Bullish (BLSH) vs Strategy (MSTR)
Side-by-side Bitcoin treasury comparison: holdings, market cap, mNAV ratio, BTC per share, cost basis, and recent purchases. Numbers refresh every 5 minutes from SEC filings and live market data.
Metric
BLSH
MSTR
BTC holdings
24,300
815,061
Market value of BTC
$1.9B
$63.6B
Average cost per BTC
—
$75,577.00
Total cost basis
—
$59.0B
mNAV (market cap ÷ BTC value)
1.06×
1.18×
Sats per share
16.1k
250.1k
Last disclosed purchase
—
4/19/2026
Country
🇺🇸 US
🇺🇸 US
No tracked purchases yet
- 4/19/2026+34,164$2.5B
- 4/13/2026+13,927$1.0B
- 4/6/2026+4,871$330.0M
- 3/23/2026+1,031$77.0M
- 3/16/2026+22,337$1.6B
BLSH vs MSTR: frequently asked
Which company holds more Bitcoin, BLSH or MSTR?▾
Strategy (MSTR) holds 815,061 BTC, compared to Bullish's (BLSH) 24,300 BTC.
What's the total Bitcoin value on the balance sheets of BLSH and MSTR?▾
BLSH holds $1.9B worth of Bitcoin at current market prices. MSTR holds $63.6B.
Who has a lower cost basis per Bitcoin, BLSH or MSTR?▾
Cost basis disclosure is inconsistent across these two entities; check each company's detail page for per-purchase history.
When did BLSH last buy Bitcoin?▾
BLSH's last BTC purchase isn't in our tracked history yet.
When did MSTR last buy Bitcoin?▾
MSTR disclosed a 34,164 BTC purchase on April 19, 2026.