On June 14th, Michael Saylor published a systematic explanation of the differences between two key per-share Bitcoin metrics in Strategy. BPS (Bitcoin Per Share) measures the amount of Bitcoin attributable to common shares before deducting senior debt, representing an optimistic growth perspective — it reflects the rate at which per-share equity accumulates as the company increases Bitcoin holdings through debt issuance, equity issuance, etc. BTC Yield is based on BPS to track execution effectiveness. CEBE BPS, on the other hand, is the actual Bitcoin exposure per share that common shareholders can receive after deducting all senior debt (debt, convertible bonds, preferred stock, etc.), which Saylor describes as a more conservative risk indicator.

Saylor further stated that the relative importance of the two metrics depends on the debt maturity structure: the shorter the debt maturity, the more critical CEBE BPS becomes, because if it matures today, it most accurately reflects the residual equity of common shareholders; the longer the debt maturity, the more important BPS is, as long-term Bitcoin appreciation is expected to cover accrued interest and dividends. Saylor emphasized that valuation should not be simply measured by total Bitcoin divided by total shares; capital structure analysis is indispensable. #我的Gate交易时刻