Strategy (MSTR), the biggest corporate holder of bitcoin, has created a new market metrics framework, replacing gross BTC-based figures with net equivalents that take out the company's growing preferred stock and convertible debt obligations. The purpose of the new framework is to give common equity holders a more transparent overview of the company’s position.

The metric overhaul is part of a broader pattern, with Strategy repeatedly refining its guidance over the past year as it grapples with a bear market that began in October. The company’s flagship preferred stock, STRC, trades near $85 and has not returned to its intended $100 par value since mid-May.

Bitcoin is currently trading at roughly $65,000, 50% below its all-time high, while MSTR sits 84% below its November 2024 peak.