Michael Saylor’s Strategy (NASDAQ: MSTR) has unveiled a new set of Bitcoin treasury metrics, drawing sharp criticism from analysts who question whether the move redefines goalposts rather than advancing financial transparency.
The two new measures, CEBE BPS and Amplification, appeared in a series of posts on X on June 14 but are absent from any of Strategy’s official SEC filings with regulators.
Strategy currently holds 845,256 Bitcoin worth approximately $54.5 billion, accumulated through a buying program that began in August 2020 and has not stopped despite mounting paper losses.
Company filings show an average entry price near $75,700, placing the cost basis above $61 billion while Bitcoin’s spot price hovers near $64,000, leaving the entire stack underwater.
In posts on X, Saylor drew a clear distinction between Bitcoin Per Share and Common Equity Bitcoin Exposure BPS, writing: “BPS measures Bitcoin per common share before senior claims. CEBE BPS measures Bitcoin per common share after senior claims.”
Saylor further explained the role of debt in shaping shareholder outcomes, stating: “Not all liabilities are equal. Short-duration, high-cost liabilities can turn amplification into risk and underperformance. Long-duration, low-cost liabilities can turn amplification into common equity upside.”
He added that “the difference between BPS and CEBE BPS is Amplification,” noting that a company with no debt or preferred stock would see the two figures converge, effectively mirroring a Bitcoin ETF.
Strategy’s BPS currently stands at 220,016 satoshis per diluted share, while CEBE BPS falls to between 118,000 and 134,000 satoshis after accounting for $6.75 billion in debt and $15.5 billion in preferred stock obligations.
A public dispute has also emerged between Saylor and Bitcoin advocate Matthew Kratter over whether Strategy’s most recent capital raise was accretive, after BTC Yield slipped from 13.0% on June 1 to 12.8% on June 8 following the acquisition of an additional 1,550 Bitcoin.
Over that same period, assumed diluted shares outstanding rose from 382.756 million to 384.180 million, while BTC Gain year-to-date fell from 87,754 Bitcoin to 86,328 Bitcoin, data that Kratter cited as evidence of dilution.
XXI Capital CEO Mallers has argued that Bitcoin Per Share is the wrong lens for evaluating these transactions, contending it can obscure dilution caused by issuing new shares to fund purchases.
Strategy’s most recent $2.1 billion capital raise saw 86% sourced from dilutive stock issuances, a figure that has intensified the debate about how Bitcoin treasury companies should be measured and valued.
Critics have gone further in questioning Saylor’s approach to financial reporting, with Pius Sprenger writing on June 14: “I find it increasingly worrying that Saylor keeps inventing made-up metrics. It reminds me of my days in banking. Whenever the firm got into trouble, management suddenly came up with a whole new set of KPIs.”
Strategy’s own filings acknowledge that the metrics are not valuation measures and that owning a share grants no direct claim on the company’s Bitcoin holdings, a disclosure that sharpens the risk profile for common shareholders.
The broader question of whether Saylor’s leveraged Bitcoin strategy ultimately rewards or punishes shareholders may be answered by Bitcoin’s price trajectory alone, with a sustained rally the clearest path to vindicating the approach.
