Strategy Inc. Introduces Net Bitcoin Per Share Metric for Common Investors
Strategy Inc. (NASDAQ: MSTR) has launched a new financial metric called 'net Bitcoin per share,' designed to provide common shareholders with clarity on their stake after accounting for debt and preferred stock claims. The company holds approximately $57 billion in Bitcoin, alongside $3.2 billion in cash, but subtracts senior obligations like $15.5 billion of preferred stock and about $6.8 billion in out-of-the-money convertible debt to arrive at a net reserve near $35 billion. This results in a current net Bitcoin per share value of around $95 or 143,000 satoshis—up from $13 (or 44,000 satoshis) as of the end of 2020. The company also updated its modified net asset value calculation and redefined 'amplification' to reflect a more accurate equity multiplier. The new metrics aim to align with Strategy's evolving capital structure that increasingly relies on preferred equity rather than convertible debt alone, offering investors greater transparency as the firm continues funding Bitcoin acquisitions through diverse securities.
Tickers: $MSTR