Learn
The numbers behind bitcoin-backed credit, explained in about a minute each. Watch the video, or read the same thing in two.
1:12Leverage
What is amplification?
Amplification is a company’s bitcoin divided by what’s left for shareholders once debt and preferred stock are paid. At 1.33×, each 1% move in bitcoin moves the shareholders’ part 1.33%.
1:13Valuation
What is mNAV?
mNAV is a share’s price divided by its net asset value per share: the bitcoin behind each share, after what the company owes. Above 1× you pay a premium for that bitcoin; below 1× you get it at a discount.
New explainers appear here and in The Press.
Orange Paper reads every Strategy and Strive filing as it lands and checks each figure before publishing. Figures from filings link to SEC EDGAR; our own calculations are labelled. Not investment advice.