Michael Saylor: BPS measures growth, CEBE BPS measures real risk

Michael Saylor posted on the X platform stating that BPS (Bitcoin per Share) measures the amount of Bitcoin corresponding to common stock before deducting priority debt, reflecting the accumulation speed of equity per share after the company increases its Bitcoin holdings through issuing bonds and shares; CEBE BPS (Common Stock Bitcoin per Share) measures the actual Bitcoin that common stock can receive after deducting all priority debts, serving as a more conservative risk indicator.

Saylor indicated that the relative importance of the two indicators depends on the structure of debt maturity: the shorter the debt maturity, the more critical CEBE BPS becomes; the longer the debt maturity, the more important BPS is.