MSTRJuly 6, 2026
A reason to own MicroStrategy (Strategy) just broke.
Helm tested one of the reasons to own MicroStrategy (Strategy) against a primary source and recorded what it found. The sentence below is quoted exactly as it was published.
The claim under test
The company is a leveraged bitcoin holding vehicle whose value tracks its BTC stack
What the source actually says
As of June 30, 2026, the cost basis of the bitcoin held by Strategy exceeded the fair value of its bitcoin holdings.
Why it matters
The cost basis of bitcoin exceeding its fair value indicates a decrease in bitcoin value, contradicting the pillar's expectation of sustained value alignment.
Helm runs this against house theses in public and against your own holdings inside the terminal. Scan a ticker.