Project intrinsic value forward
Monthly simulation seeded from the latest snapshot (Nov 12, 2026). All math runs live in your browser.
Unit
End IV / share
$269
+174.9% vs today
End BTC price
$149,961
Mkt cap $3.0T · +119.7% · 30% CAGR
End MSTR price
$269
Mkt cap $113.3B · +135.7% vs today
End amplification
40%
Target 40%
Total div paid
$12.1B
Issuance $50.3B
Intrinsic value per share
+174.9%Capital structure projection
Monthly issuance & cumulative dividends
Bitcoin accumulated
+42.1%Bitcoin per share (sats)*
+40.3%*Raw BTC holdings ÷ shares. Does not subtract convertible debt or preferred liquidation value — pure economic exposure per share, not a debt-adjusted IV measure.
Premium metrics: Price/IV vs EV/NAV vs Price/NAV
Price/IV is the share-accretion metric. EV/NAV is the metric Strategy publicly cites as their mNAV. Price/NAV (market cap / BTC NAV) is the common equity-only premium widely quoted by analysts.
Month-by-month detail
| Date | BTC px | BTC held | Cash | Conv debt | Pref | Issuance | Div | IV/sh |
|---|---|---|---|---|---|---|---|---|
| 2026-11-12 | $68.3K | 840,447 | $5.0B | $6.7B | $15.0B | $0.0 | $138.9M | $98 |
| 2026-12-12 | $69.8K | 843,852 | $5.1B | $6.7B | $15.5B | $515.3M | $138.9M | $100 |
| 2027-01-12 | $71.3K | 850,519 | $5.1B | $6.7B | $16.1B | $619.5M | $144.0M | $103 |
| 2027-02-12 | $72.9K | 858,427 | $5.1B | $6.7B | $16.8B | $726.6M | $150.2M | $106 |
| 2027-03-12 | $74.5K | 866,827 | $5.1B | $6.7B | $17.6B | $783.3M | $157.5M | $109 |
| 2027-04-12 | $76.1K | 875,445 | $5.1B | $6.7B | $18.4B | $821.5M | $165.3M | $112 |
| 2027-05-12 | $77.8K | 884,177 | $5.1B | $6.7B | $19.3B | $853.1M | $173.5M | $115 |
| 2027-06-12 | $79.5K | 892,988 | $5.1B | $6.7B | $20.2B | $882.9M | $182.1M | $118 |
| 2027-07-12 | $81.3K | 901,865 | $5.1B | $6.7B | $21.1B | $912.6M | $190.9M | $122 |
| 2027-08-12 | $83.1K | 910,803 | $5.1B | $6.7B | $22.0B | $942.8M | $200.0M | $125 |
| 2027-09-12 | $84.9K | 919,803 | $5.1B | $6.7B | $23.0B | $973.9M | $209.5M | $129 |
| 2027-10-12 | $86.8K | 928,865 | $5.1B | $6.7B | $24.0B | $1.0B | $219.2M | $132 |
| 2027-11-12 | $88.7K | 937,990 | $5.1B | $6.7B | $25.0B | $1.0B | $229.2M | $136 |
| 2027-12-12 | $90.7K | 947,180 | $5.1B | $6.7B | $26.1B | $1.1B | $239.6M | $140 |
| 2028-01-12 | $92.7K | 956,437 | $5.1B | $6.7B | $27.2B | $1.1B | $250.4M | $144 |
| 2028-02-12 | $94.7K | 965,761 | $5.1B | $6.7B | $28.4B | $1.1B | $261.5M | $148 |
| 2028-03-12 | $96.8K | 975,155 | $5.1B | $6.7B | $29.5B | $1.2B | $272.9M | $152 |
| 2028-04-12 | $99.0K | 984,620 | $5.1B | $6.7B | $30.8B | $1.2B | $284.7M | $156 |
| 2028-05-12 | $101.2K | 994,158 | $5.1B | $6.7B | $32.0B | $1.3B | $296.9M | $161 |
| 2028-06-12 | $103.4K | 1,003,769 | $5.1B | $6.7B | $33.3B | $1.3B | $309.6M | $166 |
| 2028-07-12 | $105.7K | 1,013,456 | $5.1B | $6.7B | $34.7B | $1.3B | $322.6M | $170 |
| 2028-08-12 | $108.0K | 1,023,221 | $5.1B | $6.7B | $36.1B | $1.4B | $336.1M | $175 |
| 2028-09-12 | $110.4K | 1,033,065 | $5.1B | $6.7B | $37.5B | $1.4B | $350.0M | $180 |
| 2028-10-12 | $112.9K | 1,051,938 | $5.1B | $5.7B | $40.0B | $2.5B | $364.3M | $185 |
| 2028-11-12 | $115.4K | 1,065,370 | $5.1B | $5.7B | $41.9B | $1.9B | $389.3M | $191 |
| 2028-12-12 | $117.9K | 1,076,768 | $5.1B | $5.7B | $43.7B | $1.8B | $408.7M | $196 |
| 2029-01-12 | $120.5K | 1,087,440 | $5.1B | $5.7B | $45.4B | $1.7B | $426.2M | $202 |
| 2029-02-12 | $123.2K | 1,097,888 | $5.1B | $5.7B | $47.1B | $1.7B | $443.3M | $208 |
| 2029-03-12 | $125.9K | 1,108,308 | $5.1B | $5.7B | $48.9B | $1.8B | $460.6M | $214 |
| 2029-04-12 | $128.7K | 1,118,774 | $5.1B | $5.7B | $50.7B | $1.8B | $478.3M | $220 |
| 2029-05-12 | $131.5K | 1,129,317 | $5.1B | $5.7B | $52.6B | $1.9B | $496.6M | $226 |
| 2029-06-12 | $134.4K | 1,139,950 | $5.1B | $5.7B | $54.6B | $1.9B | $515.4M | $233 |
| 2029-07-12 | $137.4K | 1,150,679 | $5.1B | $5.7B | $56.6B | $2.0B | $534.9M | $240 |
| 2029-08-12 | $140.4K | 1,161,506 | $5.1B | $5.7B | $58.6B | $2.1B | $555.0M | $246 |
| 2029-09-12 | $143.5K | 1,172,435 | $5.1B | $5.7B | $60.8B | $2.1B | $575.7M | $254 |
| 2029-10-12 | $146.7K | 1,183,467 | $5.1B | $5.7B | $63.0B | $2.2B | $597.2M | $261 |
| 2029-11-12 | $150.0K | 1,194,605 | $5.1B | $5.7B | $65.3B | $2.3B | $619.3M | $269 |
Value-for-value
If you found the content in this page valuable, you can give value-for-value by tipping me some sats with bitcoin lightning by scanning the above qr-code or copying my lightning address: . Thank you!