In the world of traditional finance, evaluating a company’s success usually means tracking revenue growth, earnings per share, or return on equity. But what happens when the core of a company’s strategy isn’t selling products or services, but accumulating Bitcoin?

That’s the question facing a new class of Bitcoin treasury companies. These are publicly traded firms whose central mission is to acquire and hold Bitcoin over the long term. And to understand whether they’re succeeding, we need a fresh set of tools.

This article introduces those tools—new key performance indicators (KPIs) designed to evaluate how well a company is executing its Bitcoin strategy. Many of these…

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