For those who’ve interacted with the MicroStrategy (MSTR) neighborhood, likelihood is you’ve encountered a whole linguistic set that baffles even skilled buyers.
Simply as Gamestop (GME) meme inventory buyers created their very own phrases inside their Wall Avenue Bets sub-reddit dictionary, so too have Irresponsibly Lengthy MSTR buyers on the social media platform X.
In 2021, Roaring Kitty and Gamestop retail buyers coined new phrases like “stonks,” “tendies,” and “diamond hands.” Over the previous few years, Michael Saylor and MSTR buyers have equally repurposed phrases like “torque,” “black hole,” and “net asset value.”
Under is a brief dictionary of phrases that Saylor has repurposed from acquainted ideas.
A dictionary for MicroStrategy shareholders
Torque: A measurement of worth generated for shareholders per greenback raised.
Extra particularly, it’s the leveraged sensitivity of MSTR to bitcoin (BTC) price actions and is borrowed from the idea of torque in a transmission system — the effectivity of a company engine to leverage its capital construction to build up BTC.
Mathematically, torque is calculated by dividing the US greenback (USD) worth of an organization’s BTC by the USD deployed to accumulate it.
Bitcoin yield: The proportion change in BTC holdings relative to the corporate’s assumed diluted shares.
Assumed diluted shares: The quantity of widespread inventory that may be hypothetically circulating if all excellent choices, restricted inventory, efficiency inventory, convertible bonds, and convertible preferreds exercised their conversion rights.
Bitcoin acquire: The variety of BTC originally of the interval multiplied by the yield over that interval.
Learn extra: MicroStrategy bulls suppose Michael Saylor can pump it to 10X its BTC
Black gap: The alleged affect of MicroStrategy’s non-dilutive most popular shares — invented after the corporate’s third sequence of dividend-yielding most popular shares, Stride (STRD).
As a result of dividend-yielding preferreds don’t dilute widespread shareholders and thus present supreme “torque,” MicroStrategy may allegedly create a monetary black gap, assuming world demand for BTC price publicity will go parabolic.
Limitless methods to explain a leveraged guess on BTC
ATMs: At-the-market widespread inventory choices that dilute widespread stockholders to purchase BTC. Previous to the summer time of 2025, ATMs had been the most important capital-raising exercise at MicroStrategy.
Accretive dilution: An try to buck the same old development of share price decline when issuing new shares. Though ATMs would usually dilute shareholders $1 for each $1 of BTC acquired, accretive dilution captures a number of the mNAV premium (see beneath) such that ATMs change into barely accretive.
mNAV: An abbreviation of “multiple to net asset value” and calculated as the corporate’s market capitalization divided by the worth of its bitcoin holdings with no regard for debt or encumbrances.
MicroStrategy’s highest mNAV over the previous yr was about 3.4 on November 20, and is at the moment 1.7.
The upper the mNAV, the extra bullish MSTR buyers are.
MmC: mNAV months-to-cover: Adam Again invented this time period to consult with a valuation metric for BTC treasury corporations like MicroStrategy.
The time period forecasts the variety of months it is going to take an organization to “cover” or “make up” for its in any other case excessive mNAV above one.
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