Grain of Salt SF

Grain of Salt SF

Educational Library

A teaching collection organized around the four layers of Bitcoin treasury analysis.

31 original images · Collected October 15, 2026

Figures retain their own dates and assumptions, including historical and conceptual references. The collection date is not an update date for every graphic; numerical content has not been freshly audited. Educational scenarios are not price forecasts.

Framework

2 images

The Four Layers of Bitcoin Treasury Analysis — 01
The Four Layers of Bitcoin Treasury Analysis

The Public Capital System — 02
The Public Capital System

01 Ownership

4 images

02 Amplification

10 images

Original two-panel Strategy Bitcoin acquisition plot: acquisition-sized bubbles and convertible financing markers overlay blue spot gross mNAV, teal spot net mNAV, and orange Bitcoin price in the upper panel; purple preferred capital balances and launch bubbles appear in the lower panel, with methodology and source notes below. — 31
Strategy’s Bitcoin Acquisition Playbook
Through October 30, 2026 · Historical financing and acquisition analysis
Spot and estimated issuance mNAV, Bitcoin acquisitions and sales, convertible financing, and preferred capital. Read the chart’s methodology and source notes; estimated issuance mNAV is not actual ATM execution pricing.

Why Amplification Falls as Bitcoin Rises — 07
Why Amplification Falls as Bitcoin Rises

Strategy Amplification Cheat Sheet — 08
Strategy Amplification Cheat Sheet

The Two Amplifications of Strategy — 09
The Two Amplifications of Strategy

Strategy and Strive at Different Amplification Levels — 10
Strategy and Strive at Different Amplification Levels

Convexity in Starting Amplification — 11
Convexity in Starting Amplification
v1.5

Amplification Convexity across Bitcoin Growth Scenarios — 12
Amplification Convexity across Bitcoin Growth Scenarios

Amplification Convexity across Positive Yield Spreads — 13
Amplification Convexity across Positive Yield Spreads

White-background amplification stress test: Bitcoin rises from $150k to $300k then drops 40% to $180k; letting amplification fall results in 41.7% versus 83.3% after re-levering at the top, with a crash discipline guide. — 14
Bitcoin Doubles, Then Drops 40%

White-background event-path chart: a Bitcoin doubling cuts amplification from 50% to 25%; after a 40% drawdown, no re-leveraging yields 41.7% amplification versus 83.3% after re-leveraging at the top, across low amplification, convexity and asymptotic-risk zones. — 15
Why Amplification Should Fall When BTC Rips

03 Leverage

7 images

Strategy Cash Reserve History — October 12, 2026 — 16
Strategy Cash Reserve History — October 12, 2026
October 12, 2026

Strategy Net Leverage History — October 12, 2026 — 17
Strategy Net Leverage History — October 12, 2026
October 12, 2026

White-background comparison of traditional fixed-maturity bonds with perpetual digital credit: terminal redemption anchor versus continuous par management, holder rights and active response tools; conceptual illustration, not historical price data. — 19
Par Is Not One Thing: Bonds and Digital Credit

The $100 Treasury That Didn’t Stay at $100: three U.S. Treasury note examples with annual 12-month price candles and tables showing duration risk, premiums, discounts, and pull-to-par; price risk is not credit risk, with $100 principal at maturity. — 20
The $100 Treasury That Didn’t Stay at $100

SATS Annual Cash Yield on Purchase Price: $100 stated amount and a fixed $15 annual cash dividend model; cash yields from 15.00% at $100 to 75.00% at $20. Assumes the full dividend is declared and paid; not a bond claim. Source: Strive SATS Investor Presentation, October 13, 2026. — 21
Annual Cash Yield on Purchase Price

Original SATS Price–Yield Curve: $100 purchase price at 15% annual cash yield, $75 at 20%, $50 at 30%, $25 at 60%, and $20 at 75%, assuming a full $15 annual dividend is declared and paid; illustrative prices, not forecasts or guaranteed dividends. Perpetual preferred-stock education, not a bond yield-to-maturity claim. Source: Strive SATS Investor Presentation, October 13, 2026. — 22
SATS Price–Yield Curve
October 15, 2026 · Assumes $15 annually declared and paid; not guaranteed

04 Valuation

8 images

The Three mNAVs of Strategy — 23
The Three mNAVs of Strategy
v2

Original black Three mNAVs — Strategy and Strive, October 15, 2026: gross equity, enterprise value and net equity mNAV at the same $82,330 Bitcoin price. Strategy 0.91×, 1.13× and 1.17×; Strive 1.08×, 1.44× and 1.72×. Securities snapshot 4:00–4:04 PM ET and Bitcoin 4:04 PM ET; latest disclosed capital counts, rounded educational calculations. Sources: strategy.com, strategy.com/shares and strive.com/treasury. — 24
The Three mNAVs — Strategy and Strive
October 15, 2026 · Historical 4:00–4:04 PM ET snapshot; rounded educational calculations

Strategy New Metrics and MSTR Price Calculations — 25
Strategy New Metrics and MSTR Price Calculations
v2

Mag 7, Strategy and Strive: Valuation Lenses — 26
Mag 7, Strategy and Strive: Valuation Lenses

Tesla versus the Mag 6 and Mag 7: trailing P/E historical snapshot, October 7, 2026. Tesla 351.96×, 20.0× Alphabet and 13.1× the Mag 6 average; rounded ratios, not a forecast. — 27
Tesla versus the Mag 6 and Mag 7

High mNAV versus Cheap Bitcoin — 28
High mNAV versus Cheap Bitcoin

The complete collection

30 original images • ZIP • 31.4 MB

Original 30-image collection; newer additions available individually above.

Organized by section, with figure details and collection notes.

Download original 30-image collection