Saylor and team overhaul Strategy's bitcoin metrics as bear market persists

MarketsSaylor and team overhaul Strategy's bitcoin metrics as bear market persistsNew framework gives common shareholders a clearer view of net bitcoin exposure after preferred stock and convertible debt obligationsBy James Van Straten|Edited by Cheyenne Ligon Jul 24, 2026, 1:15 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowStrategy’s net reserve stands at $36.6 billion after subtracting $6.8 billion of out-of-the-money convertible debt and $15.5 billion of preferred stock from its bitcoin and cash reserves.The revised mNAV permanently sets the equity issuance threshold at 1.0x, while a 3.22% BTC breakeven ARR would allow bitcoin gains to cover interest and preferred dividend obligations indefinitely.Strategy (MSTR), the biggest corporate holder of bitcoin, has created a new market metrics framework, replacing gross BTC-based figures with net equivalents that take out the company's growing preferred stock and convertible debt obligations. The purpose of the new framework is to give common equity holders a more transparent overview of the company’s position. The metric overhaul is part of a broader pattern, with Strategy repeatedly refining its guidance over the past year as it grapples with a bear market that began in October. The company’s flagship preferred stock, STRC, trades near $85 and has not returned to its intended $100 par value since mid-May.Bitcoin is currently trading at roughly $65,000, 50% below its all-time high, while MSTR sits 84% below its November 2024 peak. The first metric is the new "Net Reserve", which currently sits at $36.6 billion. That figure takes Strategy's $55.6 billion BTC reserve (843,775 BTC), adds $3.2 billion in USD reserves, then subtracts $6.8 billion in out-of-the-money convertible debt and $15.5 billion in notional preferred, the $22.3 billion in senior claims that rank ahead of common shareholders in any liquidation scenario.The company h…

Saylor and team overhaul Strategy's bitcoin metrics as bear market persists

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