4/5 🧵 The third metric is BTC Yield: the year-to-date percentage change in BPS. Strategy’s current figure is 12.8% YTD. In plain English, it tracks whether management is actually increasing Bitcoin exposure per share over time, not just making noise on social media and issuing securities with a laser-eye PowerPoint. Saylor’s broader claim is that the gap between BPS and CEBE BPS reflects “amplification” — leverage can boost equity upside if BTC outperforms the company’s cost of capital.
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