Strategy Unveils New Bitcoin Metrics to Reframe $64 Billion Bet
Michael Saylor's Strategy unveiled new metrics to measure its $64 billion Bitcoin bet on July 24. The company, which holds 843,775 BTC acquired for $63.69 billion at an average price of $75,476 per coin, introduced Net BTC and BTC Hurdle ARR to give shareholders a clearer picture of the value attributable to common shareholders.
The centerpiece is Net BTC Per Share (Net BPS), which shows the bitcoin value after subtracting net debt and preferred equity claims. Strategy replaced its old mNAV benchmark with Net BPS and renamed Amplification to Bitcoin Equity Multiplier, describing how much the capital structure magnifies common shareholders' exposure to bitcoin's price swings.
The new metrics build on ground Strategy has been laying for months, with BTC Hurdle ARR representing the company's effective funding cost, which is the annualized bitcoin return needed to clear a positive spread over what Strategy pays to service its debt and preferred obligations. BTC Floor ARR sets a lower bar: the minimum annualized bitcoin return required just to maintain a 1.0x BTC Rating under the company's current capital structure.
Strategy also added simpler market indicators like Premium to 200-week moving average (200WMA) and a Fear & Greed Index to the dashboard. The new framework replaces or supplements several metrics investors have used for years to judge whether Strategy's bitcoin-buying strategy is creating or destroying shareholder value.