During the October 1 episode of Mad Money, Jim Cramer reviewed the Nasdaq 100’s third-quarter performance and questioned buying Strategy Inc (NASDAQ:MSTR) as a way to gain Bitcoin exposure. He said:
Alright, what about the Nasdaq 100, which finished up 2.47%? The gains here don’t offer much insight sadly. Bitcoin finally rallied and that took Strategy, remember, used to be Micro Strategy, a levered Bitcoin repository, up 76%. Now, look, if you like Bitcoin I got an idea, buy Bitcoin.
Cramer has maintained a similar kind of sentiment for a long time, as he mentioned it in an August episode.
Bitcoin Holdings Grow Along With Cash Reserves
Strategy Inc continued adding Bitcoin in September. Its September 28 disclosure reported purchases of 1,665 Bitcoin for $142.7 million during the preceding week, bringing total holdings to 847,666 Bitcoin. The company’s aggregate acquisition cost was $63.95 billion, or $75,437 per Bitcoin, including fees and expenses.
The company also reported a $5.02 billion U.S. dollar reserve designated for preferred-stock dividends and debt interest, plus $1 billion in additional dollar cash as of September 27. During the week, it repurchased approximately 1.53 million shares of its STRC preferred stock for $151.7 million.
Earlier balance-sheet actions reduced convertible debt. In May, Strategy repurchased $1.5 billion of convertible notes for approximately $1.38 billion, lowering outstanding convertible-note principal to approximately $6.71 billion. Management also reported that Bitcoin per share increased 5% during the second quarter.
Cramer would rather own Bitcoin directly—but if you want a stock-market proxy, is Coinbase or Strategy the better bet? Check out Coinbase (COIN) vs Strategy (MSTR) to find out.
Financing Obligations And A Premium To A Treasury Peer
Strategy Inc’s results remain heavily exposed to Bitcoin price changes. Its second-quarter operating loss of approximately $8.33 billion included approximately $8.32 billion in unrealized digital-asset losses. Preferred dividends totaled $400.7 million, and the company disclosed that it had sold approximately $218.4 million of Bitcoin during 2026 through July 26 to fund part of those payments.
New equity issuance continues along with Bitcoin purchases. Strategy sold approximately 1.47 million common shares for $246.2 million during September 21–27, using the proceeds for Bitcoin purchases and preferred-stock repurchases. Those transactions increased the common-share count even as the company expanded its Bitcoin holdings.
An asset-based comparison is more informative here than a conventional earnings multiple because Bitcoin revaluations dominate reported profits. BitcoinTreasuries.net’s October 3 dashboard readings placed Strategy’s enterprise-value-to-Bitcoin-holdings multiple at approximately 1.14x, compared with approximately 0.72x for Bitcoin treasury peer Metaplanet. On that provider’s measure, the company traded above the value of its Bitcoin holdings while Metaplanet traded below it. This is an enterprise-value comparison, not a measure of assets available solely to common shareholders.
More Hedge Funds Participate, With Meaningful Short Exposure
Insider Monkey’s database tracking more than 1,000 hedge funds showed 37 funds holding Strategy Inc in Q2, compared with 32 in the previous quarter. Renaissance Technologies increased its stake in the company by 20% in Q2 to 2.55 million shares and was the most prominent hedge fund holder of the company. The increase indicates broader participation among the tracked funds. Short interest stood at 8.15% of the public float, representing a meaningful short position.
Cramer’s preference is for direct Bitcoin ownership. Strategy offers a different exposure, combining its Bitcoin holdings with common-share issuance, preferred dividends, debt obligations, and active capital management.
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