Strategy just changed its bitcoin math. The old headline number hid $22.3B.

Strategy owns 843,775 BTC. CoinDesk says the company changed how it reports that stack on July 24.

The old headline was gross bitcoin. The new one is net bitcoin. The bet here is simple: common holders now have to watch what gets paid first.

Strategy now shows a $36.6B Net Reserve after deductions, according to CoinDesk. The company starts with $55.6B of gross bitcoin reserves and $3.2B of dollar reserves. Then it deducts $6.8B of out-of-the-money convertible debt and $15.5B of preferred stock.

That adds up to $22.3B sitting ahead of common shareholders. If you're holding MSTR common, that is the only number that matters.

The overhaul lands in a worse tape. CoinDesk says MSTR is 84% below its November 2024 peak. Bitcoin was about 50% below its all-time high in the same report. AMBCrypto put bitcoin near $65,000 on July 24.

Strategy also set a permanent 1.0x mNAV threshold for equity issuance. Above that level, new shares add bitcoin per share for existing common holders. Below it, the math gets harder to defend.

The company also introduced a 3.22% BTC Breakeven ARR, per CoinDesk. That is the annual bitcoin gain needed to cover interest and preferred dividends indefinitely. It puts the financing bill in one number.

STRC preferred stock is the stress signal. CoinDesk said it was near $85 on July 24, below its $100 par value. That is market doubt, not a Twitter argument.

Strategy still has the biggest corporate bitcoin pile. But the bear market changed the question. Gross BTC tells you what the company owns. Net reserve tells you who gets paid first.