Michael Saylor released a new Bitcoin (BTC) Treasury Metrics for MicroStrategy (MSTR) tool, as critics question whether the company can continue to increase leverage without hurting common shareholders.
The metrics arrived during the slide at MSTR. The stock is now trading below the value of Bitcoin once the debt and preferred stock are removed. Saylor classifies the equipment as new, while skeptics see something familiar.
What Saylor’s New Metrics Measure
MicroStrategy previously reported four KPIs to the regulators. They are:
- Bitcoin Per Share
- The price of BTC shares
- BTC Gain, and
- BTC dollar exchange rate.
From January 2026, the company also changed the way it calculates the figures in the short term.
Michael Saylor’s latest essay goes further. He added CEBE BPS, which calculates Bitcoin per unit after the main statement, with a concept he calls Amplification, the gap that opens between the two readings.
“Not all debt is the same. Short-term, low-cost debt can turn expansion into risk and inefficiency. Long-term, low-cost debt can make expansion into an equal commodity. If BTC ARR exceeds the cost of capital, a well-known Bitcoin Treasury company should outperform BTC,” MicroStrategy chairman he explained.
No words are found in the official text.
Strategy holds 845,256 BTC after the buyback program that started in August 2020, History of Bitcoin Holdings it is now about $54 billion.
The company’s records put the entry at about $ 75,700 and the value of more than $ 61 billion, leaving the pile under water. The price of Bitcoin about $64,000.
A first-quarter loss of $14.5 billion cost the company $12.5 billion, but Michael Saylor is still eager to buy.
Critics See Goal Moving, Supporters See Innovation
Analyst Nic Pucrin warned that Strategy sells about 84% of its total Bitcoin value and that any strategy makes things worse.
Stock supply lowers Bitcoin per share, more interests increase positions above $13.5 billion, and Bitcoin sales cause panic. He did not see a good way out.
“I’m very concerned about the Strategy space right now,” the Coin Bureau chief said he said.
Quinn Thompson echoed this concern. He he realized MSTR trades on average around 0.8 times its value on the back of $8.2 billion in debt and a dividend yield of up to 11.5%.
He said the company sells goods at 80 cents to buy dollars. Former banker Pius Sprenger tracked only metrics.
Investor Adrian they argued KPIs effectively track revenue, not cost. The Strategy notes that it agrees, saying that metrics are not a way to calculate value and that having a share cannot be said for Bitcoin.
That acceptance establishes Dangerous for those with MSTRsharpened by Strategy for the first Bitcoin trading starting in 2022.
The verdict may be on Bitcoin itself. A strong meeting will prove Saylor’s leveraged Bitcoin bet.
A flat market leaves big claims in its place. The answer that comes first is an open question.
A note New MicroStrategy Bitcoin Metrics: Innovation or Goalpost Moving by Michael Saylor? appeared for the first time BeInCrypto.
