Strategy Introduces 'Net Bitcoin Per Share' Metric Amid Shift to Digital Credit

Strategy, a company that invests in Bitcoin and digital assets, has overhauled its metrics to better reflect the value of its holdings. The new system strips out debt and preferred stock claims to give investors a clearer picture of how much of its stash actually belongs to common shareholders.

The centerpiece is 'net Bitcoin per share,' which measures the amount of Bitcoin left for common shareholders after subtracting $22.3 billion in senior claims from Strategy's $57 billion pile of Bitcoin. The figure has risen from $13 (44,000 sats) at the end of 2020 to $95 (143,000 sats), a 43% compound annual growth rate.

Strategy also redefined its 'mNAV' metric as MSTR's share price divided by net Bitcoin per share. The firm said it has raised cash by selling MSTR stock rather than Bitcoin, sparing its 843,775 BTC stack while diluting common holders.