BTC Yield is a metric that measures the percentage growth in a company's Bitcoin per diluted share over a given period. The formula is simple: take BTC per shareBTC per ShareBitcoin per fully diluted share: the denominator of BTC Yield.View term → at the end of the period, subtract BTC per share at the start, and divide by the starting figure. A BTC YieldBTC YieldTreasury performance metric: the change in BTC per fully diluted share.View term → of 50% means each share represents 50% more Bitcoin than a year ago, even though the shareholder bought no additional shares.
The metric was enshrined by MicroStrategy (now Strategy) as the primary indicator of value creation for its shareholders, and since 2024 it has been adopted by virtually every serious Bitcoin treasury company. This pillar explains how it is calculated, what it really means, why it matters more than the share price, and where its traps lie.
The full formula
The BTC Yield formula is deliberately simple: BTC Yield = (BTC per share at end − BTC per share at start) / BTC per share at start, where BTC per share equals total Bitcoin on the balance sheet divided by the fully diluted share count (including options, warrants, convertibles and convertible preferreds).
The critical detail is the use of diluted shares, not just common shares outstanding. A company may have 100 million common shares, but if it also has convertibles that would add another 30 million shares on conversion, the calculation must use 130 million. This prevents a company inflating its BTC Yield by hiding future dilutionDilutionThe reduction in a shareholder's ownership percentage when new shares are issued.View term →.
Why it matters so much
Before BTC Yield, the traditional way to measure a listed company's success was total return — share-price change plus dividends. The problem with applying that to a Bitcoin treasury is that it conflates two things: how much Bitcoin appreciated (an exogenous factor) and how much credit management deserves (an endogenous factor).
If Bitcoin rises 100% in a year and Strategy's stock also rises 100%, how much value did management create? Traditional answer: a lot. Correct answer: zero. Management merely rode along with Bitcoin.
BTC Yield isolates the company's ability to increase the amount of Bitcoin backing each share, independent of the BTC price. Management that issues capital intelligently, refinances debt on good terms and accumulates with discipline can produce a 50% BTC Yield even if Bitcoin has not moved. And the reverse: clumsy management can destroy BTC Yield even with Bitcoin up 200%, if it dilutes shareholders aggressively.
Real market numbers
The BTC Yields published by the main treasuries in recent years show enormous heterogeneity. Strategy (MSTR) reached a BTC Yield of 74.3% in 2024 and sits in the 20–30% range in 2026 (the model matures and the accretive effect of each issuance moderates as the balance sheet grows). Metaplanet (MTPLF) recorded a BTC Yield of 310% in 2024, a sector record — a direct consequence of starting from almost zero and being able to accumulate at scale with each issuance. Semler Scientific started with moderate BTC Yields (50–80% in its first quarters as a treasury), a consequence of its hybrid model where the operating business funds part of the accumulation. And there are cases of negative BTC Yield, which happen when a company issues too much capital well below its mNAVmNAVMultiple on Net Asset Value: how a treasury company trades relative to its BTC.View term → or reduces its BTC holdings — a red flag.
You can see live BTC Yields for each company in the treasuries directory and weigh the return against each one's mNAV.
The accretion engine
Where does positive BTC Yield come from? The key is the relationship between mNAV and the price at which new capital is issued.
Imagine a company with 100,000 BTC, 100 million diluted shares and an mNAV of 2. Each share represents 0.001 BTC. If the company issues 10 million new shares at market price, it raises the equivalent of 20,000 BTC (because its mNAV is 2: the market pays double the underlying BTC per share) and uses it to buy Bitcoin at spot. After the operation the company holds 120,000 BTC and 110 million diluted shares. The new BTC per share is 0.001091 — up 9.1%. That is the BTC Yield of that operation.
The higher the mNAV, the more accretive the issuances. The lower it is, the less. At mNAV 1, an issuance generates no BTC Yield: you are selling Bitcoin at the price of Bitcoin, with no premium. Below 1, issuing capital destroys value per share. That is why serious treasuries only issue when their mNAV exceeds a certain threshold (typically 1.5), and prefer to buy back shares or stay still when the market does not pay a premium.
How to read BTC Yield as an investor
When you analyse a treasury, cross three variables. The first is annual BTC Yield: is BTC per share growing or stalling? A sustained BTC Yield above 20–30% a year signals competent management. The second is quarterly BTC Yield: is it consistent or erratic? A yield that swings wildly quarter to quarter suggests excessive dependence on market windows. The third is the cost of the BTC Yield: at what cost was it achieved? A company can generate positive BTC Yield by taking on toxic debt with unsustainable coupons. Our stress test helps you judge whether the yield is sustainable or whether it endangers future solvency.
The limits of BTC Yield
Like any metric, BTC Yield has blind spots. It does not reflect the absolute size of the balance sheet: a company can show a 200% BTC Yield because it went from 10 BTC to 30, and in absolute terms it is still a marginal treasury. It can be temporarily manipulated with opportunistic issuances right before period-end that inflate the yield — which is why you look at the historical series, not a single point. And it does not incorporate the price paid: if a company accumulates Bitcoin at an average price far worse than the market, BTC Yield can look good while the value created is less than it appears.
The historical BTC Yield series, combined with mNAV and the stress test, gives a complete picture of a treasury's health.
Conclusion
BTC Yield is the metric that lets you compare the execution quality of different Bitcoin treasuries cleanly, isolating the effect of the Bitcoin price. It is the tool that separates management teams that create shareholder value from those that merely ride the cycle.
To round out the path, return to the first pillar if this is your first read: what is a Bitcoin treasury company. And if you have this down, go deeper into mNAV, the variable behind the whole accretion process.
