BLSHvsMSTR
Bullish vs Strategy
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
19,830 BTC
843,775 BTC
Market value of BTC
$1.3B
$53.7B
Average cost per BTC
—
$75,476.00
Total cost basis
—
$63.7B
mNAV (market cap ÷ BTC value)
2.73×
0.61×
Sats per share
13.1k
235.8k
Last disclosed purchase
—
No tracked purchases yet
- Jul 6, 2026+-3,588 BTC$216.0M
- Jun 22, 2026+520 BTC$34.9M
- Jun 15, 2026+1,587 BTC$100.0M
- Jun 8, 2026+1,550 BTC$101.3M
- Jun 1, 2026+-32 BTC$2.5M
BLSH vs MSTR: frequently asked
Which company holds more Bitcoin, BLSH or MSTR?▾
Strategy (MSTR) holds 843,775 BTC, compared to Bullish's (BLSH) 19,830 BTC — roughly 42.6× more.
What's the total Bitcoin value on the balance sheets of BLSH and MSTR?▾
BLSH holds $1.3B worth of Bitcoin at current market prices. MSTR holds $53.7B.
Who has a lower cost basis per BTC, 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 -3,588 BTC purchase on July 6, 2026.