MicroStrategy Changes the MSTR-Bitcoin Link: What Do Shareholders Own?

Strategy, formerly MicroStrategy, has overhauled the MSTR metrics it reports, and the new numbers make one thing clear. Much of its huge Bitcoin (BTC) pile is already promised to lenders and preferred investors, not regular shareholders.

The company says the change gives common shareholders a fairer picture. It shows how much Bitcoin is truly theirs after everyone else is paid first.

What the New Metrics Really Show

Strategy holds about 843,775 Bitcoin. That is the largest stash owned by any public company. On paper, its live dashboard values that Bitcoin at around $58 billion. But not all of it belongs to shareholders.

Lenders and preferred investors get paid first. They are owed about $22 billion. Take that out, and roughly $36 billion in Bitcoin is left for common shareholders. Strategy now calls this the net reserve.

The firm took on that debt to buy more Bitcoin. It laid out the approach in its Digital Credit framework this year. It also tested new numbers during an earlier metrics debate in June.

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