What is Bitcoin Per Share? How to calculate BPS with honest dilution, why it's the treasury sector's true scoreboard, and using it as an investor.
Bitcoin Per Share (BPS) is the treasury-company metric dividing total bitcoin held by shares outstanding — how much actual bitcoin each share of stock represents. It is the raw ratio underneath BTC Yield (which measures its growth) and the honest denominator of the entire treasury sector: dollar prices fluctuate, but BPS tells a shareholder precisely what fraction of the stack is theirs.
The numerator is easy — disclosed coins. The denominator is where honesty lives: basic shares outstanding flatter the ratio, while assumed fully diluted shares (counting convertibles, options, and warrants that will likely become shares) tell the truth about your claim after everyone's paper converts. A company holding 50,000 BTC across 500 million fully diluted shares carries 0.0001 BTC — 10,000 sats — per share. Serious operators publish the diluted figure; serious investors recompute it from filings, because the gap between basic and diluted BPS is exactly where dilution hides.
Treasury companies exist to do one thing: grow each share's bitcoin content faster than an investor could by holding coins directly. Headline treasury size is marketing — a company can double its coins while halving your BPS through issuance. Twenty One Capital made BPS its founding metric precisely to force that discipline; Metaplanet reports the sats-per-share equivalent alongside BTC Yield; and Strategy's entire capital machine is judged on whether each preferred issuance and convertible grows or shrinks the common shareholder's coin claim. Compare BPS trajectories across our public index and the sector's real winners separate from its press-release winners instantly.
Three checks: trend (is fully diluted BPS rising across quarters — the whole value proposition), price (share price ÷ BPS = what you're paying per coin of exposure; compare against spot and the company's mNAV), and stress behavior (did BPS survive the 2026 bear, or did emergency issuance and coin sales erode it?). BPS won't capture operating businesses, custody quality, or leverage risk — it isn't a complete analysis. It is the non-negotiable starting point.
Bitcoin Per Share is the treasury sector denominated in its own asset — the number that makes dilution visible and accretion provable. If a company won't report it fully diluted, compute it yourself; if it's falling, everything else is noise.
The arithmetic, end to end: a company holds 43,000 BTC; basic shares are 550 million, but convertibles and options bring assumed fully diluted shares to 620 million. Fully diluted BPS = 43,000 ÷ 620,000,000 = 0.00006935 BTC — 6,935 sats per share. At $64,000 per coin that's $4.44 of bitcoin per share; a $6.60 stock price therefore pays ~1.49x per unit of exposure (the mNAV echo). Next quarter: 45,500 coins against 640 million diluted shares → 7,109 sats — accretion of 174 sats, +2.5% BTC Yield. Run this table across our public index each quarter and the sector's real ranking assembles itself.
BPS growth is BTC Yield; its market price is mNAV; its granular unit is Sats per Share. The companies competing on it fill our public index. A quick sanity habit: whenever a treasury company announces a purchase, recompute fully diluted BPS before celebrating — if new shares grew faster than new coins, the announcement was dilution wearing a victory lap.
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