Assumed Diluted Shares Outstanding

12/31/202012/31/202112/31/202212/31/202312/31/202402/09/2025
Total Bitcoin Holdings70,470124,391132,500189,150447,470478,740
Shares Outstanding (in '000s) (1)
Class A76,23093,22095,850149,041226,138238,540
Class B19,64019,64019,64019,64019,64019,640
Basic Shares Outstanding(2)95,870112,860115,490168,681245,778258,180
2025 Convert Shares @$39.8016,33016,33016,33016,330--
2027 Convert Shares @$143.25 (3)-7,3307,3307,3307,3302,052
2028 Convert Shares @$183.19----5,5135,513
2029 Convert Shares @$672.40----4,4624,462
2030 Convert Shares @$149.77----5,3425,342
2031 Convert Shares @$232.72----2,5942,594
2032 Convert Shares @$204.33----3,9153,915
STRK Convert Shares @$1,000.00-----730
Options Outstanding11,57011,67015,77012,9364,9564,845
RSU/PSU Unvested7401,0501,2002,3591,8451,807
Assumed Diluted Shares Outstanding(4)124,510149,240156,120207,636281,735289,439

  1. Reflects retroactive adjustment for the Company's 10-for-1 stock split effected by means of a stock dividend distributed after the close of trading on August 7, 2024. 

  2. Basic Shares Outstanding reflects the actual class A common stock and class B common stock outstanding as of the dates presented. For purposes of this calculation, outstanding shares of such stock are deemed to include shares, if any, that (A) were sold under at-the-market equity offering programs, or (B) were to be issued pursuant to (i) options that had been exercised,  (ii) restricted stock units that have vested or (iii) conversion requests received with respect to the convertible notes, but which in each case were pending issuance as of the dates presented. 

  3. On January 24, 2025, the Company delivered a notice of full redemption (the “Notice”) to the trustee of the Company’s 0.0% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”). The Notice calls for the redemption of all of the outstanding 2027 Convertible Notes (the “Redemption”) on February 24, 2025 (the “Redemption Date”), at a redemption price equal to 100% of the principal amount of the 2027 Convertible Notes to be redeemed, plus accrued and unpaid special interest, if any, to but excluding the Redemption Date, unless earlier converted. As a result of the delivery of the Notice, at any time prior to 5:00 p.m., New York City time, on February 20, 2025, the 2027 Convertible Notes are convertible, at the option of the holders of the 2027 Convertible Notes, at the applicable conversion rate of 7.0234 shares of the Company’s class A common stock per $1,000 principal amount (reflecting a conversion price of $142.38 per share (the “Adjusted Conversion Price”).  Prior to the Company’s delivery of the Notice, the Company received conversion requests at the original conversion price of $143.25 per share for approximately $1,756,000 in principal amount of the 2027 Convertible Notes. Since the Company’s delivery of the Notice, the Company has received conversion requests at the Adjusted Conversion Price for approximately $757.8 million in principal amount of the 2027 Notes.  For purposes of calculating Assumed Diluted Shares Outstanding, we assume all remaining 2027 Convertible Notes will be converted at the Adjusted Conversion Price prior to the Redemption Date. 

  4. Assumed Diluted Shares Outstanding refers to the aggregate of our Basic Shares Outstanding as of the end of each period plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units. Assumed Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments.