Strategy Inc. Unveils Net Bitcoin Per Share Metric for Shareholders

Strategy Inc., the Nasdaq‑listed tech firm, introduced a "net Bitcoin per share" metric to present its Bitcoin holdings to common shareholders with greater transparency.

A New Framework for Digital Asset Accounting

The company subtracts senior debt and preferred‑stock claims from its Bitcoin reserve before dividing the remainder across fully diluted shares. This shift reflects a move from a convertible‑debt model toward a digital‑credit financing approach.

Core Figures and Financial Impact

■843,775 BTC (≈ $57 bn) – Total Bitcoin holdings

■$3.2 bn cash reserve

■$22.2 bn senior liabilities (including $15.5 bn preferred equity and $6.8 bn out‑of‑the‑money convertible debt)

■Net Bitcoin reserve ≈ $35 bn, translating to a $95 (≈ 143,000 satoshi) net Bitcoin per share

■Net Bitcoin per share has risen from $13 at the end of 2020, reflecting a 43% CAGR

Valuation Innovations

■The mNAV (modified Net Asset Value) now divides the share price by net Bitcoin per share, positioning the stock at 1.02× its updated valuation

■The “amplification” factor is re‑defined as an equity multiplier of 1.5×

■Investor Relations head Chaitanya Jain emphasized the need for metrics to evolve with the shift to “digital credit”

■Executive Chairman Michael Saylor stated that “Bitcoin capital markets require a new financial language”

Markets may view Strategy Inc.'s transparency push as a watershed moment for the institutional integration of crypto assets. The net Bitcoin per share metric gives common shareholders a crystal‑clear view of their marginal returns, reshaping risk‑reward analysis for both existing and prospective investors. This model could become a template for other firms holding digital assets, setting a new standard for crypto‑equity valuation practice.