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Asset Deep DiveKaizen Pro

Strategy (MSTR): The Flywheel in Reverse?

Kaizen ResearchKaizen Research · Jun 10, 2026 · 20 min read
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Quick Glossary

Six terms unlock this entire report.

  1. BTC per share (BPS): how much Bitcoin sits behind each MSTR share. This is the company's stated business objective. Every financing move is judged by whether it raises or lowers this number. "BTC Yield" is simply the percentage growth in BPS over a period.

  2. mNAV (multiple of Net Asset Value): the price...

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U.S. Equities: Bubble, or Just Expensive?

Kaizen ResearchKaizen Research · Jun 9, 2026 · 24 min read