[DigitalToday reporter Jinju Hong] Michael Saylor (마이클 세일러) has put forward the concept of “bitcoin per share” (Bitcoin Per Share, BPS) as a new standard for valuing Strategy, a company that holds bitcoin. He argued that rather than looking only at total holdings, investors should also consider how much bitcoin actually accrues to shareholders and the company’s debt structure.

On June 14 (local time), blockchain media outlet U.Today reported that Saylor disclosed three key metrics on social media to assess the value of Strategy’s bitcoin holdings.

Saylor stressed not the company’s total bitcoin holdings, but how much bitcoin backs each share. He also said corporate debt should not be treated uniformly as a risk factor, distinguishing between “bad debt” and “useful debt.”

Saylor assessed short-maturity, high-interest borrowing as a risk factor that burdens shareholder value. By contrast, he explained that long-term, low-interest funding can serve as a growth tool that raises corporate value while expanding bitcoin purchases.

He proposed three metrics to explain this. The first is BPS (Bitcoin Per Share). It refers to the company’s total bitcoin holdings corresponding to each common share.

The second is BTC Yield. It measures how much bitcoin holdings per share increased over a certain period.

The third is CEBE BPS (Common Equity Bitcoin Equivalent Per Share). It refers to the net bitcoin holdings per share remaining after subtracting all debt from the value of the company’s bitcoin holdings. Saylor presented this metric as a key standard for judging shareholder safety.

He also added the phrase “Still adding dots” in related material, hinting at the possibility of additional bitcoin purchases.

The disclosure of the metrics comes as investor concern grows over Strategy’s bitcoin accumulation strategy. As of mid-June 2026, Strategy holds 845,256 bitcoin. The current value of those holdings is about $54.36 billion. The average purchase price is $75,682, and with bitcoin trading at about $64,300, it is sitting on an unrealised loss of about 15 percent.

Even so, Strategy is maintaining its accumulation stance. The company bought an additional 1,550 bitcoin on June 8, spending about $101 million. It also technically sold 32 bitcoin to pay preferred stock dividends.

In the market, some analysis has emerged that Saylor’s decision to disclose the new valuation metrics is aimed at easing shareholder concerns about a debt-backed strategy for buying bitcoin.

Investors are now focused on the next disclosure of bitcoin purchases. The market is watching whether Strategy will submit details of additional bitcoin purchases to the U.S. Securities and Exchange Commission (SEC) around the opening of U.S. stock markets on June 15. No new purchases have been confirmed, but expectations for further accumulation are rising again after Saylor used the phrase “Still adding dots.”

In the industry, some see significance in the metrics as an attempt to evaluate Strategy’s value from the perspective of “bitcoin attributable to shareholders,” rather than simple bitcoin holdings. They also assess that by introducing a net-holdings concept that excludes debt, such as CEBE BPS, the move reflects an intention to explain to investors the stability of a bitcoin buying strategy that uses large-scale borrowing.

If additional purchases are confirmed, the market is expected to test Strategy’s debt-based bitcoin accumulation strategy once again, alongside the new valuation framework that Saylor has presented.