Strategy has overhauled the metrics it uses to value its Bitcoin, rolling out a set of new "net" measures that strip out debt and preferred-stock claims to show how much of its stash actually belongs to common shareholders.
The company also redefined mNAV as MSTR's share price divided by net Bitcoin per share, with the accretion threshold now fixed at 1.0x, and recast "amplification" as an equity multiplier—Bitcoin reserve over net reserve—of about 1.5x. New credit gauges frame the debt-fueled model's sustainability, with a "hurdle rate" of about 10.8% marking Strategy's effective cost of credit, a break-even rate near 3.2%, and a "flow rate" of about −11% that estimates how far Bitcoin could fall before reserves stopped covering debt and dividends.
