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Michael Saylor:BPS 衡量增長,CEBE BPS 衡量真實風險

2026-06-14 17:16:21

ChainCatcher 消息,Michael Saylor 在 X 平台發文表示,BPS(每股比特幣)衡量扣除優先級債權之前普通股對應的比特幣數量,反映公司通過發債、發股增持比特幣後每股權益的積累速度;CEBE BPS(普通股每股比特幣)則衡量扣除所有優先級債權後普通股實際能分到的比特幣,為更保守的風險指標。

Saylor 表示,兩個指標的相對重要性取決於負債期限結構:負債期限越短,CEBE BPS 越關鍵;負債期限越長,BPS 越重要。

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