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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

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.

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

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.

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:

Always improving! 🍊

Credit pricing meets Bitcoin.

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

This calculator looks useful for comparing Strategy preferreds prices.

more useless shit instead of buying back the common

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. 🔍

wonderful

Woot! 🤓

@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.

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.

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.

I like the presentation vdo nice!

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.

Does it include @strategystock ?

That’s a pretty unique framework. 😮

Great addition! Definitely checking this out."

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

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

@saylor preferreds trading below derived value, $BTC upside

finally a calculator to justify my spreadsheet addiction

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

Very impressive 👏

Michael Paylor and Pump Le

@saylor I Been in for a while .

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

Dont believe

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

Interesting way to connect BTC credit risk with preferred pricing.

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

@saylor Cvv

@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.

@saylor Yeas 🙏

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.

