BTC per Share
Bitcoin per fully diluted share: the denominator of BTC Yield.
Definition
BTC per Share (BPS) is the ratio between a corporate treasury's Bitcoin holdings and its fully diluted share count. It is the metric that directly captures how much Bitcoin backs each share — and, by extension, the value created or destroyed when the company issues new shares to buy BTC. If a company goes from 0.0050 BTC per share to 0.0055 BTC per share, its BTC Yield for the period is 10%. Pure-play treasuries publish BPS quarterly as a headline KPI alongside mNAV.
In Context
Strategy reported 0.00084 BTC per diluted share at year-end 2024, up from 0.00048 at year-end 2023.
Related Terms
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