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Understand the machine
Short, numbers-first explainers on how a bitcoin treasury company actually works — no hype, no jargon left undefined.
2 min read·June 20, 2026
What is mNAV?
The two definitions of mNAV — market-cap and enterprise-value — with a worked example.
Read2 min read·June 20, 2026
Why MSTR outperforms BTC in bull markets — and underperforms in drawdowns
Leverage, premium, and dilution: the three forces that amplify MSTR in both directions.
Read2 min read·June 20, 2026
What is BTC per share and why it matters more than the stock price
The honest dilution metric that tells you whether new capital raises are accretive.
Read2 min read·June 20, 2026
Strategy's preferred stack explained: STRC, STRK, STRF, STRD
How the four preferred series differ on coupon, convertibility, and seniority.
Read2 min read·June 20, 2026
What happens when mNAV falls below 1.0
When the market values MSTR below its bitcoin — what it means and what history shows.
Read2 min read·June 20, 2026
DCA into BTC vs DCA into MSTR: what history shows
Dollar-cost averaging into each asset since 2020 — the outcomes side by side.
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