Strategy’s Bitcoin pricing calculator displayed an illustrative price of $210.90 on October 2, while the market price input shown was $99.50 for this perpetual preferred stock. The gap results from the formula replacing the market credit spread of 684 basis points with a modeled spread of only 46 basis points, which lowers the discount rate and raises the output. The issuer retains the right to redeem shares at $101 or a higher announced amount plus applicable unpaid dividends, but this is an issuer option rather than an ordinary holder exit right. The current annual dividend of $12 (12% rate) and dollar-payment capacity, separate from Bitcoin coverage, remain distinct risks that the model cannot resolve.
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