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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