Strategy holds
815,061 BTC
As of April 20, 2026, that's 213,597 sats backing each diluted share. The structure is public. The conclusions are in the book.
Sats per diluted share — every buy since the ATM era
Each point is one 8-K filing. The line goes up because each week's BTC purchase outpaced the dilution from new shares issued. That's the entire machine.
Cumulative BTC held
From 21,454 BTC in August 2020 to over 800,000 today. Every step up is a disclosed purchase.
The forever-cost of a perpetual preferred
A perpetual preferred pays a fixed dividend forever. If Bitcoin compounds at a long-term CAGR and the dividend rate is d, the total BTC cost converges to a finite number. The formula is Forever Cost = d / CAGR. Drag the sliders to see how assumptions change the outcome.
This is illustrative only. It shows the structure of the relationship — what happens to forever-cost as you change CAGR and coupon assumptions. The actual analysis (how to value a specific preferred, how to stress-test the CAGR assumption, how execution risk enters the model) is in the book.
The conclusions are paywalled. The math behind this is in the book.
The charts above show the structure. The book explains why it works, when it breaks, and how to think about it as an investor.