Rebuilt weekly from SEC filings
The preferred stock price where each rotation stops adding coins per share
Loading the latest filed week.
1 · Why it adds
Why retiring preferred below its $100 notional adds coins per share
The intuition first, with toy numbers labeled as an illustration; then Strategy's filed trade.
2 · By week
How has the distance to break-even changed?
One shared percentage scale. For the preferred stocks, 100% means the close equals break-even. SharpLink shows 1 ÷ net mNAV because it has no preferred.
Strategy STRC
BitMine BMNP
SharpLink 1 ÷ m filed dates only
Each panel divides the preferred close by break-even ($100 × net mNAV). The scale and dates are the same in all three panels. Strategy's rotation adds below the line; BitMine's adds above it; the shaded side is where each adds. SharpLink has no preferred, so its panel shows 1 ÷ m, and buying back adds above the line (m below 1). Dollar closes are in each point's details.
Data: attribution.csv · actions.csv · balances.csv
Detail for analysts
3 · Map
Where do the filed observations sit against break-even?
One mark per firm and reporting week. Select a mark to open its filing.
x is q, y is m: one mark per firm-week (SharpLink: per filed holdings date, at q = 1). Both axes share one range, so the diagonal m = q is a true 45° line; Strategy's rotation adds above it and BitMine's below it. Each axis line spans only the range of the data, labeled at its ends.
Data: attribution.csv · actions.csv
4 · Attribution
What caused the change in net coins per share?
Three firms on one scale, in basis points of that week's net coins per share.
Each bar splits a week's change in n by cause, as basis points of that week's n (1 bp = 0.01%), so firms of different size share one scale. Bars above zero add to the metric; bars below zero subtract. The black tick marks the net of the stacked causes. A residual is the amount the filings leave unexplained, not a separate trade. Coin price moves and in-the-money flips are left out of the bars and listed in the details, the strip under each chart and the table. Dollars ("value to common" = Δn × S × p) are in the details, the strips and the table.
Strategy
BitMine
SharpLink filed holdings dates only
Table: every week, every cause, in millions of dollars
Value to common per week in millions of dollars, $M (for SharpLink, per filed holdings date). Estimated issuance is part of issue common (BitMine). Observed = change in n × S × p.
Data: attribution.csv · actions.csv · balances.csv
5 · BitMine ETH per share
BitMine's ETH held per 1,000 basic shares, by week
Weekly on an estimated share count, with the filed 10-Q counts as the check.
Table: every week, ETH held and the share count behind it
Data: stated.csv · balances.csv · BitMine 8-Ks on EDGAR
6 · Method
One definition for all three firms
Strategy's own net coins per share, applied to BitMine and SharpLink.
The metric is Strategy's own net coins per share definition, applied to all three firms, taken from the glossary in Strategy's 2026-08-24 FWP. Full note: methodology.
N = C + (R − D − F) / p n = N / S m = s·S / (p·N) = s / (p·n)
Symbols
- C
- coins held (BTC or ETH; SharpLink includes LsETH and weETH as-if redeemed)
- R
- USD assets: USD Reserve plus USD Cash (Strategy); cash and marketable securities (BitMine); balance-sheet cash (SharpLink)
- D
- notional of out-of-the-money converts and other debt
- F
- notional of perpetual preferred
- S
- fully diluted shares: common, awards, in-the-money converts
- p, s
- coin close and common close
- q
- preferred close / $100 notional (STRC for Strategy, BMNP for BitMine; SharpLink has no preferred)
The five formulas
Each action moves x dollars. With k = x / (p·S), the first-order change in n is:
| # | action | Δn | adds when |
|---|---|---|---|
| 1 | issue common | k·(1 − 1/m) | m > 1 |
| 2 | buy back common | k·(1/m − 1) | m < 1 |
| 3 | issue preferred | k·(1 − 1/q) | q > 1 |
| 4 | retire preferred | k·(1/q − 1) | q < 1 |
| 5 | buy or sell coins | 0 | neutral on day one |
The break-even line is m = q. Strategy's rotation (1 and 4: issue common, retire preferred) adds while m > q, so it stops when STRC trades above $100 × m. BitMine's rotation (3 and 2: issue preferred, buy back common) adds while m < q, so it stops when BMNP trades below its liquidation preference × m. SharpLink has no preferred, so no rotation line applies: issuing common adds while m > 1 and buying back common adds while m < 1.
The bars use exact values, not the first-order formulas: each week's observed change in n is split in order into coin price, in-the-money flips, each action at its own disclosed price, carry (preferred dividends and convert interest; for SharpLink, inferred staking and LST accrual), and a residual. Each step recomputes n. The residual is what the filings leave unexplained.
Labeled caveats
Data sources
| source | use |
|---|---|
| Strategy filings, EDGAR CIK 1050446 | weekly 8-Ks (actions, holdings, USD Reserve and Cash); Q2 10-Q (shares, preferred, converts) |
| BitMine filings, EDGAR CIK 1829311 | weekly 8-K releases (ETH held, buybacks, BMNP); 10-Q (shares, balance sheet) |
| SharpLink filings, EDGAR CIK 1981535 | 8-K releases on the dates they state ETH held (offering, buybacks, ETH purchases); Q2 10-Q (shares, cash, net proceeds) |
| Strategy KPI API | netSatsPerShare, mNAV; the done check compares against it |
| Yahoo Finance | daily closes: MSTR, STRC, STRK, STRF, STRD, BMNR, BMNP, SBET |
| CoinGecko | BTC and ETH daily closes |
| strategicethreserve.xyz | independent check of BitMine and SharpLink ETH holdings |
Done check
7 · How this is built
Python and plain JavaScript; no framework, no database
By Rahil Bhavan. Code, data and tests: github.com/RahilBhavan/dat-accretion.
8 · Downloads
The CSVs behind every figure on this page
- actions.csvevery capital action with its filing
- balances.csvweekly C, R, D, F, S per firm
- attribution.csvweekly change in n by cause