Strategy debuts Net Bitcoin Per Share metric to strip away the noise for common shareholders

Strategy Inc. just invented a new way to answer the question every shareholder has been quietly asking: after all the convertible debt and preferred stock gets paid, how much Bitcoin is actually mine? The company unveiled its “Net Bitcoin Per Share” metric on July 24, a calculation that takes Strategy’s gross Bitcoin holdings, subtracts all senior claims against them, and divides what’s left by the fully diluted share count. The result can be expressed in satoshis or US dollars, giving common shareholders a single number that represents their residual claim on the firm’s Bitcoin treasury. The math behind the metric Here’s the thing about Strategy’s balance sheet: it’s gotten complicated. The company holds 843,775 BTC valued at roughly $55.6 billion. But sitting ahead of common shareholders in the capital stack is $22.3 billion in senior claims. That $22.3 billion breaks down into two buckets. There’s $6.8 billion in out-of-the-money convertible debt, the kind that hasn’t been converted to equity because the stock price hasn’t hit the right levels. Then there’s $15.5 billion in preferred stock, which gets paid before common shareholders see a dime. Subtract those obligations from th...