Strategy Revamps Bitcoin Metrics as Bear Market Bites

Strategy built the largest corporate Bitcoin treasury by using common stock, convertible debt and preferred shares to finance purchases. That model became harder to assess as its capital structure grew more complex and the cryptocurrency bear market pressured MSTR. Gross Bitcoin holdings alone can overstate the value attributable to common shareholders because lenders and preferred investors rank ahead of them, making a net measure increasingly important for judging valuation and downside exposure.

Strategy introduced its revised framework on July 23, 2026, with 843,775 Bitcoin on its balance sheet. The calculation deducts $15.5 billion of preferred equity and roughly $6.8 billion of out-of-the-money convertible debt before estimating the residual claim for common shareholders. Strategy put net Bitcoin value per diluted share at $95, or 143,000 sats, and recast mNAV at about 1.02 times. The company also renamed amplification as the Bitcoin Equity Multiplier, estimated at roughly 1.5 times.