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BTC + MSTR investing — long-form guides
Plain-English deep dives on the metrics, mechanics, and trade-offs of Bitcoin and Strategy (MSTR) exposure.
How much Bitcoin do you actually own?
A guide to calculating your effective BTC exposure across direct BTC, MSTR, spot ETFs, and Strategy preferreds — and why the number is usually higher (or lower) than you think.
Why MSTR isn't a Bitcoin proxy
MSTR moves with Bitcoin, but it's not a one-to-one substitute. Here's what mNAV, capital structure leverage, and BTC torque actually mean for your portfolio — and when MSTR makes more sense than spot BTC, and when it doesn't.
MSTR premium to NAV, explained
Why MSTR trades for more than the Bitcoin it owns — what drives the mNAV premium, why it expands and compresses, and how to read it as an investor.
How to find Bitcoin's implied price from MSTR
MSTR's share price quietly implies a Bitcoin price. The simple formula to back it out, what it tells you, and why it differs from spot.
How MSTR's convertible debt affects mNAV
Convertible notes are the engine behind much of Strategy's stack — and the part of mNAV people most often get wrong. Where the debt shows up in the math.
How Strategy's ATM raise works
The at-the-market equity program behind the accumulation flywheel — why issuing shares can raise Bitcoin per share, but only above NAV.
Does MSTR pay a dividend?
The common stock pays nothing by design — but Strategy's preferred shares (STRF, STRK, STRC, STRD) are built to pay yield. Here's the full picture.
What happens to MSTR if Bitcoin drops 50%?
Why MSTR can fall more than Bitcoin — premium compression, leverage, and the difference between convertible debt and a margin call.
MSTR vs IBIT — which Bitcoin exposure to own
A leveraged Bitcoin treasury stock versus a spot Bitcoin ETF. How they differ on leverage, premium, fees, and risk — and which fits your goal.
Is MSTR a leveraged Bitcoin ETF?
Not quite. How Strategy's leverage differs from a 2x BTC ETF — no daily reset or decay, but premium and corporate risk instead.
Bitcoin treasury companies compared
How to compare Strategy, Metaplanet, MARA and others — the metrics that matter (BTC held, mNAV, BTC per share, funding), not headline BTC counts.
Are Strategy's preferreds safe?
STRF, STRK, STRC, STRD pay high yields backed by a Bitcoin balance sheet. A plain-English walk through seniority, cumulative vs non-cumulative dividends, and the real risks.
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