MicroStrategy Revises Reporting to Clarify Bitcoin Ownership for Shareholders
MicroStrategy (MSTR) has updated its reporting metrics to provide a clearer picture of how much Bitcoin is actually owned by common shareholders. The company holds approximately 843,775 BTC valued at around $58 billion but owes about $22 billion in debt and preferred stock obligations. After accounting for these liabilities, roughly $36 billion worth of Bitcoin remains available to regular shareholders. The firm's new metric, called the net reserve, reflects this adjusted value while also highlighting risks associated with its leveraged position. Servicing the company’s debt costs about $1.8 billion annually and is paid in interest and dividends. A key risk indicator known as amplification stands at 1.53x, showing that shareholders face greater gains or losses relative to Bitcoin price movements. MicroStrategy has also revised its mNAV (modified Net Asset Value) metric from a previous premium of over 1x down to exactly 1.00x today. This change reflects the fact that earlier metrics did not account for preferred investors and lenders who are paid first, which critics had long questioned.
Tickers: $MSTR
Topics: Bitcoin debt structure MicroStrategy shareholder value