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Introducing the Strategy Credit Pricing Calculator. Compare current market prices for Strategy's preferreds with illustrative Derived Prices based on BTC Credit from our Credit Risk Calculator.

236,364 views • 2 days ago •via X (Twitter)

37 Comments

Strategy's profile picture
Strategy2 days ago

First, the Credit Risk Calculator takes your BTC Price, BTC Volatility, and BTC ARR assumptions and produces BTC Credit: an annualized credit spread for each security based on its modeled BTC Risk.

Strategy's profile picture
Strategy2 days ago

Next, the pricing calculator takes each preferred’s current Effective Yield and calculates its Market Spread above the applicable risk-free rate.

Strategy's profile picture
Strategy2 days ago

The pricing calculator then uses BTC Credit in place of Market Spread to calculate an illustrative Derived Price. Price vs. Derived shows how the current market price compares with that derived result.

Strategy's profile picture
Strategy2 days ago

Finally, Implied BTC ARR is the BTC ARR that would make BTC Credit equal the current Market Spread. Explore the Strategy Credit Pricing Calculator and test your own assumptions:

Zaid 🟧's profile picture
Zaid 🟧2 days ago

Always improving! 🍊

Ted Trading Club's profile picture
Ted Trading Club2 days ago

Credit pricing meets Bitcoin.

EndCentralBanks's profile picture
EndCentralBanks2 days ago

Maybe the credit pricing calculator will help you figure out the STRC dividend is too low.

Đỗ Khoa | Solomon Do's profile picture
Đỗ Khoa | Solomon Do2 days ago

This calculator looks useful for comparing Strategy preferreds prices.

slaaaaaay 🦄💨✨'s profile picture
slaaaaaay 🦄💨✨2 days ago

more useless shit instead of buying back the common

𝑹𝒂𝒃𝒔's profile picture
𝑹𝒂𝒃𝒔2 days ago

This is a pretty interesting way to look at preferred pricing 👀📊 Connecting market prices with BTC credit risk gives investors another angle for understanding the numbers. 🔍

wadood's profile picture
wadood2 days ago

wonderful

Mocha's profile picture
Mocha2 days ago

Woot! 🤓

Bruce's profile picture
Bruce2 days ago

@saylor New Strategy calculator: market prices on the preferreds vs BTC-Credit Derived Prices. Tape still prices high-yield risk; the model says the collateral is tighter. Illustrative only.

MLB TTK's profile picture
MLB TTK2 days ago

a calculator that prices strc and the other prefs straight off btc vol and btc price is strategy basically handing the credit desks their homework. if the derived price keeps sitting above where the prefs actually trade, that gap is the trade and somebody is going to lean on it. the whole thing still lives or dies on btc holding up while long bond yields are this ugly though. smart move to make the credit math public instead of letting fud write it for them.

Cody Ross's profile picture
Cody Ross1 day ago

This calculator is really just plugging some variables into a normal distribution (bell curve), which makes the preferred stocks look like a good deal due to them having higher yields and being backed by $MSTR’s balance sheet. It sounds smart but accomplishes nothing.

Janice 🟧's profile picture
Janice 🟧2 days ago

I like the presentation vdo nice!

SHATOSHI's profile picture
SHATOSHI2 days ago

A pricing calculator for preferreds backed by BTC credit. The asset Wall Street spent a decade calling a bubble now has its own credit spreadsheet. Quietly one of the most bullish charts of 2026.

Michael Lerro's profile picture
Michael Lerro2 days ago

Does it include @strategystock ?

Jacob Crypto Bury's profile picture
Jacob Crypto Bury2 days ago

That’s a pretty unique framework. 😮

CODY's profile picture
CODY2 days ago

Great addition! Definitely checking this out."

Gerald Bouley's profile picture
Gerald Bouley2 days ago

Just give me a dilution calculator I need to know when to exit to buy more btc for myself

Bitcoin Income Investor's profile picture
Bitcoin Income Investor2 days ago

No one knows what it means, but it’s proactive

vøv △'s profile picture
vøv △2 days ago

@saylor preferreds trading below derived value, $BTC upside

Hershal Rao's profile picture
Hershal Rao2 days ago

finally a calculator to justify my spreadsheet addiction

𝐕𝐑's profile picture
𝐕𝐑2 days ago

@saylor does this calculator show if the market is pricing strategy’s preferreds cheaper or richer than your btc credit model? @grok

Nupezes's profile picture
Nupezes2 days ago

Very impressive 👏

Jacob's Ladder 🔮🟧's profile picture
Jacob's Ladder 🔮🟧2 days ago

Michael Paylor and Pump Le

Jeff Dominic's profile picture
Jeff Dominic1 day ago

@saylor I Been in for a while .

Whiskerbank's profile picture
Whiskerbank2 days ago

useful only if the inputs survive a BTC drawdown. what BTC volatility and liquidity assumptions sit under the derived price?

s***at's profile picture
s***at2 days ago

Dont believe

Dee's profile picture
Dee1 day ago

This looks super useful for traders. Have you seen how Derived Prices shift during high volatility?

Cryptocards.one's profile picture
Cryptocards.one2 days ago

Interesting way to connect BTC credit risk with preferred pricing.

Kaidloscopes's profile picture
Kaidloscopes2 days ago

Bringing preferred-stock pricing and Bitcoin-backed credit risk into one view could improve transparency for investors. 🔍

Ash.Doji's profile picture
Ash.Doji2 days ago

@saylor Cvv

CoinGpt | 智能量化交易's profile picture
CoinGpt | 智能量化交易2 days ago

@saylor Credit spread on the preferreds is really a liquidity and basis signal — worth mapping implied vol against the common's order book depth before sizing any arb.

Fringe₿ 🔸's profile picture
Fringe₿ 🔸2 days ago

@saylor Yeas 🙏

MLB TTK's profile picture
MLB TTK1 day ago

this is a useful way to make preferred pricing less vibes driven. turning btc volatility and arr into a credit spread gives the market a common language for the risk sitting under each security. i’m watching where the derived prices keep disagreeing with the tape, because that gap is the part worth testing. calculators are boring until they catch a misprice.

Related Videos

Strategy sold 3,588 BTC last week. That's 112x more than the 32 BTC they sold a few weeks ago (which freaked out the market). Here's what's happening and why they are doing this... 1. Last week = Strategy sold Last week, Strategy sold 3,588 BTC and used all of the proceeds ($216m) to fund dividend payments on their suite of preferred equities. Q2 dividend payments for STRF, STRK, STRD, and STRE... and June dividends for STRC. Notably, BTC price opened last week at $59.5k. Strategy sold 3,588 BTC over the course of the week, yet BTC price went up to $63.5k. 2. The bigger picture = Strategy is NET buying Strategy bought 85,296 BTC in Q2. Their combined selling for Q2 was 3,620 BTC (32 + 3,588). In other words, they bought 22.5x more BTC in Q2 than they sold. (For 2026 YTD numbers, Strategy has bought ~175k BTC and sold 3.6k BTC. That's a 48x ratio.) 3. The message in advance Weeks ago, Saylor explained what they are doing, in an interview with Michaël van de Poppe (see clip) "On occasion, we'll buy 20 Bitcoin & we'll sell 1 Bitcoin... Then the credit investors will give us enough to buy 20 more Bitcoin." Saylor further explained the strategic rationale of selling Bitcoin... "Our credit investors expect that we're going to support the credit dividend and pay it (and our asset is BTC)... 'will you sell some Bitcoin to pay us the money?' They expect me to say yes, because if I'm not going to pay the dividend, they're not going to buy the credit & the credit agency won't rate the credit." 4. What Strategy is doing Strategy is showing the market that they can and will sell BTC. They are doing this to gain access to more credit market capital... so that they can buy much more BTC. Saylor has recently asserted that it's important to "buy more Bitcoin than you sell." This is that in action. In Q2, they bought 85k BTC. They then used 3.5k BTC to fund the dividends on the Digital Credit that enabled them to buy 85k BTC. They bought 22.5 and sold 1. 5. What to expect next Saylor said they will "inoculate the market" by selling a little BTC. This is the second dose of inoculation. They will keep doing it until the market expects it and no longer reacts to it. They are not dumping their BTC treasury strategy for dollars. That is the click-bait headline for the uninformed. What they are telling you is that they plan to sell 1 BTC so they can buy 20 BTC. Over and over.

Jesse Myers

170,931 views • 2 months ago