Michael Saylor interprets two core Bitcoin metrics in Strategy: BPS reflects growth, and CEBE BPS measures actual risk exposure

Deep Tide TechFlow News, June 14th, Strategy Chairman Michael Saylor published an article analyzing two core metrics used in the company's capital structure analysis—BPS (Bitcoin Per Share) and CEBE BPS—providing a systematic explanation.

Saylor stated that BPS measures the amount of Bitcoin attributable to common shares before deducting preferred debts, leaning more towards a long-term growth perspective of the company. This metric reflects how the company's Bitcoin reserves per share grow as it continuously acquires Bitcoin through financing methods such as issuing bonds and issuing additional shares. Currently, the BTC Yield indicator used by Strategy is based on BPS to measure the effectiveness of capital operations.

In contrast, CEBE BPS adopts a more conservative calculation method. After deducting all priority debts such as debt, convertible bonds, and preferred shares, this metric measures the actual Bitcoin risk exposure that common shareholders ultimately enjoy per share. Saylor defines it as an important reference indicator for assessing risk.

He further pointed out that the importance of these two metrics is closely related to the company's debt maturity structure. If the debt has a short maturity, CEBE BPS has higher reference value because it better reflects the true residual rights of common shareholders if the debt matures immediately; whereas, when the debt has a longer maturity, BPS is more meaningful because, in the long term, rising Bitcoin prices may cover financing costs as well as accrued interest, dividends, and other expenses.

Saylor emphasized that investors should not simply evaluate Strategy's value by "total Bitcoin holdings divided by total shares." For companies that continuously acquire Bitcoin through complex financing structures, capital structure analysis is an important part of understanding shareholders' actual rights and risk exposure.