Michael Saylor posted on X to clarify how BPS, CEBE BPS and BTC yield are defined in relation to Bitcoin held per common share. According to his statement, BPS measures the amount of Bitcoin corresponding to each common share before senior claims are taken into account. CEBE BPS, by contrast, measures the amount of Bitcoin corresponding to each common share after senior claims are considered.
How Saylor Separates BPS and CEBE BPS
In Saylor’s explanation, the distinction between the two measures centers on whether the calculation is made before or after senior claims. He described BPS as a metric for common equity growth because it focuses on Bitcoin per common share before those claims. CEBE BPS is framed more conservatively, as it reflects Bitcoin per common share after senior claims.
Saylor also stated that BTC yield measures BPS execution. Within this framework, BPS, CEBE BPS and BTC yield each serve a different function: common equity growth, conservative risk measurement and tracking how BPS is being executed.