Saylor unveils MicroStrategy Bitcoin metrics amid concerns

MicroStrategy chair Michael Saylor published two new metrics, CEBE BPS and “Amplification,” as the company’s stock trades below the value of its Bitcoin once debt and preferred obligations are subtracted. Neither metric appears in MicroStrategy’s SEC filings.

CEBE BPS quantifies Bitcoin per share after senior claims, while Amplification measures the gap between that figure and traditional Bitcoin-per-share metrics, according to Saylor. He wrote that “not all liabilities are equal. Short-duration, high-cost liabilities can turn amplification into risk and underperformance. Long-duration, low-cost liabilities can turn amplification into common equity upside.” He added that “If BTC ARR exceeds the cost of capital, a well-capitalized Bitcoin Treasury Company should outperform BTC.”

MicroStrategy already reports four Bitcoin-related KPIs to regulators: Bitcoin Per Share, BTC Yield, BTC Gain and BTC Dollar Gain. The company said it revised how it calculates those figures for interim periods effective January 2026. Saylor’s posts extend beyond those formal measures by attempting to show how senior claims and leverage affect per-share Bitcoin exposure.

The company holds 845,256 BTC acquired since August 2020. At current prices the position is worth roughly $54 billion. Filings show an average entry price near $75,700 and a total cost basis above $61 billion. MicroStrategy recorded an unrealized Bitcoin loss of about $14.5 billion in the first quarter, which contributed to a $12.5 billion net loss for the quarter. The company completed its first Bitcoin sale since 2022 earlier this year.

Analysts and market participants raised concerns that the new metrics could reduce visibility into shareholder risk. Analyst Nic Pucrin calculated MicroStrategy trades at roughly 84% of its gross Bitcoin value and warned that issuing stock, selling additional preferred shares or adding liabilities could worsen the gap between equity and the underlying holdings. Quinn Thompson noted common shares trade near 0.8 times net asset value after accounting for about $8.2 billion in debt and preferred shares that carry coupons as high as 11.5%, and criticized the company’s sale of equity to raise cash.

Pius Sprenger, a former banker, criticized the new measures on social media, writing: “I find it increasingly worrying that Saylor keeps inventing made-up metrics. It reminds me of my days in banking. Whenever the firm got into trouble, management suddenly came up with a whole new set of KPIs.”

MicroStrategy’s filings state the Bitcoin KPIs are intended to track capital efficiency and are not valuation measures. The filings also note that owning a share of MicroStrategy does not grant a direct claim on the company’s Bitcoin holdings.

Saylor has indicated he remains willing to increase the company’s Bitcoin holdings despite recent losses. A rise in Bitcoin’s price would raise the value of the company’s reserve; stagnant or falling prices would leave senior claims in place and maintain pressure on common equity holders.