Strategy revamps investor metrics to show BTC exposure attributable to common stock

Strategy (MSTR) said on X it has revamped the investor metrics on its website, adding measures meant to show the portion attributable to common shareholders after subtracting net debt and preferred equity obligations. The new metrics include Net Reserve, which represents the residual value in dollar terms after liabilities are deducted from the company’s BTC holdings and cash, and Net BTC, which subtracts net debt converted into BTC from total BTC holdings. Net BTC per share is defined as a dollar-denominated value derived by dividing Net BTC by fully diluted shares on a satoshi basis and multiplying by the BTC price. Strategy also changed mNAV to a measure calculated by dividing the MSTR share price by Net BTC per share. The company also redefined Amplification as an equity multiplier equal to BTC Reserve divided by Net Reserve, indicating how much the company’s capital structure increases common stock’s BTC exposure. Strategy said it revised the metrics as digital credit accounts for a growing share of its balance sheet.