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Strategy simplifies mNAV formula and targets September 8 to restore STRC to par

Strategy simplifies mNAV formula and targets September 8 to restore STRC to par

CEO Phong Le set a 1.0x threshold for accretive MSTR issuance, while Michael Saylor said Strategy is focused on returning STRC to par around September 8.

BTC

Fact Check
Both components are corroborated by multiple sources. The U.Today article confirms Phong Le's simplified mNAV formula with a 1.0x threshold for accretive MSTR issuance, quoting his tweet directly. BigGo Finance (earnings call coverage) and Binance Square independently confirm Michael Saylor's stated focus on returning STRC to par around September 8, with the ~70-trading-day recovery rationale. The September 8 target matches the event_time anchor.
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Summary

Strategy Inc. has simplified the mNAV formula that guides new MSTR share issuance, with CEO Phong Le setting a fixed 1.0x efficiency threshold while the metric stands at 1.07x. Le said the revised framework accounts for securities senior to MSTR, distinguishes in-the-money and out-of-the-money converts, and is designed to show any future MSTR issuance would be accretive to Bitcoin per share, currently 0.0023 BTC. Separately, management said restoring STRC to its $100 par value is a priority: Le said Strategy plans to raise dollar reserves, maintain the dividend rate and repurchase STRC when opportunities arise, and founder Michael Saylor said on the earnings call that, based on a roughly 70-trading-day comparison, STRC could return to par around September 8.

Terms & Concepts
  • mNAV: Modified net asset value metric used by Strategy to assess whether issuing new MSTR shares would be accretive.
  • BPS: Bitcoin per share, or Bitcoin held per share.
  • par value: A security’s face value, typically the amount it is intended to return at redemption.