Bitcoin Magazine Understanding the Various Bitcoin Per Share Metrics
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 existing common shares. It provides a straightforward measure of how much bitcoin is attributable to each currently outstanding share.
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