Michael Saylor unveiled a new set of Bitcoin treasury metrics for MicroStrategy (MSTR), including CEBE BPS (Bitcoin per share after senior claims) and Amplification (the gap leverage creates between gross and net Bitcoin per share). This comes as MSTR stock trades below the value of its Bitcoin holdings after subtracting debt and preferred obligations, a metric known as mNAV (modified net asset value). Critics argue the new metrics are attempts to distract from the company's precarious financial position, with MSTR common equity trading at ~0.8 times net asset value due to $8.2 billion in debt and preferred shares. Analyst Nic Pucrin warned that each option—issuing stock, adding preferreds, or selling Bitcoin—exacerbates shareholder dilution or risk. Saylor defends the strategy, emphasizing that long-duration, low-cost liabilities can amplify common equity upside if Bitcoin's annual return exceeds the cost of capital. MicroStrategy holds 845,256 BTC worth ~$54 billion, with an average entry price near $75,700, currently underwater as Bitcoin trades near $64,000.

Key facts

• MSTR stock trades below Bitcoin holdings value after debt and preferred obligations (mNAV).
• Saylor introduced CEBE BPS and Amplification metrics, absent from official filings.
• MicroStrategy holds 845,256 BTC, average entry $75,700, with Bitcoin near $64,000.
• Critics warn of shareholder dilution from stock issuance or added preferred debt.
• Strategy's filings state KPIs are not valuation measures, shares claim no Bitcoin.
• First Bitcoin sale since 2022 occurred, raising concerns about exit strategy.

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