What is Amplification?
Amplification is the gap between a treasury company's BPS (bitcoin per share before senior claims) and its CEBE BPS (after debt and preferred). Right now Strategy (MSTR) is the most amplified treasury we track, at 1.51x: each common share carries about 51% more gross bitcoin than it nets after senior claims. A company with no debt or preferred sits at 1.0x and tracks bitcoin like an ETF; the more senior leverage, the higher the amplification, which can beat bitcoin when the company's bitcoin return clears its cost of capital and lag it when short-duration or high-cost claims come due.
Amplification = BPS ÷ CEBE BPS = BTC held ÷ (BTC held − senior claims in BTC)
Live, ranked by amplification
| Company | Gross mNAV | Net mNAV | BPS | CEBE BPS | Amplification |
|---|---|---|---|---|---|
| MSTRStrategy 🇺🇸 | 0.79x | 1.20x | 194,479 | 128,959 | 1.51x |
| ASSTStrive Inc 🇺🇸 | 1.01x | 1.41x | 152,789 | 109,651 | 1.39x |
| XXITwenty One Capital 🇺🇸 | 0.73x | 0.88x | 210,855 | 174,679 | 1.21x |
| MPJPYMetaplanet 🇯🇵 | 0.79x | · | 195,413 | · | pending |
BPS and CEBE BPS are sats per $100 of stock. Amplification = BPS ÷ CEBE BPS. Refreshed every 5 minutes · senior-claims figures hand-sourced from filings, dated on each per-ticker page. Pending where claims are not yet sourced.
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Frequently asked
What is Amplification in a Bitcoin treasury company?
Amplification is BPS divided by CEBE BPS · the extra gross bitcoin-per-share that senior leverage (debt and preferred stock) adds for common shareholders. Equivalently it is bitcoin held divided by the bitcoin left after senior claims. Strategy (MSTR) is currently the most amplified at 1.51x. 1.0x means no senior leverage and the stock should track bitcoin like an ETF; higher means more leverage. Michael Saylor frames it as the difference between BPS (the growth metric) and CEBE BPS (the risk metric). Live table at galaxymind.space/treasuries. Not financial advice.
What is the difference between BPS and CEBE BPS?
BPS (Bitcoin Per Share) is the bitcoin backing each common share BEFORE senior claims · Saylor's growth metric. CEBE BPS (Common Equity Bitcoin Exposure per share) is the same figure AFTER debt and preferred stock are paid · the conservative risk metric. Galaxy Mind reports both as sats per $100 of stock. With no debt or preferred the two are equal.
What is the difference between gross and net (CEBE) mNAV?
Gross mNAV divides a company's market cap by the full value of the bitcoin it holds. Net (CEBE) mNAV divides by the bitcoin left for common shareholders after senior claims (debt + preferred, net of cash). The more leverage a company carries, the wider the gap · a stock that looks like a discount on gross mNAV can be at or above NAV once its converts and preferred stack are subtracted.
Is high amplification good or bad?
Neither by itself. Amplification is the lever that lets a treasury 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. Saylor's rule of thumb: if a company's bitcoin annualized return (BTC ARR) exceeds its cost of capital, a well-capitalized company should outperform holding bitcoin directly.
How is amplification calculated here?
For each treasury: BPS = bitcoin holdings times 1e8 sats divided by market cap, per $100 of stock. CEBE BPS subtracts senior claims (debt + preferred, net of cash, converted to bitcoin at spot) before dividing. Amplification = BPS divided by CEBE BPS. Holdings and market cap come from our live scoreboard; senior-claims figures are hand-sourced from SEC filings and dated on each per-ticker page. Pending where claims are not yet reliably sourced.