Amplification ratio

Amplification is the issuer's own metric. Strategy defines it as "a ratio, as of a specified date or time, equal to the Company's BTC Reserve divided by its Net Reserve" (FWP, 24 August 2026).

The formula

• BTC Reserve = bitcoin held × current bitcoin price.
• Net Reserve = BTC Reserve − notional of out-of-the-money convertible notes and other debt-like instruments − notional of perpetual preferred stock (excluding in-the-money STRK) + USD Assets.
• Amplification = BTC Reserve ÷ Net Reserve.

Strategy explains that Amplification "is generally greater than one". A higher figure "indicates that more of the Company's BTC Reserve would need to be liquidated" to repay debt and redeem preferred stock at notional amounts. A rise in the bitcoin price lowers Amplification and a fall raises it.

Reported figure

At the August 2026 snapshot (bitcoin holdings as of 23 August 2026), Strategy showed Amplification of 1.30x. That reflects a BTC Reserve of about $64.7bn against a Net Reserve of $49.68bn, after $6.75bn of debt and $14.97bn of preferred stock, net of $6.69bn of USD Assets (same source).

Definition changed on 23 July 2026

As with mNAV, Strategy states that before 23 July 2026 the term "Amplification" referred to a different metric, and that earlier figures are not comparable.

Relevance to preferred holders

Amplification summarises how much of the capital stack ranks ahead of common equity. For preferred holders, the related per-series view is the coverage bridge or BTC Rating. Those divide the same BTC Reserve by only the claims at or above a given series. Strategy states the metric is a supplement to, not a substitute for, its financial statements.

What to check in the filing

• The definition date (before or after 23 July 2026)
• Claims and USD Assets included
• Bitcoin price used