Strategy overhauls Bitcoin metrics as MSTR drops 6.4% to $93

Strategy Inc. overhauled its Bitcoin valuation metrics on July 24, shifting to net BTC per share for common shareholders, sending MSTR stock down 6.38% to $93.

"The new metrics provide a clearer picture of Bitcoin value attributable to common shareholders after deducting net debt and preferred equity liabilities," the company said in an explanatory post on X.

Strategy now reports 554,569 Bitcoin on a net basis, compared with gross holdings of 843,775 BTC. The company introduced Net Reserve, Net BTC Per Share and a revised mNAV that compares share price against net BTC per share rather than gross holdings. It also added BTC Hurdle ARR — representing its effective funding cost — and BTC Floor ARR, the minimum annualized return needed to maintain a 1.0x BTC rating under the current capital structure.

The change comes ahead of Strategy's Q2 2026 earnings on July 30 and follows CEO Phong Le's statement that the company would pause Bitcoin purchases until its STRC preferred stock returns to the $100 par value. Cantor Fitzgerald reiterated an overweight rating with a $212 target, saying the cash-building strategy could support both STRC and MSTR shares.

Trading volume reached 16.52 million shares, below the 20.2 million average, as the stock closed at $93.63 — near the lower end of its 52-week range of $81.81 to $419.95. The company's beta of roughly 3.5 amplifies moves relative to the broader market, and its market capitalization stood at about $34.2 billion.

The metric overhaul also redefined the Amplification metric as a Bitcoin Equity Multiplier, showing how the capital structure magnifies common equity's sensitivity to Bitcoin prices. New market indicators include Premium to 200WMA and the Fear & Greed Index.

Bitcoin traded at $64,953.64 as of 9:20 p.m. EDT on July 24, down 1.51% over 24 hours, as geopolitical tensions in the Middle East weighed on risk assets. Over $250 million in crypto liquidations occurred in the last 24 hours, with $188 million in long positions wiped out, according to Coinglass.

Cantor Fitzgerald said there is no risk to Strategy selling Bitcoin because the market could easily absorb the sold coins, though it warned that Strategy's market share as a crypto treasury company could be eroded by other firms if STRC remains de-pegged from its $100 par.

This article is for informational purposes only and does not constitute investment advice.