Michael Saylor Rolls out Net BTC and BTC Hurdle ARR to Reframe Strategy's $64 Billion Bitcoin Bet

Strategy overhauls bitcoin metrics to account for senior claims

Microstrategy introduces Net Reserve ($36.6B net of convertible debt/preferred stock) and 1.0x mNAV framework to clarify common shareholder value as bear market (BTC -50%, MSTR -84%) pressures returns. Framework reveals true bitcoin position net of $22.3B senior claims and guides when new equity issuance actually accrets value.