New framework gives common shareholders a clearer view of net bitcoin exposure after preferred stock and convertible debt obligations Strategy’s net reserve stands at $36.6 billion after subtracting $6.8 billion of out-of-the-money convertible debt and $15.5 billion of preferred stock from its bitcoin and cash reserves. The revised mNAV permanently sets the equity issuance threshold at 1.0x, while a 3.22% BTC breakeven ARR would allow bitcoin gains to cover interest and preferred dividend oblig…
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