BTC Yield
Strategy’s key performance indicator measuring the percentage increase in Bitcoin holdings per diluted common share over a period.
What is BTC Yield?
BTC Yield is Strategy’s proprietary metric calculating the percentage change in the ratio of Bitcoin holdings to assumed diluted shares outstanding, reflecting the effectiveness of its capital raising in accretive Bitcoin accumulation. Introduced as part of its Bitcoin treasury strategy, it targets minimum annual growth, with a revised 2025 goal of 30% after achieving 25.0% year-to-date as of July 2025 and 25.9% as of October 2025. For example, in Q1 2025, Strategy achieved 19.7%, surpassing initial 15% targets through $28.7 billion in financing.
The metric drives shareholder value by prioritizing Bitcoin per share over traditional metrics, using issuances like preferred stock to minimize dilution while maximizing acquisitions. As of May 2025, it stood at 14% year-to-date on issued shares, aiming for 25% by year-end, equivalent to increasing BTC per 1,000 MSTR shares from 1.79 to 1.99.
Sustainability challenges arise as holdings grow, requiring exponentially more capital for incremental yield; from 2.6 BTC per basis point in 2021 to 58 BTC in 2025.
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