BTC-TETHERvsMSTR
Tether Holdings LTD 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.
BTC-TETHER
Tether Holdings LTD
🇭🇰 HK
97,141 BTC
$6.2B market value
MSTR
Strategy
🇺🇸 US
843,775 BTC
$54.0B market value
Metric
BTC-TETHER
MSTR
BTC holdings
97,141 BTC
843,775 BTC
Market value of BTC
$6.2B
$54.0B
Average cost per BTC
$76,710.18
$75,476.00
Total cost basis
$7.5B
$63.7B
mNAV (market cap ÷ BTC value)
—
0.61×
Sats per share
—
235.8k
Last disclosed purchase
Dec 31, 2025
- Dec 31, 2025+0 BTC$312.9M
- Mar 28, 2025+0 BTC$750.0M
- Dec 27, 2024+0 BTC$122.9M
- Oct 25, 2024+0 BTC$472.7M
- Mar 29, 2024+0 BTC$621.4M
BTC-TETHER vs MSTR: frequently asked
Which company holds more Bitcoin, BTC-TETHER or MSTR?▾
Strategy (MSTR) holds 843,775 BTC, compared to Tether Holdings LTD's (BTC-TETHER) 97,141 BTC — roughly 8.7× more.
What's the total Bitcoin value on the balance sheets of BTC-TETHER and MSTR?▾
BTC-TETHER holds $6.2B worth of Bitcoin at current market prices. MSTR holds $54.0B.
Who has a lower cost basis per BTC, BTC-TETHER or MSTR?▾
BTC-TETHER's average cost is $76,710.18 per BTC. MSTR's is $75,476.00. MSTR is the lower cost basis.
When did BTC-TETHER last buy Bitcoin?▾
BTC-TETHER disclosed a 0 BTC purchase on December 31, 2025.
When did MSTR last buy Bitcoin?▾
MSTR disclosed a -3,588 BTC purchase on July 6, 2026.