Strategy Unveils New Bitcoin Metrics to Track $64 Billion Treasury

Michael Saylor's Strategy has unveiled new bitcoin metrics to provide shareholders with a clearer view of its $64 billion treasury. The company now holds 843,775 BTC, acquired for $63.69 billion at an average price of $75,476 per coin.

The new framework replaces or supplements several existing metrics and introduces Net BTC Per Share (Net BPS) to show the bitcoin value attributable to common shareholders after subtracting net debt and preferred equity claims. This metric is similar to book value per share but denominated in bitcoin instead of dollars.

Strategy also introduced BTC Hurdle ARR, which represents the company's effective funding cost, or the annualized bitcoin return needed to clear a positive spread over what Strategy pays to service its debt and preferred obligations. The minimum annualized bitcoin return required just to maintain a 1.0x BTC Rating under the current capital structure is represented by BTC Floor ARR.

The new metrics are designed to give investors sharper tools to judge whether the company's leverage is still working in their favor, but they won't change how much bitcoin Strategy owns. Saylor said, 'Bitcoin Capital Markets require a new financial language,' announcing that Strategy has refined its metrics to measure Bitcoin, Digital Credit, and Digital Equity with greater precision.