Strategy will now measure its Bitcoin exposure using net holdings rather than gross, reworking its mNAV calculation days before Q2 earnings. MSTR stock fell 6.38% on July 24 to close at $93 as US stocks came under selling pressure.
Strategy (NASDAQ: MSTR) changed how it reports Bitcoin exposure to common shareholders — measuring it by net BTC reserve instead of gross holdings — and its stock dropped 6.38% on July 24 to close at $93. The revision arrives days before the company reports earnings for April through June 2026 on July 30.
A new framework for measuring Bitcoin
In an explanatory video posted on X, Strategy said it will calculate mNAV from net Bitcoin per share rather than the gross holdings it used before. The figure deducts net debt and preferred liabilities from the value of the Bitcoin it holds. By that measure the company holds 554,569 in net Bitcoin, against gross holdings of 843,775 BTC.
The shift follows CEO Phong Le’s statement that Strategy will not buy more Bitcoin until its STRC preferred stock reaches $100, a decision he attributed to shareholders. The company has also been selling both MSTR stock and Bitcoin to build its USD reserve and push STRC back toward its $100 par price. Even so, Strategy joined Coinbase, BlackRock and ARK Invest to establish a Bitcoin Security Consortium, suggesting it remains committed to its treasury plans.
MSTR drops below key support
The stock closed below its $94 support on July 23, pressured by selling across US stocks that geopolitical tensions had triggered. The same tensions also pushed the S&P 500 to 7,408 points. If MSTR closes below that support for three straight days, it might fall to the June 26 low of $81.
A Chaikin Money Flow reading of -0.11 suggests that drop could happen, though the rising CMF line points to sellers gradually losing momentum. A close above $94 might instead send shares toward the 20-day EMA of $99.
Cantor Fitzgerald holds its $212 target
Cantor Fitzgerald, an asset manager with $13 billion under management, reiterated a $212 target on MSTR. The firm said Strategy’s push to raise cash reserves could drive gains for both STRC and MSTR. It also saw no risk in the company selling Bitcoin because the market could easily absorb the coins. Cantor added that Strategy’s market share as a crypto treasury company could be eroded by other firms because of STRC’s de-peg from its $100 par. A decline in Bitcoin’s price could also pull MSTR lower, the asset manager said.
Source: CoinGape
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