How much harder the bitcoin behind a share moves than bitcoin itself, because of what the company owes. A 72-second explainer, or a two-minute read.
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%.
Strategy held 848,517 BTC as of Oct 25, 2026, according to its Q3 results 8-K. It also owes money: to lenders, and to holders of its preferred stock.
Those claims get paid first. What’s left belongs to the shareholders. On Oct 16, 2026, about 22% of Strategy’s bitcoin was owed first (debt plus preferred, less cash, Orange Paper calculation).
An example with round numbers:
| Bitcoin it holds | +$100 |
| Cash | +$5 |
| Debt | −$10 |
| Preferred stock | −$20 |
| Left for shareholders | $75 |
Amplification is bitcoin divided by what’s left for shareholders: $100 ÷ $75 = 1.33×.
If bitcoin rises 10%, the company holds $110 and still owes $25, so $85 is left: up 13.3%. If bitcoin falls 10%, $65 is left: down 13.3%. The claims stay the same size, so the shareholders’ part moves more than bitcoin does.
This is the bitcoin behind the shares. The share price also moves with mNAV, the premium or discount the market puts on that bitcoin.
Amplification is leverage, measured in bitcoin. For shareholders, more amplification means bigger gains when bitcoin rises, and bigger losses when it falls. For preferred holders, less amplification means more bitcoin standing behind every dollar they’re owed.
Two companies with the same bitcoin can carry very different risk.
Strategy’s amplification has run between about 1.1× and 1.8× since 2024. It peaked at 1.78× on Jun 5, 2026, and was 1.28× on Oct 16, 2026 (Orange Paper calculation, Strategy’s method).
Strategy’s method: bitcoin ÷ (bitcoin − debt − preferred + cash), with every figure from SEC filings. Strive states its own as a percentage of bitcoin, (debt + preferred) ÷ bitcoin: 55.3% at Sept 30, 2026.
What is amplification for a bitcoin treasury company?
It is the company’s bitcoin divided by what’s left for shareholders after debt and preferred stock: how much harder the shareholders’ part moves than bitcoin itself.
Is higher amplification better?
It depends on who you are. Shareholders get bigger moves both ways; preferred holders have less bitcoin behind each dollar they’re owed.
How is amplification different from mNAV?
Amplification measures leverage on the bitcoin behind a share. mNAV measures the price the market puts on that bitcoin. A share price moves with both.
Examples use round numbers. Figures for Strategy and Strive are from SEC filings; calculations are Orange Paper’s and labelled. Not investment advice.
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