Strategy introduced a new set of Bitcoin metrics accounting for its convertible debt obligations and preferred stock. The Net Reserve metric stands at $36.6 billion, after subtracting $6.8 billion in convertible debt and $15.5 billion in preferred stock obligations from a total Bitcoin reserve of $55.6 billion. The mNAV formula was revised with a permanent threshold set at 1.0 times. The Bitcoin Breakeven ARR was established at 3.22%, representing the minimum annual Bitcoin growth rate required to cover interest and preferred dividend obligations. Bitcoin is currently trading around $65,000, down 50% from its all-time high, while MSTR shares have declined 84% from their November 2024 peak.
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