Strategy (formerly MicroStrategy) reported Q2 2025 earnings that redefine corporate treasury management. Holding 628,791 BTC, achieving a 25% Bitcoin Yield YTD, and delivering EPS of $32.60 (46,671% above expectations), the company demonstrates how a public firm can engineer its balance sheet around Bitcoin. The article details key metrics, the Bitcoin per share KPI, innovative preferred stock structures (STRK, STRF, STRD, STRC), mNAV-based ATM issuance thresholds, and a capital markets approach that acts as a 'Bitcoin refinery.' It provides a replicable model for CFOs and boards seeking to outperform traditional fiat-based treasuries.

Twenty One Capital announced it will receive 5,800 additional Bitcoin from Tether at the closing of its business combination with Cantor Equity Partners, bringing its total holdings to over 43,500 BTC and making it the third-largest corporate Bitcoin treasury globally. The blended average cost is $87,280.37 per BTC. Each share will represent ~12,559 sats, trading under ticker XXI, with a new Bitcoin Per Share (BPS) metric replacing traditional EPS. All Bitcoin will be held transparently on-chain with real-time Proof of Reserves. Tether and Bitfinex hold a majority stake, with SoftBank as a significant minority investor. CEO Jack Mallers and Tether CEO Paolo Ardoino shared their visions for a Bitcoin-native public company.

Twenty One Capital announced it will receive 5,800 Bitcoin from Tether upon closing its business combination with Cantor Equity Partners, pushing total holdings to over 43,500 BTC and making it the third largest corporate Bitcoin treasury globally. The company acquired Bitcoin at a blended cost of $87,280.37 per BTC. Once listed under ticker XXI, each share will represent approximately 12,559 sats, and a new Bitcoin Per Share (BPS) metric will replace traditional EPS. Tether and Bitfinex will hold a majority stake, with SoftBank as a significant minority investor. All Bitcoin holdings will be transparently held on-chain with real-time Proof of Reserves.

Michael Saylor said on X that BPS measures the amount of Bitcoin per common share before senior claims, while CEBE BPS measures it after senior claims. He described CEBE as a conservative risk metric and BPS as a common equity growth metric.

Strategy Chairman Michael Saylor explained two core metrics used in the company’s capital structure analysis: BPS, or Bitcoin Per Share, and CEBE BPS. He described BPS as a growth-oriented measure, while CEBE BPS focuses on the actual per-share Bitcoin exposure remaining for common shareholders after senior claims are deducted.

Michael Saylor said on X that BPS measures the amount of Bitcoin per common share before senior claims, while CEBE BPS measures the amount of Bitcoin per common share after senior claims.