Points of Focus

• Saylor introduced CEBE BPS as the conservative risk metric for BTC treasury companies.
• Strategy holds 845,256 BTC at an average cost of $75,658, a 15% unrealized loss.
• Strategy’s mNAV sits at 0.86x, 14% below parity, the deepest discount since 2022.

Michael Saylor, executive chairman of Strategy (Nasdaq: MSTR), introduced a standardized three-metric framework on June 14 for evaluating Bitcoin treasury companies.

BPS measures Bitcoin per common share before senior claims. CEBE BPS measures Bitcoin per common share after senior claims. CEBE is the conservative risk metric. BPS is the common equity growth metric. BTC Yield measures BPS execution.

— Michael Saylor (@saylor) June 14, 2026

The framework arrives as Strategy’s mNAV has fallen to 0.86x, 14% below parity per BitcoinTreasuries.net, the deepest discount since the 2022 bear market, making the question of how to value Bitcoin treasury companies a live issue rather than a theoretical one.

The three metrics defined

The framework centers on three key performance indicators (KPIs)

• Bitcoin Per Share (BPS) measures the ratio of a company’s Bitcoin holdings to its diluted share count, expressed in satoshis, before deducting any senior claims. It is the common equity growth metric. 
• BTC Yield measures the percentage change in BPS over a given period and tracks the execution of the treasury strategy. 
• Common Equity Bitcoin Equivalent Per Share (CEBE BPS) is the conservative risk metric. It subtracts all senior claims, including debt and preferred stock, from Bitcoin holdings before calculating BTC per share, showing what common shareholders would hold if every liability came due simultaneously.

Strategy’s own figures illustrate the gap: BPS stands at 220,016 satoshis per diluted share as of June 15, 2026, per the company’s SEC filing. 

CEBE BPS falls to between 118,000 and 134,000 satoshis after deducting $6.75 billion in convertible notes and $15.47 billion in preferred stock notional, representing a 40% reduction and quantifying the leverage on Strategy’s balance sheet in Bitcoin terms for the first time. Saylor describes the 40% gap as ‘Amplification.’

Amplification: the framework’s core concept

With no debt or preferred shares, BPS and CEBE BPS move in lockstep, making a Bitcoin treasury company resemble a spot BTC ETF. As liabilities increase, the gap widens: short-term, high-cost debt can drag returns, while long-duration, lower-cost financing can amplify gains if Bitcoin outperforms the cost of capital.

Strategy’s liabilities are largely long-duration. Its $6.75 billion in convertible notes and preferred stock stack carry annual dividend obligations of $1.71 billion, backed by roughly 32 years of Bitcoin dividend coverage at current reserve levels and about seven months of cash coverage from its $1 billion USD reserve.

Strategy’s current position

The company holds 846,842 BTC with a Bitcoin reserve valued at $55.7 billion at a current BTC price of $65,827, per BitcoinTreasuries.net. The average acquisition cost across the entire stack is $75,658 per BTC, resulting in an unrealized loss of approximately 15% at current prices. 

MSTR shares trade at $131.14, giving the company a market cap of $46.7 billion, against a Bitcoin reserve of $55.7 billion and an mNAV of 0.86x. The 5-year mNAV chart from BitcoinTreasuries.net shows the metric previously dropped below 1x in mid-2022 before recovering to a peak of approximately 3x in late 2024. The current 0.86x reading is the deepest sustained discount in Strategy’s history as a Bitcoin treasury operator.

Accumulation has not stopped. Strategy purchased 1,550 BTC for approximately $101 million on June 8. BTC Yield year-to-date stands at 13.3% as of May 25, meaning BPS has grown 13.3% since January 1 even as the Bitcoin price declined, per the company’s SEC 8-K filing.

What comes next

If BPS and CEBE BPS are adopted as industry standards, institutional investors gain a consistent framework to distinguish Bitcoin treasury companies in which Amplification benefits common shareholders from those in which it does not. 

Bitmine, Metaplanet, and a growing cohort of listed companies across the US, Japan, and Europe are all building leveraged positions in digital assets. Standardization matters more for the sector than any single purchase announcement. Saylor posted the thread on June 14, 2026.