Strategy Inc. launches Net Bitcoin Per Share metric for common shareholders

Strategy Inc. introduced a new “Net Bitcoin Per Share” (Net BPS) metric on July 24 to show how much of its Bitcoin treasury is actually attributable to common shareholders after senior claims are removed. The company holds 843,775 BTC, valued at roughly $55‑57 billion, but $22.3 billion in senior claims—$6.8 billion of out‑of‑the‑money convertible debt and $15.5 billion of preferred stock—stand ahead of common equity. Subtracting these obligations leaves a net reserve of about $35‑36.6 billion, which is divided by the fully‑diluted share count to produce the Net BPS figure, expressed in satoshis or U.S. dollars.

Alongside the new metric, Strategy updated its multiple‑to‑net‑asset‑value (mNAV) calculation, fixing the equity‑issuance threshold at 1.0× and redefining “amplification” as an equity multiplier of roughly 1.5×. Executive chairman Michael Saylor described the move as a new financial language for Bitcoin capital markets. The Net BPS has risen from about $13 per share at the end of 2020 to roughly $95 now, reflecting a compounded annual growth rate of 43%, while the company's break‑even annualized return rate sits near 3.2 %.