01 | Treasury Math Lab
Treasury Math Lab
Interactive calculators for MSTR, ASST, STRC and SATA, using the live BTC price and holdings and share counts from company filings. Formulas under every tool. No price targets.
Education only, not investment advice. Figures are sourced and dated; check filings before acting.
02 | mNAV calculator
mNAV, premium and implied BTC price
Data & TA by TradingView.
Formulas
market cap = share price × diluted sharesBTC NAV = BTC held × BTC pricemNAV = market cap ÷ BTC NAV · premium = mNAV − 1implied BTC price = market cap ÷ BTC held (the BTC price at which mNAV would be 1)BTC NAV per share = BTC held ÷ diluted shares × BTC price
This is a simple equity-only mNAV. Strategy’s own mNAV (1.20x on strategy.com, 10/02/2026 04:00 PM ET) uses enterprise value (adds debt and preferred stock, subtracts cash), so it reads higher than this simple version.
03 | Months to cover premium
How long BTC Yield takes to cover the premium
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Reference points, computed by us: Strategy BTC per share -6.2% from Sep 22, 2025 to Sep 28, 2026 (ledger holdings ÷ ADSO); Strive +18.1% from Jul 24, 2026 to Sep 25, 2026 (not annualized). Past changes don’t predict future ones.
Formula
months to cover premium = (mNAV − 1) ÷ (BTC Yield ÷ 12)
A simple, non-compounding rule of thumb: how many months of BTC-per-share growth it would take to “earn” today’s premium. If the yield is zero or negative, or mNAV ≤ 1, the result isn’t meaningful.
04 | BTC-at-X scenarios
NAV per share at a chosen BTC price and mNAV
| BTC per share | BTC NAV per share | Value per share at this mNAV |
|---|
The slider starts at the live BTC price. What-if only, not a forecast.
Formulas
BTC NAV per share = (BTC held ÷ diluted shares) × scenario BTC pricevalue per share = BTC NAV per share × scenario mNAV
05 | Preferred yield
Effective yield and distance from $100 par
STRC at your price
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Stated rate 12.00% (Strategy 8-K, Oct 1, 2026). Prefilled: strategy.com close, 10/02/2026 04:00 PM ET.
SATA at your price
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Stated rate 13.00% (Strive 8-K, Sep 15, 2026). Prefilled: strive.com, market close, October 2, 2026.
Formulas
effective yield = stated rate × $100 ÷ price · distance from par = price − $100
Source: strategy.com ledger and dashboard; Strive 8-Ks and strive.com; issuer 8-Ks for rates · As of 2026-09-28 · Live BTC price: CoinGecko/Coinbase