 1:1 direct ownership. The popular "Bitcoin holdings per share" metric is misleading because it ignores the equity of preferred shareholders. Common stockholders' economic exposure to Bitcoin is structurally diluted due to the need to provide repayment and collateral for preferred stock. In short: Holding MSTR common stock is not equivalent to holding Bitcoin. Holding common stock means holding the remaining share of a complex financial instrument containing Bitcoin after all repayments to preferred shareholders have been made.