Strategy introduces new Bitcoin metrics tied to debt and preferred stock

Strategy has introduced a new set of Bitcoin market metrics that account for the company’s preferred stock and convertible debt obligations, replacing several gross figures with net equivalents. The company said the revised framework is intended to provide a clearer view of the value available to common shareholders after claims that rank ahead of them. The changes come as Strategy continues to refine its financial guidance during a prolonged downturn in Bitcoin and MSTR shares. Its flagship preferred stock, STRC, trades near $85 and has remained below its intended $100 par value since mid May. Bitcoin is trading near $65,000, roughly 50% below its record high, while MSTR is down about 84% from its November 2024 peak. Strategy introduces $36.6 billion Net Reserve The first new metric, called Net Reserve, currently stands at $36.6 billion. The figure includes Strategy’s $55.6 billion Bitcoin reserve, made up of 843,775 BTC, and $3.2 billion in dollar reserves. Strategy then subtracts $6.8 billion in convertible debt that is currently out of the money and $15.5 billion in notional preferred stock obligations. Together, those liabilities represent $22.3 billion in senior claims that w...