Methodology

How we get the numbers

We show live market data with an 'as of' timestamp and never invent figures. When a feed is down, we fall back to the last cached value and label it — we don't paper over gaps.

Data sources

Bitcoin price & history

CoinGecko public API. Spot price refreshes on a ~60-second cache; historical series are cached for several hours. No API key, no paywall.

MSTR & preferred prices

Yahoo Finance chart endpoints for MSTR, STRC, STRK, STRF, and STRD. Quotes are exchange-delayed and cached server-side. Preferred prices refresh on a ~5-minute cache.

Balance-sheet fundamentals

Bitcoin holdings, share count, debt, cash, and preferred liquidation value are maintained by hand from Strategy's public filings and treasury updates. Last verified July 3, 2026.

Caching & freshness

Every page renders server-side with the numbers baked into the HTML, plus a visible timestamp. A green dot means live; a grey dot means we're showing the last cached snapshot because a provider was unreachable.

The formulas

BTC NAV

BTC held × BTC price

The live market value of all the bitcoin on Strategy's balance sheet.

Market cap

diluted shares × MSTR price

We use the diluted share count for a conservative valuation denominator.

mNAV (market cap)

market cap ÷ BTC NAV

Dollars of equity value per dollar of bitcoin held. Above 1.0 is a premium.

mNAV (enterprise)

(mkt cap + debt + preferreds − cash) ÷ BTC NAV

Adds obligations senior to common stock for a stricter view of the premium.

BTC per share

BTC held ÷ diluted shares

The honest ownership metric — how much bitcoin backs each share.

mNAV over time

basic shares(t) × MSTR(t) ÷ (BTC held(t) × BTC(t))

The historical premium chart on the MSTR page. Holdings step at disclosed 8-K purchase dates and shares use period-end basic count (stepped quarterly) — a slightly lower basis than the live diluted mNAV, so the newest chart point can sit just under the headline number. Shares are the approximate input; the mNAV = 1.0 crossing is derived from the plotted series, not hand-set.

Current yield (preferreds)

(coupon × $100) ÷ market price

Annual dividend on the $100 stated value divided by the live price.

Limitations & disclaimer

Calculator returns ignore dividends, fees, taxes, and slippage.
MSTR history before August 2020 predates the bitcoin strategy.
The mNAV-over-time chart steps holdings and shares between filings and uses a basic (not diluted) share count — treat it as a close approximation of the trend, not a tick-by-tick series.
Balance-sheet figures lag reality between filings; check the last-verified date.
Delayed quotes may differ from your broker's real-time price.
This is data and education, not financial advice.

Questions about the approach? Read about the project →