Strategy chairman Michael Saylor presented three corporate metrics that are supposed to change how investors evaluate Bitcoin on corporate balances. It seems Saylor's main goal is to prove to Wall Street skeptics that his company's huge debt load is safe for shareholders.
He now divides debt into "bad" and "useful." In this context, for Saylor, short and expensive loans are pure risk that drags shares lower, while long and cheap debt, by contrast, works as an accelerator and allows MSTR stock to grow faster than Bitcoin itself.
New Bitcoin reserve chart by Michael Saylor, Source: StrategyTracker.com
Saylor accompanied the presentation of these metrics with a chart of past deals captioned "Still adding dots". Such posts usually serve as a teaser when investors expect the company to file a report with the SEC on Monday, June 15, about new Bitcoin purchases over the week. However, there has been no official confirmation of any deals yet.
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New Bitcoin formula of Michael Saylor
To help investors quickly separate borrowed coins from clean equity, Saylor reduced the entire economics of the treasury to three indicators:
- BPS, or Bitcoin per share: how much of the company's total Bitcoin holdings corresponds to one common share.
- BTC Yield: annual progress showing how effectively the Bitcoin share per stock is growing.
- CEBE BPS, or clean ownership: the number of coins per share strictly after subtracting all company debt. This is the main indicator of investor safety.
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Saylor is introducing the new formulas during a local drawdown. As of mid-June 2026, Strategy holds 845,256 BTC worth $54.36 billion. With an average purchase price of $75,682, the company is sitting on an unrealized loss of about 15%, as Bitcoin's current price is around $64,300.
Nevertheless, accumulation continues. On June 8, the company bought another 1,550 BTC for $101 million, offsetting a technical sale of 32 BTC used to pay dividends. Tomorrow's U.S. market open will show whether the market's expectations for new purchases are confirmed.
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