Has Strategy just rolled out a new set of metrics to re-measure the value of their Bitcoin holdings—have you guys updated yet?

A few years ago it was all about showing off the total number of BTC they hold. Now they’ve switched to a “Net Reserve” approach—meaning the actual net reserve fund. They’re basically showing their cards now. They take the total value of Bitcoin plus cash, then subtract all those liabilities and preferred stock to arrive at the final number.
Roughly using the new method, their treasury is around $36.6 billion. Of that, Bitcoin accounts for $55.6 billion, cash is about $3.2 billion, and then they still have to carry another $6.8 billion in convertible debt plus as much as $15.5 billion in preferred stock.
And honestly, running it this way is pretty intense. The people over there even estimate that from now on, Bitcoin each year needs to grow steadily by at least 3.22% just to have enough money to pay interest on the loans and dividends to shareholders. Miss a cup and you’ll be a mile off immediately. But then again, you’ve got to say it—this way feels much more fair. One look and you’ll immediately see what kind of debt load they’re carrying, how safe they are, and you won’t get fooled by a visual trick from that big, flashy total BTC number like back before anymore.