MicroStrategy (MSTR) 2026 Deep Dive: Capital Structure, Dilution, and Per-Share BTC Growth

MicroStrategy (MSTR), recently rebranded as Strategy, has aggressively pursued a Bitcoin acquisition strategy funded by a mix of equity, convertible debt, and preferred stock. Despite significant share dilution from continuous at-the-market (ATM) equity offerings, the company has successfully increased its Bitcoin per share holdings, demonstrating a "feature, not a bug" approach to dilution. This report analyzes MSTR's capital structure and growth trajectory into 2026, highlighting its substantial Bitcoin treasury, strategic leverage, and ongoing capacity for further Bitcoin accumulation through vast ATM programs.