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Strategy Revamps Bitcoin Metrics to Clarify Shareholder Exposure

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Strategy, the bitcoin-focused firm led by Michael Saylor, has overhauled its framework for measuring bitcoin holdings amid a continuing bear market. The updated metrics are designed to give common shareholders a clearer picture of the company's net bitcoin exposure. The revision accounts for obligations tied to preferred stock and convertible debt before calculating that exposure. The move reflects growing pressure on the company to improve transparency as market conditions remain challenging.

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