TLDR: Michael Saylor introduced BPS, CEBE BPS, and BTC Yield to standardize Bitcoin treasury company evaluation. Strategy holds 845,256 Bitcoin worth $54.5 billion, with BPS at 220,016 satosh
Michael Saylor has introduced a new framework for evaluating Bitcoin treasury companies, offering three core metrics designed to bring consistency and transparency to the sector.
The metrics; Bitcoin Per Share (BPS), CEBE BPS, and BTC Yield: aim to standardize how investors assess Bitcoin-backed corporate strategies.
Strategy, Saylor’s company, holds 845,256 Bitcoin worth $54.5 billion and serves as the primary reference model.
Bitcoin Per Share (BPS) is the first metric Saylor introduced. It divides a company’s total Bitcoin holdings by its diluted share count.
Strategy’s current BPS stands at 220,016 satoshis per share. This figure reflects total Bitcoin exposure before accounting for any senior financial obligations.
CEBE BPS offers a more conservative picture for investors. It subtracts senior claims, such as debt and preferred stock, before calculating Bitcoin per share.
Strategy carries $6.75 billion in debt and $15.5 billion in preferred stock. After these adjustments, Strategy’s CEBE BPS falls between 118,000 and 134,000 satoshis per share.
Saylor explained the distinction between the two metrics clearly. He stated via X: “BPS measures Bitcoin per common share before senior claims. CEBE BPS measures Bitcoin per common share after senior claims. CEBE is the conservative risk metric. BPS is the common equity growth metric.” The gap between the two figures reflects the weight of leverage on the balance sheet.
BPS measures Bitcoin per common share before senior claims. CEBE BPS measures Bitcoin per common share after senior claims. CEBE is the conservative risk metric. BPS is the common equity growth metric. BTC Yield measures BPS execution.
— Michael Saylor (@saylor) June 14, 2026
The relevance of each metric depends on liability duration. Saylor noted that short-duration liabilities make CEBE BPS the more important figure.
Longer-duration liabilities, however, make BPS more applicable. If Bitcoin’s annual return rate exceeds the cost of capital, BPS better captures the upside available to common shareholders.
BTC Yield is the third metric in Saylor’s framework. It measures the year-to-date percentage change in BPS. Strategy’s current BTC Yield stands at 12.8% for the year. This metric helps investors track whether a company is actually growing its Bitcoin per share over time.
The concept of amplification sits at the center of this framework. Saylor noted: “The difference between BPS and CEBE BPS is Amplification.”
A company with no debt or preferred stock would see BPS equal CEBE BPS, effectively tracking Bitcoin like an ETF. As liabilities increase, the two metrics diverge, creating room to outperform Bitcoin.
Not all liabilities carry the same risk profile. Short-duration, high-cost liabilities can convert amplification into underperformance risk.
Long-duration, low-cost liabilities, on the other hand, can work in favor of common equity holders. A well-capitalized Bitcoin treasury company, therefore, holds a structural advantage when managed correctly.
Reactions to the framework have been mixed across the crypto community. Supporters praise the metrics as a step toward greater transparency in Bitcoin corporate strategy.
Critics, however, argue that the measures lack independent validation. The debate reflects broader tensions around how Bitcoin treasury operations should be evaluated and communicated to investors.
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