Strategy Unveils New Bitcoin Metrics Showing $36.6 Billion Net Reserve After Accounting for Debt Claims

Jul 23, 2026

On July 24, 2026, Strategy overhauled its Bitcoin metrics framework, introducing net measures to account for $22.3 billion in senior debt and preferred stock claims. The centerpiece, Net Bitcoin Per Share, reveals a Net Reserve of $36.6 billion from its 843,775 BTC treasury. Executive Chairman Michael Saylor stated that Bitcoin capital markets require a new financial language, as the firm implements new solvency metrics like BTC Hurdle ARR and BTC Floor ARR to manage its complex capital structure.

Bitcoin-native solvency metrics launch

▪Strategy reported a Net Reserve of $36.6 billion, derived from its total Bitcoin and cash reserves after subtracting senior claims.
▪Strategy's new metrics framework subtracts $22.3 billion in senior claims, consisting of $15.5 billion in preferred stock and $6.8 billion in convertible debt.
▪Strategy introduced a new Bitcoin metrics framework on July 24, 2026, replacing gross figures with net measures that account for senior obligations.

Net BTC Per Share

▪Strategy revised its multiple to net asset value formula to compare the share price with Net Bitcoin Per Share, permanently fixing the accretion threshold at 1.0 times.
▪Strategy introduced BTC Hurdle ARR, representing the annualized Bitcoin return needed to clear a positive spread over what the company pays to service its obligations.

BTC Hurdle ARR threshold

▪Strategy introduced BTC Floor ARR to track the minimum sustained annual Bitcoin growth rate needed to maintain a 1.0x BTC Rating under its current capital structure.
▪Strategy's effective cost of credit is approximately 10.8%, requiring annual interest and preferred dividend payments of roughly $1.76 billion to $1.8 billion.

BTC Floor ARR threshold

▪Strategy's Bitcoin Breakeven ARR stands at 3.22%, representing the minimum annual Bitcoin appreciation rate required to cover interest and preferred dividend obligations.
▪Strategy holds 843,775 Bitcoin, making it the largest corporate Bitcoin holder, with its total holdings valued at approximately $55.6 billion to $58 billion.

Strategy bitcoin treasury holdings

▪Strategy sold 3,588 Bitcoin for approximately $216 million between June 29 and July 5, 2026, to fund preferred dividends and rebuild cash reserves.
▪Strategy's new metrics framework aims to normalize Bitcoin as a unit of account for corporate balance sheets and establish a template for other corporate treasuries.

Bitcoin corporate accounting standard

▪Strategy approved an active capital management framework in late June 2026, authorizing the sale of up to $1.25 billion of Bitcoin to fund operations.