MicroStrategy Founder Saylor Claims BPS is EPS Under Bitcoin Standard
MicroStrategy founder Michael Saylor stated that BPS (Bitcoin per share) is the EPS (earnings per share) under the Bitcoin standard.
CEO Phong Le emphasized that BPS is the company's True North, optimizing capital, equity, debt, and credit decisions daily through a multivariable model to maximize BTC Yield; so far this year, a 9.4% BTC Yield and $5 billion BTC Gain have been achieved.
Institutions and Bitcoin-holding companies are competing around the BPS metric, with capital flowing to companies that can continuously increase Bitcoin per share, while traditional EPS-oriented companies face pressure. MSTR benefits from Bitcoin's long-term appreciation path through leverage and financing strategies.
Source: Public Information
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MicroStrategy has positioned Bitcoin as its primary reserve asset since 2020, officially establishing BPS as a core KPI in 2025-2026. Previously, the company significantly increased its Bitcoin holdings through multiple equity and convertible bond financings. After Phong Le became CEO, daily capital decision-making was further modeled to continuously enhance Bitcoin per share.
In terms of capital pathways, the company utilizes stock premiums to issue equity and debt, prioritizing the conversion of raised funds into Bitcoin holdings. By optimizing leverage ratios, it maximizes BTC Yield, maintaining positive growth even during Bitcoin price fluctuations, thus forming a closed-loop capital structure of a "Bitcoin-native enterprise."
Similar to early mining companies transitioning to Bitcoin reserve companies, and MicroStrategy's own transformation from a software company to a Bitcoin development bank, MSTR is currently in the mid-expansion phase of establishing a corporate valuation framework under the Bitcoin standard, with BPS becoming a new pricing benchmark that surpasses traditional EPS.
Structural judgment: Essentially, this represents a transfer of pricing power. The BPS metric anchors corporate value to the growth of Bitcoin per share rather than fiat EPS. The mechanism lies in Bitcoin as a hard currency standard reconstructing the narrative of capital markets, pushing capital from traditional income models towards strategies maximizing Bitcoin output, accelerating the rise of Bitcoin-native enterprises.
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Traditional EPS sells accounting, while Bitcoin BPS sells ownership of hard currency.
Earnings per share can be manipulated, while Bitcoin per share holdings cannot be forged.
Whoever transforms the capital structure into a Bitcoin amplifier rewrites the formula for corporate pricing power.