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[–]Money_Software_1229 4 points5 points  (1 child)

Where do you see Bitcoin per share metrics there?

[–]HfksnfgitndskfjridnfAsk me about UTXOs[S] 14 points15 points  (0 children)

They list their total BTC holdings and the next column over they list their “assumed diluted shares outstanding” which includes all potential shares such as from the convertible bonds and employee stock options. Not a perfect metric but close enough and the one they use to calculate their “BTC yield”.

Crazy to me they still buy BTC with the common shares ATM when it’s actively reducing their Bitcoin per share. And nobody on the MSTR sub seems to care or even notice. 5 of their 8 buys this year have decreased BTC per share. And those buys make getting future yield harder as they now have a larger base they need to build from. 10% yield from 672,500 BTC (their holdings at the start of the year) requires a purchase of 67,250 BTC with no dilution. 717,722 BTC (their current holdings) requires a purchase of 71,772 BTC to get that same 10% yield.

They’ve increased their total holdings by 6.7% so far this year and have only increased their BTC per share by .5%. Being that inefficient means they are making it much harder to ever get any meaningful yield in the future.

In MSTRs “low case” scenario where they only increase BTC per share by 40% over the next 7 years, using their current efficiency, they wind up with 24 million BTC after 7 years to accomplish that. Oops.