Saylor is talking about “Bitcoin per share” again, with three levers: Digital Capital, Digital Equity, and Digital Credit (preferred stock like STRC). The names just keep getting fancier.
According to a news roundup on X, they now hold 848,517 BTC, against about 451.9 million shares on a diluted basis—roughly 0.00188 BTC per share. The key point is that this figure has edged down slightly so far this year. The total position keeps growing, but each share represents less Bitcoin.
One commenter hit the nail on the head: ever since they issued STRC, BTC per share has gone down. Another put it more sharply: printing more shares to boost Bitcoin per share is the financial world’s most confident math.
My take is simple: Bitcoin per share isn’t a useless metric, but it only counts the asset side. It doesn’t deduct preferred dividends or debt repayments, so the result is just a gross figure. If you really want to understand what you own, read the SEC filings and calculate the net value yourself—don’t rely on presentation slides.
People who chase MSTR are buying leveraged Bitcoin, but what gets amplified isn’t just the upside. It’s also the dilution—and the fact that preferred shareholders get paid before you do.
#MSTR #Bitcoin
According to a news roundup on X, they now hold 848,517 BTC, against about 451.9 million shares on a diluted basis—roughly 0.00188 BTC per share. The key point is that this figure has edged down slightly so far this year. The total position keeps growing, but each share represents less Bitcoin.
One commenter hit the nail on the head: ever since they issued STRC, BTC per share has gone down. Another put it more sharply: printing more shares to boost Bitcoin per share is the financial world’s most confident math.
My take is simple: Bitcoin per share isn’t a useless metric, but it only counts the asset side. It doesn’t deduct preferred dividends or debt repayments, so the result is just a gross figure. If you really want to understand what you own, read the SEC filings and calculate the net value yourself—don’t rely on presentation slides.
People who chase MSTR are buying leveraged Bitcoin, but what gets amplified isn’t just the upside. It’s also the dilution—and the fact that preferred shareholders get paid before you do.
#MSTR #Bitcoin