Michael Saylor States Strategy Has Optimized Bitcoin Metrics, Launches New Methods to Measure Bitcoin, Digital Credit, and Digital Equity
Michael Saylor: Strategy Optimizes New Bitcoin-Related Metrics
Michael Saylor stated that Strategy has optimized Bitcoin metrics and launched new methods to measure Bitcoin, digital credit, and digital equity.
The company released metrics such as net reserves and net Bitcoin, focusing on the Bitcoin exposure of common stock shareholders and simplifying the calculation of net asset value.
This move reinforces the layered narrative of Bitcoin as digital capital, preferred stock as digital credit, and stocks as digital equity, prompting event-driven investors to reprice related securities, while traditional financial metrics come under pressure and Bitcoin anchoring metrics benefit.
Source: Public Information
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Since 2020, Michael Saylor has transformed Strategy into a Bitcoin treasury company, accumulating over 840,000 BTC, and has built "digital credit" products through the issuance of preferred stocks like STRC, continuously converting Bitcoin volatility into stable income tools.
On the capital path, the new metrics highlight the leverage exposure of common stock to BTC by showing net Bitcoin after debt deductions and net Bitcoin per share, while positioning preferred stock as a low-volatility income layer, aiming to attract funds with different risk appetites and expand the balance sheet size supported by Bitcoin.
Similar cases can be seen in the NAV and leverage metrics used by gold mining companies, as well as the FFO adjustments of REITs; currently, Bitcoin treasury companies are transitioning from simple coin hoarding to structured capital layer construction.
Essentially, this represents a transfer of pricing power: the company actively defines the "Bitcoin standard" financial language, with the mechanism being that the new metrics reduce the information asymmetry between traditional accounting and Bitcoin value, allowing the market to price according to digital asset logic rather than the old software company logic.
ABAB News · Law of Cognition
Whoever defines the metrics controls the pricing power
Volatile assets need a stable layer to absorb
New language often emerges before new consensus