Strategy Inc. CEO Simplifies mNAV Formula Amid Market Declines

By Khal · · 1 min read

Editorial illustration for: Strategy CEO Simplifies mNAV Formula Amid Market Declines
Image generated for editorial use · Generated via fal.ai FLUX — editorial license · Published Jul 29, 2026, 1:51 p.m. (1 hour ago)

In brief

  • Strategy CEO Phong Le announced a radical simplification of the mNAV formula governing share issuance
  • New formula introduces fixed 1.0x efficiency threshold; mNAV metric rises to 1.07x
  • Management allocated $25 million to repurchase STRC preferred shares at $86.52 per share

Simplified Formula and Updated Metrics

The upgraded mNAV accounts for all securities senior to MSTR and distinguishes between in-the-money (ITM) and out-of-the-money (OTM) converts. This refinement aims to provide clearer visibility into the company's per-share value amid volatile market conditions.

Bitcoin per share (BPS) currently stands at 0.0023 BTC. Strategy's digital credit instruments, with a combined volume of $12.2 billion, are also trading in negative territory.

Preferred Share Repurchase

Management allocated $25 million for an emergency repurchase of STRC preferred shares at $86.52 each, below their $100 par value. The repurchase reflects management's assessment of current valuations in the market environment.

The announcement underscores the company's focus on optimizing its capital structure as both traditional and digital assets face headwinds.

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