Strategy's Michael Saylor Crowns 'Bitcoin Per Share' As New Investor Yardstick

• Strategy Chairman Michael Saylor stated, "BPS is EPS on the Bitcoin Standard," making Bitcoin per share the principal capital decision indicator.
• CEO Phong Le stated that Bitcoin will be sold to finance dividends when mNAV falls below 1.0 and to support BPS benefits.
• Strategy lost $12.54 billion in Q1 2026 due to a $14.46 billion unrealized Bitcoin loss.

Strategy (MSTR) Chairman Michael Saylor said on Saturday, "BPS is EPS on the Bitcoin (BTC) Standard," referring to "Bitcoin per share," a metric the company said it will use to guide capital, equity, debt, and credit decisions.

Saylor’s comments follows PhongLe, CEO of Strategy, who remarked on X, "Bitcoin per share (BPS) is our True North.” The largest corporate holder of Bitcoin indicated this week that it may sell some of its approximately $60 billion in Bitcoin assets to pay dividends,  a move away from the company’s long-standing stance against selling the cryptocurrency.

Le stated the firm has provided a 9.4% year-to-date BTC Yield and nearly $5.0 billion in BTC gain to investors. MSTR’s prices closed over 4% on Friday, and 0.5% in after-hours trade. The stock remains about 60% below its July 2025 high.

MSTR CEO Touts 'Math Over Ideology'

Le also told CNBC in an interview on Friday that the business would sell Bitcoin to meet dividend payments when it was accretive to Bitcoin on a per-share basis. 

"I believe in math over ideology, and at the point where selling Bitcoin versus selling equity to pay a dividend is better for our Bitcoin per share and for our common shareholders, we'll do it," Le said.

"The trigger for such sales would be when the company's market value trades below its book value, a measure known as mNAV," Le explained. Strategy's mNAV currently stands at over 1.22, which is above the level at which selling would become accretive, he added.

The key driver of the change was the emergence of digital credit, he said. Over the past 10 months, Strategy has raised $8.5 billion in a perpetual preferred stock instrument called Stretch, which provides an 11.5% cash dividend every month.

The business has around $1.5 billion in yearly dividend obligations and about 18 months of dividend coverage at the present run rate, Le added, backed by nearly $60 billion in Bitcoin assets. Leverage was 10% to 15% and amplification approximately 35%, he claimed.

Strategy reported a net loss of $12.54 billion, or $38.25 per diluted share, in the first quarter of 2026, compared to a net loss of $4.22 billion, or $16.49 per diluted share, in the same period a year ago. 

The overall loss was principally caused by a $14.46 billion unrealized loss on the company's Bitcoin holdings, which reflected a drop in the cryptocurrency's market price. 

Bitcoin’s price was trading at $80,343, up 0.9% in the last 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘bullish’ zone, while chatter moved to ‘normal’ from ‘high’ over the past day. 

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