BPS (Bitcoin Per Share)

The amount of bitcoin backing each common share of a treasury company BEFORE senior claims. Michael Saylor's growth metric for a Bitcoin Treasury Company. Galaxy Mind reports it as sats per $100 of stock · a higher BPS means each share commands more gross bitcoin exposure.

BPS rises when a company issues equity at a premium (mNAV above 1.0×) and buys more bitcoin, or funds purchases with long-duration, low-cost capital. BTC Yield measures how well management grows BPS over time. With no debt or preferred, BPS equals CEBE BPS.