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 and explanation of why the premium exists.
ReadWhy MSTR outperforms BTC in bull markets — and underperforms in drawdowns
Leverage, premium, and accretive dilution: the three forces that amplify MSTR relative to bitcoin in both directions, and the risks of each.
ReadWhat 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 — and why bitcoin-per-share matters more than the share price.
ReadStrategy's preferred stack explained: STRC, STRK, STRF, STRD
How Strategy's four preferred series — STRC, STRK, STRF, STRD — differ on coupon, convertibility, seniority, and income yield.
ReadWhat happens when mNAV falls below 1.0
When the market values MSTR below its bitcoin — what mNAV below 1.0 means for equity holders, what the risks are, and what history shows.
ReadDCA into BTC vs DCA into MSTR: what history shows
Dollar-cost averaging into Bitcoin versus MSTR since Strategy's treasury launch in 2020 — the compounded returns side by side.
ReadHow to read Strategy's ATM issuance tracker
What at-the-market offerings are, how Strategy converts stock into bitcoin, and what each number on the issuance tracker means.
ReadHow to use the portfolio analyzer: ACTUAL vs all-BTC vs all-MSTR
Enter your real BTC and MSTR purchases and see what would have happened if you'd gone all-in on either asset. Runs privately in your browser.
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