Strategy unveiled on July 24 its new Net Bitcoin Per Share metric, which subtracts 22.3 billion dollars in senior claims from its massive Bitcoin treasury to show what ordinary investors actually own. The company holds 843,775 BTC valued at roughly 55.6 billion dollars, but 22.3 billion dollars in senior securities (6.8 billion in convertible debt and 15.5 billion in preferred stock) sit ahead of common shareholders, leaving a net reserve of 36.6 billion dollars. Strategy also revised its mNAV formula by permanently setting an equity-issuance threshold at 1.0x, ensuring that any future issuance will be accretive for existing holders. The company further disclosed a Bitcoin Breakeven Annualized Return Rate of 3.22 percent, the annual return needed to cover its convertible debt interest and preferred dividends without selling coins.
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