Net Sats / $1

Drag to zoom

Loading chart…

In plain English

Same idea as sats per dollar, but first subtract debt and preferreds (and add cash). What is left is the common stockholder’s leftover bitcoin per dollar of stock.

The dashed line is spot bitcoin itself (an ETF-like 1.0×). Above that line, the equity is cheaper than coin on a net-NAV basis. History applies today’s capital structure to past prices — Strategy does not publish a full time series of the stack of claims.

Math and metrics

Debt, preferred, EV from Strategy KPIs. Cash inferred: cash ≈ mcap + debt + pref − EV. Counterfactual history uses today’s claims on past holdings.

cash = max(0, mcap + debt + pref − EV).

netAsset = holdings·BTC + cash − debt − pref.

netSatsPerDollar = (netAsset / BTC)·1e8 / mcap. netMNAV = mcap / netAsset. spot baseline = 1e8 / BTC.