mNAV Break-Even Calculator

Years until MSTR's BTC Yield compounds enough to break even when paid more than 1.0× mNAV — and when it turns to profit!

Strategy.com Official Methodology: BTC Yield = % change in BPS period-over-period, where BPS = Bitcoin holdings ÷ Assumed Diluted Shares Outstanding. Assumed diluted shares includes all convertible notes, options, RSUs and PSUs — not calculated using the treasury method. Break-even occurs when cumulative compounded BPS growth equals the mNAV premium paid. Formula: Years = ln(mNAV) ÷ ln(1 + BTC Yield)
ENTRY mNAV
mNAV at purchase
2.0× NAV
1.0× 2.0× 3.0× 4.0× 5.0×
QUICK SELECT
AT THIS mNAV, YOU GET
$0.500
of BTC exposure per $1.00 invested
ANNUAL BTC YIELD (BPS GROWTH)
BTC yield per year
25% / yr
5% 22% 40% 57% 75%
STRATEGY OFFICIAL TARGETS / ACTUALS
BTC PER SHARE DOUBLES EVERY
3.1
years (Rule of 72 ÷ yield%)
BREAK-EVEN (FLAT BTC)
4.9
years at flat BTC price
PROFIT FROM YEAR
5
onwards you are in gain
BTC MULTIPLE NEEDED
2.0×
BPS must grow to justify
10YR BPS MULTIPLE
9.3×
BTC per share growth @ yield
YEAR-BY-YEAR PROJECTION — BTC per share compounds, flat BTC price
YEAR END BPS MULTIPLE BTC / SHARE (INDEXED) VALUE vs $1 PAID GAIN / (LOSS) STATUS
Methodology: BTC Yield as defined by Strategy Inc. (Nasdaq: MSTR) = % change in BPS (Bitcoin Per Share) where BPS = Bitcoin holdings ÷ Assumed Diluted Shares Outstanding. Assumed Diluted Shares Outstanding includes all convertible notes, options, RSUs and PSUs; not calculated using the treasury method.
2025 targets (revised Q1 2025): BTC Yield ≥25%, BTC $ Gain ≥$15B. 2024 actual BTC Yield: 74.3%. Original 2025–2027 target: 6–10%/yr (set Sept 2024).
Break-even assumes flat BTC price — any BTC price appreciation reduces years to break-even. BTC price appreciation is multiplicative with BTC Yield. This is not financial advice. Past BTC Yield is not indicative of future performance.