Glossary · B
BTC $ Gain
Strategy's own KPI: the dollar value of its BTC Gain, meaning bitcoin holdings at the start of a period multiplied by BTC Yield, valued at the Coinbase bitcoin price at the end of the period.
Revised 22 October 2026 · The issuer's own metric, coined by Strategy Inc. · Suggest a correction
BTC $ Gain is the issuer's own metric, a KPI defined by Strategy together with BTC Yield and BTC Gain (10-Q, filed 3 August 2026).
The formula
- BTC Gain = the gross number of bitcoin held at the start of the period × BTC Yield for the period.
- BTC $ Gain = BTC Gain × the market price of bitcoin on the Coinbase exchange at the measurement time.
For quarters within a fiscal year, Strategy uses holdings at the start of the fiscal year (the "reference period") rather than at the start of the quarter.
Reported figures (as of 30 June 2026)
| Period | BTC Gain | BTC $ Gain |
|---|---|---|
| Three months to 30 June 2026 | 37,733 BTC | $2,215m |
| Six months to 30 June 2026 | 54,625 BTC | $3,207m |
| Six months to 30 June 2025 | 88,109 BTC | $9,494m |
The bitcoin price used for 30 June 2026 was $58,714 (same 10-Q). The arithmetic can be checked: 37,733 × $58,714 ≈ $2,215m.
What it measures
BTC $ Gain puts a dollar value on the bitcoin that Strategy attributes to raising capital in a way that increased bitcoin per share. It does not measure:
- profit, cash flow or anything paid to shareholders or preferred holders
- the cost of the preferred dividends and debt interest that the capital raising creates
- changes in the bitcoin price on existing holdings
Strategy states that these KPIs "are not, and should not be understood as, financial performance, valuation or liquidity measures". Because the figure is multiplied by the end-of-period bitcoin price, the same BTC Gain can be worth very different dollar amounts from one period to the next.
What to check in the filing
- The bitcoin price and measurement time used
- The reference period (fiscal year vs quarter)
- The "Important Information about KPIs" disclaimer