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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.

What is mNAV?

The two definitions of mNAV — market-cap and enterprise-value — with a worked example.

Leverage, premium, and dilution: the three forces that amplify MSTR in both directions.

The honest dilution metric that tells you whether new capital raises are accretive.

How the four preferred series differ on coupon, convertibility, and seniority.

When the market values MSTR below its bitcoin — what it means and what history shows.

Dollar-cost averaging into each asset since 2020 — the outcomes side by side.