We made a dictionary of MicroStrategy’s invented terminology

If you’ve interacted with the MicroStrategy (MSTR) community, chances are you’ve encountered an entire linguistic set that baffles even experienced investors.

Just as Gamestop (GME) meme stock investors created their own terms within their Wall Street Bets sub-reddit dictionary, so too have Irresponsibly Long MSTR investors on the social media platform X.

In 2021, Roaring Kitty and Gamestop retail investors coined new terms like “stonks,” “tendies,” and “diamond hands.” Over the last few years, Michael Saylor and MSTR investors have similarly repurposed words like “torque,” “black hole,” and “net asset value.”

Below is a short dictionary of words that Saylor has repurposed from familiar concepts.

A dictionary for MicroStrategy shareholders

Torque: A measurement of value generated for shareholders per dollar raised.

More specifically, it’s the leveraged sensitivity of MSTR to bitcoin (BTC) price movements and is borrowed from the concept of torque in a transmission system — the efficiency of a corporate engine to leverage its capital structure to accumulate BTC.

Mathematically, torque is calculated by dividing the US dollar (USD) value of a company’s BTC by the USD deployed to acquire it.

Bitcoin yield: The percentage change in BTC holdings relative to the company’s assumed diluted shares.

Assumed diluted shares: The amount of common stock that would be hypothetically circulating if all outstanding options, restricted stock, performance stock, convertible bonds, and convertible preferreds exercised their conversion rights.

Bitcoin gain: The number of BTC at the beginning of the period multiplied by the yield over that period.

Read more: MicroStrategy bulls think Michael Saylor can pump it to 10X its BTC

Black hole: The alleged impact of MicroStrategy’s non-dilutive preferred shares — invented after the company’s third series of dividend-yielding preferred shares, Stride (STRD).

Because dividend-yielding preferreds don’t dilute common shareholders and thus provide ideal “torque,” MicroStrategy could allegedly create a financial black hole, assuming global demand for BTC price exposure will go parabolic.

Endless ways to describe a leveraged bet on BTC

ATMs: At-the-market common stock offerings that dilute common stockholders to buy BTC. Prior to the summer of 2025, ATMs were the largest capital-raising activity at MicroStrategy.

Accretive dilution: An attempt to buck the usual trend of share price decline when issuing new shares. Although ATMs would normally dilute shareholders $1 for every $1 of BTC acquired, accretive dilution captures some of the mNAV premium (see below) such that ATMs become slightly accretive.

mNAV: An abbreviation of “multiple to net asset value” and calculated as the company’s market capitalization divided by the value of its bitcoin holdings with no regard for debt or encumbrances.

MicroStrategy’s highest mNAV over the past year was about 3.4 on November 20, and is currently 1.7.

The higher the mNAV, the more bullish MSTR investors are.

MmC: mNAV months-to-cover: Adam Back invented this term to refer to a valuation metric for BTC treasury companies like MicroStrategy.

The term forecasts the number of months it will take a company to “cover” or “make up” for its otherwise high mNAV above one.

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