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Strategy launches new Bitcoin metrics, including net Bitcoin per share
The company says its centerpiece net Bitcoin per share is based on residual value after $22.3 billion in debt and preferred claims, and it has grown to $95 per share.
Strategy overhauled how it measures the value of its Bitcoin holdings as it shifts from convertible debt toward what it calls “digital credit,” publishing new investor metrics that aim to show how much of the reserve belongs to common shareholders. Decrypt reports the centerpiece metric, net Bitcoin per share, is calculated by subtracting $22.3 billion in debt and preferred claims from Strategy’s Bitcoin pile and then dividing by a new fully diluted share count.
The firm frames its residual starting point as “net reserve,” about $35 billion, derived from its roughly $57 billion Bitcoin stash (843,775 BTC) plus $3.2 billion of cash, less senior claims including preferred stock and out-of-the-money convertible debt. Strategy also updated its mNAV definition by using MSTR’s share price divided by net Bitcoin per share, with the accretion threshold reset to 1.0x.
As part of the same update, Strategy recast “amplification” as an equity multiplier, defined as Bitcoin reserve over net reserve, at roughly 1.5x. The company also introduced new credit gauges for the debt-fueled model, including a hurdle rate of about 10.8%, a break-even rate near 3.2%, and a “flow rate” around minus 11% estimating how far Bitcoin could drop before reserves stopped covering debt and dividends.
In Decrypt’s summary, Strategy says net Bitcoin per share rose from $13 (44,000 sats) at the end of 2020 to $95 (143,000 sats), a 43% compound annual growth rate that it contrasts with Bitcoin’s 16% over the same period. Strategy linked the metric changes to investor demands for clearer balance sheet attribution as the business composition changes.
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