Bitcoin per share is one of the most important metrics for evaluating a Bitcoin treasury company. It measures how much bitcoin is attributable to each common share. However, there are several ways to calculate this figure, and each method provides different information about the economics of owning the common stock.

Understanding these differences is essential for evaluating a company’s capital structure, measuring accretion, and determining the value attributable to common shareholders.

Raw Bitcoin Per Share

The simplest metric is raw Bitcoin Per Share (BPS).

BPS = Total Bitcoin Holdings / Common Shares Outstanding

This calculation divides the company’s bitcoin holdings by its…

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