Strategy unveiled new bitcoin metrics July 24, with CEO Michael Saylor announcing on X that the company has refined its measurement framework for Bitcoin, Digital Credit, and Digital Equity. The new metrics include Net BTC Per Share, BTC Hurdle ARR, and BTC Floor ARR, replacing or supplementing previous investor benchmarks. Strategy introduced the changes to provide a more accurate picture of bitcoin value attributable to common shareholders as the company's capital structure has grown more complex. The company holds 843,775 BTC acquired for $63.69 billion at an average price of $75,476 per coin, making it the largest corporate bitcoin holder.
Strategy Introduces Net BTC Per Share and New Financial Framework
Michael Saylor said, "Bitcoin Capital Markets require a new financial language," announcing on X that Strategy has refined its metrics to measure Bitcoin, Digital Credit, and Digital Equity with greater precision. The new framework went live earlier on July 24.
The centerpiece is Net BTC Per Share (Net BPS), which shows the bitcoin value attributable to common shareholders after subtracting net debt and preferred equity claims. Strategy is retiring its old mNAV benchmark in favor of comparing share price directly against Net BPS, while keeping 1.0x as the line investors watch for dilution risk.
BTC Hurdle ARR represents the company's effective funding cost, which is the annualized bitcoin return needed to clear a positive spread over what Strategy pays to service its debt and preferred obligations. BTC Floor ARR sets a lower bar: the minimum annualized bitcoin return required just to maintain a 1.0x BTC Rating under the company's current capital structure.
Strategy also renamed its former Amplification metric to Bitcoin Equity Multiplier, describing how much the capital structure magnifies common shareholders' exposure to bitcoin's price swings. The company added simpler market indicators like Premium to 200-week moving average (200WMA) and a Fear & Greed Index to the dashboard.
Strategy Holds 843,775 BTC Acquired for $63.69 Billion
The company held 843,775 BTC as of its most recent disclosures, acquired for a total cost of $63.69 billion at an average price of $75,476 per coin, including fees. That haul makes Strategy the largest corporate bitcoin holder by a wide margin, well ahead of SpaceX's 18,712 BTC treasury.
Strategy's dollar reserve stood near $3.2 billion in its most recent update. The company's earlier BTC Breakeven ARR figure, under which Saylor said bitcoin needed just 3.3% annual growth for Strategy to keep funding its STRC preferred dividends indefinitely, was a predecessor to the more granular Hurdle and Floor ARR figures unveiled this week.
Strategy Sold 3,588 BTC Between June 29 and July 5
The company disclosed on July 6 that it sold 3,588 BTC for roughly $216 million between June 29 and July 5, using the proceeds to fund preferred dividends and rebuild a dollar reserve. It marked one of the rare instances of Strategy trimming its bitcoin position rather than adding to it.
FAQ
What new bitcoin metrics did Strategy unveil on July 24?
Strategy unveiled Net BTC Per Share (Net BPS), BTC Hurdle ARR, and BTC Floor ARR on July 24. Net BPS shows bitcoin value attributable to common shareholders after subtracting net debt and preferred equity claims. BTC Hurdle ARR represents the annualized bitcoin return needed to clear a positive spread over debt and preferred obligations. BTC Floor ARR shows the minimum annualized bitcoin return required to maintain a 1.0x BTC Rating.
How much bitcoin does Strategy hold?
Strategy holds 843,775 BTC acquired for a total cost of $63.69 billion at an average price of $75,476 per coin, including fees, as of its most recent disclosures. This makes Strategy the largest corporate bitcoin holder, ahead of SpaceX's 18,712 BTC treasury.
Why did Strategy sell bitcoin between June 29 and July 5?
Strategy sold 3,588 BTC for roughly $216 million between June 29 and July 5 to fund preferred dividends and rebuild a dollar reserve that stood near $3.2 billion in its most recent update, according to the company's July 6 disclosure.
