Which metrics matter depends on your goals
Treasuries are "difficult to value" by traditional equity ratios (like P/E). Instead, investors look at specialized KPIs tied to Bitcoin holdings , premiums , and accumulation speed | . The relevance of each KPI depends on investor type."
Choose a risk profile to highlight the KPIs that matter most to you as an investor
Focus: downside protection, fair valuation
Measure how quickly a treasury expands its Bitcoin base and shareholder exposure
BTC gained per share over time (how quickly sats per share grow)
Shows how effectively a treasury increases shareholder Bitcoin exposure
QTD yield of +250.6% (₿501.76 BTC added)
Average BTC accumulated per day or month
Direct input into BTC Yield and Months to Cover
₿9.66 acquired/day, ~$1.1M spent/day
Time it takes for BTC accumulation to 'absorb' a premium through growth
High premiums may be acceptable if growth is fast enough
If company adds ~₿9.66/day, premium can be covered within months
Net change in the number of Bitcoin held during a period (absolute growth in BTC)
Shows raw accumulation success, independent of share dilution or market price
QTD BTC gain = ₿501.76
Measure how the market is pricing the treasury relative to its Bitcoin holdings
Ratio of market cap to underlying Bitcoin holdings
Indicates how much investors pay above/below intrinsic Bitcoin value
Current premium = 1.60× basic NAV; 1.97× fully diluted NAV
Comparison of market price to BTC per share value
Shows dilution impact and whether stock is overpriced
Share price $0.62 vs. NAV/share $0.39 basic / $0.32 diluted
Dollar value increase of Bitcoin holdings during a period (reflecting both accumulation and BTC price movement)
Translates Bitcoin growth into fiat terms, easier for traditional investors to interpret
QTD BTC $ gain = +$55.77M
Measure raw Bitcoin position and shareholder entitlement
Total BTC on the balance sheet
Scale = trust + liquidity, but reduces relative growth potential
₿1,004.56 BTC held (0.005% of total BTC supply)
Bitcoin exposure per share, adjusted for dilution
Most direct metric for shareholder Bitcoin entitlement
349 sats per basic share, 285 sats per diluted share
QTD yield: +250.6% (₿501.76 added)
Definition: BTC gained per share over time (sats/share growth)
Why: Shows how effectively a treasury increases Bitcoin exposure per share
Data Example: QTD yield: +250.6% (₿501.76 added)
Investor Fit: Aggressive (growth-focused)
1.60× (basic); 1.97× (fully diluted)
Definition: Market Cap ÷ BTC NAV (intrinsic value)
Why: Measures how much investors pay above underlying BTC
Data Example: 1.60× (basic); 1.97× (fully diluted)
Investor Fit: Conservative/Balanced (avoid overpaying)
With ₿9.66/day, premium covered in months
Definition: Time for BTC accumulation to offset premium
Why: A high premium can be justified if BTC is added quickly
Data Example: With ₿9.66/day, premium covered in months
Investor Fit: Aggressive (chasing fast growers)
₿1,004.56 held (0.005% of BTC supply)
Definition: Total BTC on the balance sheet
Why: Reflects scale, trust, liquidity; limits relative growth
Data Example: ₿1,004.56 held (0.005% of BTC supply)
Investor Fit: All (stability for conservative, base for aggressive)
Price $0.62 vs NAV $0.39 (basic) / $0.32 (diluted)
Definition: Market price vs BTC value per share
Why: Shows dilution impact and fair value vs intrinsic
Data Example: Price $0.62 vs NAV $0.39 (basic) / $0.32 (diluted)
Investor Fit: Conservative (valuation-conscious)
₿9.66/day, ~$1.1M spent/day
Definition: Average BTC added per day/month
Why: Indicator of growth momentum and accumulation efficiency
Data Example: ₿9.66/day, ~$1.1M spent/day
Investor Fit: Aggressive (momentum-driven)
$114,753 per BTC
Definition: Weighted average entry price for BTC
Why: Benchmark vs current BTC price; margin of safety
Data Example: $114,753 per BTC
Investor Fit: All (risk management + execution skill)
349 sats (basic), 285 sats (diluted)
Definition: Bitcoin exposure per share (basic/diluted)
Why: Direct entitlement of shareholders to BTC
Data Example: 349 sats (basic), 285 sats (diluted)
Investor Fit: All (core exposure metric)
+$55.77M (QTD)
Definition: Dollar value increase of BTC holdings
Why: Frames growth in fiat terms; bridges traditional metrics
Data Example: +$55.77M (QTD)
Investor Fit: Balanced/Conservative (fiat-based view)
This table functions as a cheat sheet: each KPI has a definition, why it matters, a real data point, and which type of investor should prioritize it.