Saylor and team overhaul Strategy's bitcoin metrics as bear market persists

The first metric is the new "Net Reserve", which currently sits at $36.6 billion. That figure takes Strategy's $55.6 billion BTC reserve (843,775 BTC), adds $3.2 billion in USD reserves, then subtracts $6.8 billion in out-of-the-money convertible debt and $15.5 billion in notional preferred, the $22.3 billion in senior claims that rank ahead of common shareholders in any liquidation scenario. The company has also updated its multiple to net asset value (mNAV) formula. Under the old accounting method, the accretion threshold would usually keep the company’s mNAV above 1.0x, making it increasingly difficult to know whether new share issuance was actually beneficial for existing holders. The new formula anchors that threshold permanently at 1.0x — if MSTR trades above it, issuing new shares adds BTC per share for all investors.