Strategy founder Michael Saylor tweeted that BPS (Bitcoin Per Share) measures the amount of Bitcoin held per common share; CEBE BPS (Common Equity Bitcoin Exposure per Share) measures the Bitcoin exposure per share after deducting debt and preferred stock and other senior claims. CEBE BPS is more suitable as a conservative risk indicator, while BPS is used to measure the growth of common equity value; when Bitcoin's price increase exceeds the cost of capital, Bitcoin reserve companies that use long-term low-cost financing are expected to outperform Bitcoin itself.

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FragmentGlowFlower
· 4h ago
Long-term, low-cost financing + BTC is going up > the cost of capital—so the result is beating BTC; this formula is straight-up got me hooked, lockstock and barrel.
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FeeFiFoFum
· 4h ago
In plain terms, BPS focuses on growth, CEBE BPS focuses on the bottom line—balance both approaches.
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Mint-ColoredSlippage
· 4h ago
CEBE BPS deducts debt to view net exposure, conservatives rejoice wildly
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TheRetreatButtonIsVeryLarge.
· 5h ago
Saylor's set of metrics is quite skillful; BPS and CEBE BPS clearly break down leverage risk, so there's no need to guess blindly anymore.
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