Odaily reported that Michael Saylor posted on X to explain the relationship among BPS, CEBE BPS and BTC yield. According to Saylor, 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 taken into account.
How Saylor distinguishes BPS from CEBE BPS
Saylor described CEBE as a conservative risk metric because it uses the calculation after senior claims. He described BPS as a common equity growth metric, focused on the amount of Bitcoin represented by each common share.
He also said BTC yield measures BPS performance. The statement centers on the relationship among common shares, senior claims, Bitcoin holdings per share and BTC yield, with the main distinction being whether the calculation is made before or after senior claims.