Strategy Unveils New Metrics to Reframe Its $64 Billion Bitcoin Bet

Michael Saylor's Strategy has introduced new metrics to provide investors with a clearer picture of its $64 billion Bitcoin bet. The company now holds 843,775 BTC, acquired for a total cost of $63.69 billion at an average price of $75,476 per coin. This haul makes Strategy the largest corporate Bitcoin holder by a wide margin.

The new metrics include Net BTC and BTC Hurdle ARR, which aim to give shareholders a more accurate picture of the Bitcoin value attributable to common shareholders. The company has also retired its old mNAV benchmark in favor of comparing share price directly against Net BPS. Additionally, Strategy has introduced a Fear & Greed Index and a Premium to 200-week moving average indicator.

The overhaul comes as Strategy's capital structure has grown more complex, involving multiple classes of preferred stock, a Digital Credit business line, and a growing gap between the company's market value and the Bitcoin backing it. The new metrics will provide investors with sharper tools to judge whether the company's leverage is still working in their favor.