BTC Yield

Definition

BTC Yield is a metric created by Michael Saylor (Strategy) to measure the performance of corporate Bitcoin treasury companies. It is calculated as the percentage change in BTC per fully diluted share between two periods: BTC Yield = (ending BTC/diluted shares ÷ starting BTC/diluted shares) − 1.

A numerical example. A treasury starts the year with 10,000 BTC and 2,000,000 diluted shares: 0.005 BTC per share. During the year it issues 400,000 new shares and uses the proceeds to buy 4,400 BTC. It closes with 14,400 BTC and 2,400,000 shares: 0.006 BTC per share. Its BTC Yield is 20% — each share "contains" 20% more Bitcoin than at the start, despite the dilution.

Why fully diluted shares. If the metric used only outstanding shares, a treasury could inflate its BTC Yield by issuing convertibles or warrants that have not yet converted into shares. By including every potentially convertible instrument (assumed diluted), the metric penalizes future dilution upfront and measures real accretion per shareholder.

What BTC Yield is NOT. It is not a dividend or a cash return: shareholders receive nothing. It is an accretion metric — it measures whether the company's financial engineering (ATMs, convertibles, preferreds) is increasing the Bitcoin backing each share. Sustained positive BTC Yield is what justifies a treasury trading at a premium to NAV (see mNAV); if the yield dries up, the premium loses its rationale.

Official vs computed. Treasuries that report BTC Yield officially (Strategy, Metaplanet…) publish it in their results using their own diluted share count. Without an official figure, any external computation depends critically on which share count is used — which is why SatsIntel always prioritizes the company's officially reported number.

In Context