CoinDesk Reference: $MSTR ($48.45B) flips $EBAY ($46.38B)
| Gross BTC Treasury Value | $14.50B |
| Net Debt & Convertible Notes | -$3.80B |
| Core Software Enterprise Value | +$1.20B |
| Calculated Net Asset Value (NAV) | $11.90B |
| Treasury Multiplier / Volatility Premium | +$36.55B |
| Total Implied Market Cap | $48.45B |
| Implied Share Price (245.5M shares) | $197.35 |