Question 1

What is MSTR's equity wipeout price?

Accepted Answer

It is the Bitcoin price at which Strategy's net asset value falls to zero — where the market value of its Bitcoin holdings exactly equals its net debt (convertible notes plus preferred stated value, less cash). Below this BTC price the common equity's Bitcoin NAV is fully offset by senior obligations. This calculator estimates it as net debt divided by BTC held.

Question 2

How is NAV calculated in this tool?

Accepted Answer

NAV equals BTC holdings multiplied by the BTC price, minus net debt. Net debt is prefilled from Strategy's disclosed convertible notes and preferred stated value, less cash on hand, and every input can be edited.

Question 3

What does the mNAV premium or discount mean?

Accepted Answer

It compares MSTR's market capitalisation (stock price times shares outstanding) to its net asset value. A positive figure means the stock trades at a premium to NAV; a negative figure means it trades at a discount.

Question 4

What is the BTC price stress-test slider for?

Accepted Answer

Dragging the slider overrides the BTC price from zero up to twice the current level and instantly recomputes NAV, premium/discount, leverage and the wipeout price, so you can see how sensitive MSTR's equity is to Bitcoin's price.

Question 5

Is this investment advice?

Accepted Answer

No. The calculator is an informational modelling tool only. Figures are estimates based on the latest disclosed balance-sheet data and are not investment advice.

Bitcoin Treasury Leverage Calculator