Strategy Rolls Out Refined Bitcoin Metrics Amid Evolving Capital Structure

Strategy (NASDAQ:MSTR), led by Michael Saylor, has revamped its Bitcoin-centric performance indicators to better account for debt obligations and preferred stock. The update reflects the firm's evolving capital structure as it continues to expand its Bitcoin treasury through capital markets activity.

The new framework introduces a 'net reserve' figure that starts with total Bitcoin holdings plus cash, then subtracts the value of preferred stock and out-of-the-money convertible debt. This residual amount is divided by a fully diluted share count to produce 'net Bitcoin per share' (or net BPS), expressed in satoshis and dollar terms.

Since 2020, net-per-share metrics have grown substantially, outpacing Bitcoin's own price appreciation on a compound annual basis. The company has also updated its definition of mNAV by dividing the MSTR share price by net Bitcoin per share rather than the gross figure.