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Strategy changes Bitcoin valuation metrics to focus on common shareholders

Strategy changes Bitcoin valuation metrics to focus on common shareholders

The July 24 overhaul adds Net BTC, Net BTC Per Share, BTC Hurdle ARR and BTC Floor ARR, recasts mNAV and amplification, and broadens reporting across Bitcoin, Digital Credit and Digital Equity as senior claims grow.

BTC

Fact Check
The claim's substance — Strategy shifting to a common-stock-market-value vs residual-Bitcoin (after debt and preferred) metric and away from enterprise value — aligns with well-documented 2026 developments: Reuters reports enterprise-value mNAV falling below bitcoin holdings, WSJ documents ongoing revision/scrutiny of Strategy's mNAV math, and the CEBE (Common Equity Bitcoin Exposure) framework describes exactly this residual-common-equity approach being adopted for Strategy. However, the originating source is a third-party X account (Bitcoin Archive), not the official Strategy/@MicroStrategy account, and I found no official Strategy press release or SEC filing directly confirming a formal metric-swap announcement dated July 23, 2026. The strategy.com metrics page still displays both mNAV and Enterprise Value. Given strong directional corroboration but no authoritative primary confirmation of the specific announcement, evidence is supportive but insufficient to fully validate the exact claim.
Summary

Strategy said on July 24 that it overhauled the investor metrics on its website to shift from an enterprise-value style approach toward measures focused on common equity and the Bitcoin value attributable to common shareholders. The new framework adds Net BTC and Net BTC Per Share, recalculates mNAV on a residual basis after debt and preferred claims, redefines amplification as a Bitcoin Equity Multiplier, and introduces BTC Hurdle ARR and BTC Floor ARR to show how much Bitcoin appreciation is needed to support its leveraged capital structure. Strategy held 843,775 BTC in its most recent disclosures, acquired for $63.69 billion at an average price of $75,476 per coin including fees, and said the revised metrics provide a clearer picture as Digital Credit becomes a larger part of its balance sheet.

Terms & Concepts
  • Net BTC Per Share: Bitcoin value per common share after deducting net debt and preferred equity-related liabilities.
  • BTC Hurdle ARR: Annualized Bitcoin return needed to exceed Strategy's effective funding costs and generate a positive spread over debt and preferred obligations.
  • Bitcoin Equity Multiplier: Strategy's revised amplification metric showing how its capital structure magnifies common equity's sensitivity to Bitcoin price moves.