Recently, Strategy founder Michael Saylor launched a new "BTC Rating" assessment metric on the official website to measure the company's correlation with Bitcoin. The "BTC Rating" value for MSTR (Strategy stock code) is set at 0.9.

How is this rating calculated? Chaitanya Jain, who is responsible for Bitcoin strategy within the company, explained the logic in detail. The formula is actually quite simple: subtract debt and preferred shares from Bitcoin reserves, add US dollar reserves, and then divide by the company's total market value. In simple terms, it measures the proportion of Bitcoin net assets within the company's overall market value—similar to a reverse P/E ratio concept.

This rating method allows investors to more intuitively see the actual relationship between a company and its Bitcoin exposure. As a well-known Bitcoin accumulator in the industry, MSTR's introduction of such an assessment tool also reflects the market's demand for transparency and quantitative indicators.