Amplification

The difference between a treasury company's BPS and its CEBE BPS · the extra gross bitcoin-per-share exposure created by senior leverage. Galaxy Mind reports it as a ratio (BPS ÷ CEBE BPS): 1.0× means no debt or preferred and the stock should track bitcoin like an ETF; higher values mean more senior leverage.

Amplification is the lever that lets a Bitcoin Treasury Company outperform bitcoin, but only when it is well-structured. Short-duration, high-cost liabilities turn amplification into risk and underperformance; long-duration, low-cost liabilities turn it into common-equity upside. If a company's bitcoin annualized return (BTC ARR) exceeds its cost of capital, a well-capitalized company should outperform bitcoin.