Michael Saylor Calls CEBE BPS a Low-Risk Metric for Evaluating Bitcoin Treasury Firms

Strategy founder Michael Saylor outlined two key metrics that are used to assess Bitcoin exposure per share.

He explained that Common Equity Bitcoin Exposure (CEBE BPS) measures per-share Bitcoin exposure after deducting preferred stock and debt, offering a more conservative view of risk. In contrast, Bitcoin Per Share (BPS) focuses on the growth of common equity.

Saylor added that changes in a company’s liabilities can create “amplification,” which may cause CEBE BPS and BPS to move differently and potentially lead to performance that varies relative to Bitcoin, depending on financing costs and capital structure.

Source: Michael Saylor