Strategy said it generated 17,585 BTC of “BTC Gain” in the first two weeks of April. Chairman Michael Saylor (마이클 세일러) valued that at $1.3 billion, or about 1.9 trillion won. However, blockchain outlet BeInCrypto reported on Tuesday that the figure is a company-defined “non-financial accounting standard” metric and is a clearly different concept from actual net income.

Saylor described BTC Gain as “the closest analog to net income on the Bitcoin Standard.” Based on that, the company put cumulative BTC Yield for the second quarter at 2.3 percent and its year-to-date return at 5.6 percent. On a year-to-date basis, BTC Gain totals 37,339 BTC, which it calculates as $2.8 billion, or about 4.13 trillion won.

The metric is closer to the increase in bitcoin holdings divided by the diluted share count. It is calculated by reflecting dilution from share issuance against newly purchased bitcoin. It is not a metric that shows cash flow, accounting profit or preferred-share dividend burdens.

The first-half April BTC Gain also came from additional bitcoin purchases funded through share issuance. Strategy bought about 18,798 BTC over the period through on-market sales of common shares and its STRC perpetual preferred-share program. After reflecting the increase in shares outstanding, the BTC Gain figure fell to 17,585 BTC.

The company’s total bitcoin holdings stand at 780,897 BTC. Total purchase cost is $59.0 billion, or about 86.9555 trillion won, and the average purchase price is about $75,580 per bitcoin. With bitcoin currently in the $75,000 range, calculations show the portfolio remains in a slight loss zone.

That has prompted the view that a positive BTC Yield does not mean shareholder returns are also positive. The metric shows the efficiency of bitcoin accumulation, but it does not reflect the company’s cash flow, the quality of earnings or an expanding dividend obligation tied to preferred shares.

The gap is larger under accounting standards. Strategy recorded an unrealised loss of $14.46 billion, or about 21.32 trillion won, on its bitcoin holdings in the first quarter of 2026, and its results also fell well short of market expectations. That means there is a difference between the company’s touted “bitcoin profit of $1.3 billion” and its accounting profit and loss.

Its funding structure is also drawing attention. Phong Le (퐁 레), Strategy’s co-chief executive officer, said STRC liquidity is doubling each month. He has said that “the supply-and-demand structure tied to the record date is interesting.”

But the limits are clear. STRC is drawing retail investor interest as an income-oriented bitcoin exposure vehicle, but it is designed to keep its price near $100 and cannot fully reflect capital gains from a sharp rise in bitcoin.

Ultimately, the market’s assessment depends on whether bitcoin’s price uptrend continues and whether Strategy can keep raising funds in capital markets in the same way. BTC Gain, the company’s chosen metric, shows the pace of growth in its bitcoin holdings, but it is difficult to treat it directly as actual profit, critics say.

Strategy has generated ₿17,585 of BTC Gain in the first two weeks of April, worth ~$1.3 billion. BTC Gain is the closest analog to Net Income on the Bitcoin Standard. $MSTR pic.twitter.com/p4YOmLMBN4