Strategy Updates Bitcoin Metrics to Reflect Senior Claims

Strategy will now report net Bitcoin metrics, with $22.3 billion in senior claims taking priority. The adjusted mNAV is designed to give shareholders a clearer view of how much BTC value is actually left.

Key Takeaways

• Strategy is changing the way it reports Bitcoin and will now rely on net metrics to give common shareholders a clearer picture.
• The new Net Reserve totals $36.6 billion, while $22.3 billion in senior claims sits ahead of common shareholders.
• The adjusted mNAV floor is now permanently set at 1.0x, as Strategy deals with a bear market, a weaker BTC price, and soft preferred stock.

Strategy has updated its Bitcoin reporting and will now lean on net metrics rather than gross BTC figures. The goal is to give common shareholders a more realistic view of the company’s Bitcoin position, especially as preferred stock and convertible debt have become a bigger part of the capital structure.

New Net Metrics

The main update is the introduction of the Net Reserve, which now stands at $36.6 billion (€32.1 billion). Strategy gets there by adding its $55.6 billion (€48.8 billion) BTC reserve, equal to 843,775 Bitcoin, and $3.2 billion (€2.8 billion) in dollar reserves, then subtracting $6.8 billion (€6 billion) in out-of-the-money convertible debt and $15.5 billion (€13.6 billion) in notional preferred stock. In total, that leaves $22.3 billion (€19.6 billion) in senior claims that would rank ahead of common shareholders in a liquidation.

The mNAV calculation has also been revised. Under the old setup, the accretion threshold often kept the multiple above 1.0x, which made it harder to judge whether new issuance was actually benefiting existing shareholders. In the new framework, that threshold is fixed at 1.0x. If MSTR trades above that level, new issuance increases the amount of BTC per share.

Pressure From the Bear Market

The changes are part of a wider reset Strategy has been making over the past year as it works through a bear market that began in October. The preferred stock STRC is trading around $85 (€75) and has not climbed back to its $100 (€88) target par value since mid-May.

Bitcoin is currently changing hands around $65,000 (€57,100), roughly 50% below its all-time high, while MSTR sits 84% under its November 2024 peak. Strategy, which has built one of the largest Bitcoin positions among public companies, remains highly exposed to both BTC volatility and financing costs.

Why This Matters

For European crypto readers, the takeaway is that Strategy has long been viewed as a public-market proxy for Bitcoin, but these new metrics show the comparison is more complicated than it looks. By spelling out senior claims more clearly, the company is making it easier to see how debt and preferred stock affect what common shareholders are really left with. It also offers a useful reference point for thinking about the balance between BTC exposure and financing structure at other crypto companies.