Strategy published new financial metrics to evaluate its Bitcoin reserve, centered on « net Bitcoin per share », which measures the residual crypto for common shareholders after deducting 22.3 billion dollars in senior claims. Net reserve stands at approximately 35 billion dollars, resulting from 57 billion dollars in Bitcoin (843,775 BTC) plus 3.2 billion dollars in cash, minus 22.2 billion dollars in senior claims. This metric rose from 13 dollars (44,000 sats) at the end of 2020 to 95 dollars (143,000 sats), a compound annual growth rate of 43%, outpacing Bitcoin’s own 16%. Under this new formula, mNAV stands at 1.02x, bringing MSTR share price back to parity with net Bitcoin per share. The company projects its structure remains viable as long as Bitcoin does not fall more than 11% per year through the early 2030s.
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