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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchEvaluate Strategy Inc. on three separate but connected ledgers: the company-defined mNAV multiple, gross bitcoin per assumed diluted share, and the senior claims and cash uses that can weaken the common-stock claim. Use one synchronized date, identify the exact mNAV formula, and show every debt, preferred-stock, reserve, cash and share-count assumption. mNAV is not conventional net asset value; bitcoin per share is a gross holdings metric; and a share count that is stable after financing can still leave common holders behind new preferred or debt claims.
The latest figures in the cited filings illustrate why the distinction matters. For the three months ended June 30, 2026, Strategy issued approximately 24.7 million class A shares for approximately $2.94 billion of net proceeds. A convertible-note repurchase reduced assumed diluted shares by about 2.2 million, producing an approximately 22.4 million net increase to about 401.3 million assumed diluted shares. Only part of the common-stock proceeds bought bitcoin; approximately $1.65 billion funded the USD Reserve, approximately $317 million paid preferred dividends and approximately $9 million paid convertible-note interest.
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What each metric actually measures
mNAV is a company-defined multiple
Strategy defines mNAV as Enterprise Value divided by Bitcoin NAV in its SEC-filed guidance. The filing expressly says Bitcoin NAV is not traditional net asset value and that mNAV is supplementary, not a replacement for the company’s financial statements and SEC disclosures. Read the company’s filing, including its date and formula version, at Strategy’s SEC-filed mNAV-based common-stock ATM issuance discipline.
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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsBecause the numerator and denominator are policy choices, an mNAV comparison is meaningful only when you disclose how you treated debt, preferred securities, cash, the USD Reserve, bitcoin holdings, equity value and share count. Do not present the resulting multiple as a liquidation value or as the residual value available solely to common shareholders.
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Bitcoin per share is gross BTC divided by assumed diluted shares
Strategy calls its KPI “Bitcoin Per Share (in Sats).” The definition uses gross bitcoin holdings divided by Assumed Diluted Shares Outstanding. It does not subtract convertible debt, non-convertible preferred stock or other claims that rank ahead of common equity. A gross sats-per-share figure can therefore rise while the economic claim of common holders is unchanged or weakened by senior financing.
Dilution has two dimensions
Common issuance and securities that can convert into common stock expand the denominator. Separately, debt and preferred securities can sit ahead of common stock in the capital structure, collect interest or dividends, and have claims on assets, including bitcoin. Call the first effect share-count dilution and the second claim-priority dilution; analyzing only the denominator misses the latter.
How to calculate and interpret mNAV
1. Fix the date and formula version
Choose a single valuation timestamp. Record the equity price, bitcoin price, bitcoin quantity, debt balances, preferred claims, cash and reserve balances, and the share-count convention at that moment. Label whether each number is a period-end filing figure, a market quote or an analyst assumption. A period-end mNAV built with a later share price is not a same-date comparison.
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2. Build the Bitcoin NAV denominator
Start with the reported gross bitcoin holdings and the bitcoin price used for valuation. Then document whether your version of Bitcoin NAV includes or excludes cash, the USD Reserve, restricted cash, transaction costs or other assets. Strategy’s guidance uses the term Bitcoin NAV rather than conventional NAV, so do not silently substitute a textbook net-asset formula.
3. Build Enterprise Value transparently
Show the market value of the equity component and each debt and preferred-stock component included in Enterprise Value. State how you treated cash and reserves, and whether preferred securities were valued at a stated market price, liquidation preference or another amount. If a filing does not establish a value for a cell, mark it “not stated” rather than filling the gap with a guess.
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4. Divide and report the result with its assumptions
Use mNAV = Enterprise Value ÷ Bitcoin NAV. Report the timestamp, prices, holdings, debt, preferred treatment, reserve treatment, share-count method and formula version beside the multiple. A value above 1x means your selected Enterprise Value exceeds your selected Bitcoin NAV; it does not, by itself, establish that common stock is overvalued or that a liquidation would produce that amount.
5. Compare the result with the company’s issuance guidance
Strategy’s SEC-filed guidance describes these common-stock ATM behaviors, while also saying management may review and change the thresholds:
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| mNAV band in the filed guidance | Stated common-equity behavior | How to use it |
|---|---|---|
| Below 2.5x | May tactically issue common equity to pay debt interest, preferred dividends or when otherwise advantageous. | Check whether issuance is servicing the capital structure rather than buying bitcoin. |
| 2.5x to 4.0x | May opportunistically issue common equity to acquire bitcoin. | Compare shares issued and proceeds with the bitcoin actually acquired. |
| Above 4.0x | Says it will actively issue common equity to acquire bitcoin. | Test whether observed issuance follows the stated guideline, without treating it as a binding forecast. |
These are management guidelines, not a promise that issuance will occur at a particular multiple or that the thresholds will remain unchanged. Compare the guidance’s wording with the company’s actual filings and financing activity.
How to evaluate bitcoin per share
Use the reported denominator, not just basic shares
For a filing-period calculation, use the company’s Assumed Diluted Shares Outstanding and state the period end. The June 30, 2026 Form 10-Q reports approximately 401.3 million assumed diluted shares. That is a period-end denominator, not a live share count. The filing is available at Strategy’s Form 10-Q for the quarter ended June 30, 2026.
Calculate gross bitcoin per assumed diluted share as gross BTC holdings ÷ assumed diluted shares, and present the result in the company’s stated sats unit. Include the bitcoin holdings date and the exact dilution assumptions. If you use a current market quote with an older filing denominator, label the mismatch instead of calling the result current.
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Separate gross BPS from a residual common claim
A residual estimate asks a different question: how much bitcoin value might remain for common equity after senior claims? To construct one, identify debt and preferred claims that rank ahead of common stock, apply your stated valuation convention, and divide the residual by an explicitly defined common-share denominator. This is an analyst calculation, not Strategy’s gross Bitcoin Per Share KPI. Keep both figures in separate rows in a model so a larger gross BPS cannot conceal a smaller residual claim.
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For each financing period, compare the incremental bitcoin acquired with the incremental assumed diluted shares. Then split proceeds by use. Issuance can increase gross BTC per share when enough net capital buys bitcoin; it can be neutral or dilutive when shares are issued for dividends, interest, reserves, fees or other corporate needs. The relevant test is not simply “were shares issued?” but “how much bitcoin was added for the shares created, and what senior claims accompanied the financing?”
What the June 30, 2026 quarter shows about dilution
Share-count change
During the three months ended June 30, 2026, Strategy reported approximately 24.7 million class A shares issued through its ATM for approximately $2.94 billion in net proceeds. A convertible-note repurchase reduced assumed diluted shares by about 2.2 million. The net effect was an approximately 22.4 million increase, taking assumed diluted shares to about 401.3 million at June 30, 2026.
Where the common-stock proceeds went
| Use identified in the filing | Approximate amount | Effect to test |
|---|---|---|
| USD Reserve | $1.65 billion | Increases the common-share denominator without a matching bitcoin increase. |
| Preferred dividends | $317 million | Services senior securities rather than adding bitcoin holdings. |
| Convertible-note interest | $9 million | Pays a senior financing cost rather than buying bitcoin. |
| Primarily bitcoin acquisition | Remainder of the net proceeds | Evaluate against the bitcoin actually acquired and the shares issued. |
The filing’s explanation makes the accounting test explicit: common shares sold to fund reserve, dividends or interest expand the BPS denominator without an equivalent increase in the bitcoin numerator, reducing or offsetting BTC Yield. A model should therefore track proceeds by purpose instead of treating every dollar raised as bitcoin-purchase capital.
Convertible-note repurchases can move the denominator in either direction
The quarter’s approximately 2.2 million reduction from a convertible-note repurchase partly offset the ATM issuance. In another period, convertible securities may add potential common shares instead. Use the filing’s assumed-dilution calculation for the selected date and document which conversions, repurchases or settlement assumptions are included.
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Preferred securities and senior-claim risk
Conversion dilution is not the whole issue
As of June 30, 2026, only STRK among Strategy’s five listed preferred series was convertible into common stock. Non-convertible preferred shares do not increase assumed diluted common shares through conversion, but that does not make them economically risk-free for common holders. Strategy’s annual report says preferred securities and convertible notes rank senior to common stock and can have claims on assets, including bitcoin, ahead of common holders in liquidation. Review the discussion in the 2025 Form 10-K.
Compare financing types on three axes
| Financing | Share-count effect | Priority and ongoing cost | Questions for the model |
|---|---|---|---|
| Common stock | Immediately increases common shares issued. | No contractual dividend, but proceeds may fund reserves, dividends, interest or purchases. | How many shares were issued, and how much bitcoin did the proceeds buy? |
| Convertible debt | Potentially increases assumed diluted shares on conversion; repurchases can reduce the denominator. | Debt and interest rank ahead of common stock until settled or converted. | What conversion assumptions, maturity, interest and settlement terms apply? |
| Non-convertible preferred | Does not add common shares through conversion under the stated terms. | Senior claim, dividend obligation and possible claim on bitcoin or other assets. | What dividend, liquidation preference, repurchase terms and asset priority apply? |
When a financing is described as “non-dilutive,” qualify the statement: it may avoid common-share conversion dilution while increasing dividends, senior claims and capital-structure risk. Strategy also warns that bitcoin bought with senior financing may not accrue entirely to common shareholders.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read Strategy’s BTC Yield figures
Strategy reported BTC Yield of 22.8% for the year ended December 31, 2025, compared with 74.3% for 2024, in its 2025 Form 10-K. BTC Yield is the company’s defined KPI, not an investor’s total return, stock return or guaranteed increase in residual common value.
Management attributed the lower 2025 result primarily to fewer bitcoin acquired, a changed mix of dilutive and non-dilutive financing, and increased common issuance for liquidity needs, dividends, interest, reserve funding and other purposes. Preferred issuance used to purchase bitcoin partly offset those factors. Treat that explanation as management’s interpretation, and independently inspect the share-count, financing-use and bitcoin-acquisition data.
The same filing reports that Strategy acquired 225,030 bitcoin during 2025, bringing holdings to 672,500 at December 31, 2025. Both figures are historical year-end data, not a current holding count. Use the latest period-end filing when building a present-day model.
Include liquidity policy in the risk assessment
The June 2026 filing describes a capital framework that includes a USD Reserve policy, a revised STRC dividend-rate policy, repurchase programs for preferred and common shares, and a BTC monetization program. It says bitcoin may be sold to fund the reserve, pay preferred dividends or interest, or fund repurchases.
That option changes the direction of the bitcoin numerator. A model that assumes Strategy can never sell bitcoin will overstate the permanence of gross holdings. Track potential sales alongside acquisitions, and identify whether a sale supports liquidity, services senior capital or funds repurchases. The existence of a monetization option does not predict a sale; it means the downside case must allow for one.
A repeatable evaluation workflow
- Set the timestamp. Choose a filing date or a live timestamp and use prices and quantities from that same window.
- Collect primary inputs. Record gross bitcoin, equity price, assumed diluted shares, debt, each preferred series, cash, the USD Reserve and any stated bitcoin-sale or repurchase activity.
- Reproduce mNAV. Apply the exact company-defined formula version, show Enterprise Value and Bitcoin NAV separately, and label every inclusion or exclusion.
- Calculate gross BPS. Divide gross bitcoin by assumed diluted shares and preserve the company’s unit convention.
- Build a residual sensitivity. Deduct senior claims under a clearly stated convention, then divide by a separately defined common-share denominator. Present this as an analyst scenario, not as Strategy’s KPI.
- Bridge financing activity. For each issuance or repurchase, list shares created or retired, net proceeds, bitcoin acquired and the amounts used for reserves, dividends, interest, fees or other purposes.
- Check priority. Read the terms of convertible debt and every preferred series. Record conversion rights, dividend rates, maturity, liquidation preference, repurchase rights and asset priority.
- Run sensitivity cases. Change bitcoin price, equity price, share count, debt, preferred claims, reserve treatment and bitcoin-sale assumptions one at a time so readers can see which input drives the result.
- Compare policy with behavior. Put the observed mNAV and actual issuance beside the stated 2.5x and 4.0x guidance bands, while noting that management may change them.
Common analytical mistakes
- Calling mNAV net asset value. It is a supplementary, company-defined multiple, not a liquidation statement or a complete common-equity valuation.
- Using gross BPS as residual value. Gross bitcoin per share ignores debt and preferred claims ahead of common stock.
- Treating every share sale as bitcoin accretive. Reserve funding, dividends and interest create shares without an equivalent bitcoin numerator increase.
- Calling non-convertible preferred “non-dilutive” without qualification. Avoiding conversion can still add senior claims and recurring dividends.
- Mixing dates. A current stock quote, an older bitcoin balance and a different-period diluted denominator can produce a precise-looking but invalid multiple.
- Presenting BTC Yield as a return. It is Strategy’s KPI; it does not equal a shareholder’s gain.
- Assuming no bitcoin sales. The stated liquidity framework permits bitcoin monetization for reserves, dividends, interest and repurchases.
- Treating issuance guidance as a commitment. The filed thresholds are management guidelines that may be reviewed or changed.
Source and disclosure checklist
For a publishable calculation, link the filing used and state its period. The June 30, 2026 Form 10-Q is at sec.gov Form 10-Q; the year ended December 31, 2025 Form 10-K is at sec.gov Form 10-K; and the mNAV issuance guidance is at the SEC-filed exhibit.
Include a short limitations note. Strategy’s filed guidance states: “Investors should rely on the financial statements and other disclosures contained in our SEC filings.” That warning is appropriate whenever an mNAV, gross BPS or residual scenario is shown without the full financial statements.
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