Strategy Overhauls Bitcoin Metrics As Bear Market Pressures Mount

Strategy has rolled out a new set of financial metrics designed to give common shareholders a clearer picture of the company’s actual bitcoin exposure. The update strips away gross figures in favor of net numbers that account for outstanding preferred stock and convertible debt.

Net Reserve Reveals True Bitcoin Backing

The company’s new “Net Reserve” figure stands at $36.6 billion, calculated from its $55.6 billion bitcoin holdings and $3.2 billion in cash, minus $6.8 billion in convertible debt and $15.5 billion in preferred stock obligations that carry priority over common shareholders.

New Formula Resets Key Valuation Threshold

Strategy also revised its multiple to net asset value calculation, permanently anchoring the benchmark at 1.0x so investors can better judge whether new share sales genuinely benefit existing holders. A separate metric, the BTC Breakeven ARR, now sits at 3.22%, marking the annual bitcoin growth rate needed to cover interest and dividend costs indefinitely.

The changes arrive as bitcoin trades near $64,000, well off its record high, and as the company’s stock remains sharply below its late 2024 peak.