Zoom Out

intuitive Jackal_354 : who cares

AndyH : As a CEO of a USA listed company you have a DUTY to protect shareholder value. You fucked up!!

AndyH tra- : did they issue any performance prospectus to state they would dilute to such an extend… no, they stated no dilutionnunder 2.5!!! he raped shareholders. not even his own team buy their own shares, they all sold! they buying strc which further dilutes common stock!!

AndyH : @Brennan_BTC22
$MSTR Bitcoin Per Share (BPS) Evaluation

When people are discussing the topic of Bitcoin Treasury Companies the Bitcoin Per Share KPI metric gets thrown around a lot.

Bitcoin Per Share (BPS) is the BTC held on balance sheet divided by Assumed Diluted Shares Outstanding (ADSO). This decimal can then be converted to a sats/share basis.

Without breaking down the math, it is hard to understand the nuance of this metric.

Generally, people refer to BPS as either going up or down. But, more due diligence is required to accurately portray this metric.

Personally, I am not a believer that BPS is a valuable metric.

Below I will breakdown the numbers on two separate dates approximately 7 months apart.

I chose June 30, 2025 for two reasons:

1.) I could obtain accurate data directly from the Strategy website.

2.) This date was near the peak price performance for $MSTR in 2025.

6/30/2025
BTC Held: 597,325
ADSO: 314,216,000
BPS: 190,100 sats/share
BPS USD Value: $172.59/share (BTC: $90,650)
Share Price: $404.23

1/19/2026
BTC Held: 709,715
ADSO: 362,606,000
BPS: 195,726 sats/share
BPS USD Value: $177.70 sats/share (BTC: $90,650)
Share Price: $163.11

Results:
BTC Held: +112,390 (+18.8%)
ADSO: +48,390,000 (15.4%)
BPS: +5,626 sats/share (2.96%)
BPS USD Value: +$5.11
Share Price: -$241.12 (-59.6%)

So what does all this mean?

Largely through shareholder dilution (common share ATM) Strategy was able to add ~$10.2B of BTC to their balance sheet.

$MSTR shareholders received an increase of 5,626 sats/share (~$5 USD value)

Meanwhile, share price plummeted nearly 60% over this timeframe.

Effectively, if someone bought shares on 6/30/2025 they would be -$241.12 per share on a USD basis for an additional $5 of Bitcoin exposure.

In my opinion, this is the problem with trying to use Bitcoin as a unit of account in a fiat denominated tradfi system.

While it may sound “cool” to invest on a growing Bitcoin Per Share thesis, it is counterintuitive to achieving actual gains.

It is essentially stepping over $100 bills to pick up

AndyH : why has your own team sold 340,000 shares and only bought back 5000 in the last 12 months??