Strategy Unveils Net Bitcoin Per Share Metric

Strategy, formerly known as MicroStrategy, has built the world’s largest corporate Bitcoin treasury through stock sales, convertible debt and preferred equity. That financing mix complicates the conventional Bitcoin-per-share measure because common shareholders rank behind creditors and preferred holders. As the company shifts its funding emphasis from convertible bonds toward what it calls “digital credit,” it is introducing metrics designed to show leverage, capital costs and the residual Bitcoin value attributable to common equity.

On July 23, 2026, Strategy introduced “Net Bitcoin Per Share,” based on its 843,775 Bitcoin valued at about $57 billion and $3.2 billion of cash, less roughly $22.2 billion in senior claims. Those claims include $15.5 billion of preferred stock and about $6.8 billion of out-of-the-money convertible debt, leaving a net reserve near $35 billion. The resulting measure stands at $95, or 143,000 satoshis, per diluted share, versus $13 and 44,000 satoshis at the end of 2020, representing a 43% compound annual growth rate.