Glossary · B
BTC Yield
Strategy's own KPI: the percentage change over a period in bitcoin held per assumed diluted share (BPS, in sats). It is not a yield in the income sense and is not paid to anyone.
Revised 22 October 2026 · The issuer's own metric, coined by Strategy Inc. · Suggest a correction
BTC Yield is the issuer's own metric, a key performance indicator (KPI) defined by Strategy. It "represents the percentage change in BPS (in Sats) from the beginning of a period to the end of a period" (10-Q, filed 3 August 2026).
The formula
- BPS (in Sats) = bitcoin held ÷ Assumed Diluted Shares Outstanding, in satoshis (one sat is one hundred-millionth of a bitcoin).
- Assumed Diluted Shares Outstanding counts basic shares plus all shares that would result from converting all convertible notes and convertible preferred stock, and from all outstanding options and stock units. This applies whether or not they are in the money.
- BTC Yield = BPS at end ÷ BPS at start − 1.
For a quarter within a year, Strategy measures against the start of the fiscal year and subtracts the year-to-date figure at the start of the quarter.
Reported figures
| Period | BTC Yield |
|---|---|
| Three months to 30 June 2026 | 5.0% |
| Six months to 30 June 2026 | 8.1% |
| Six months to 30 June 2025 | 19.7% |
At 30 June 2026, BPS was 210,824 sats, against 194,986 at 31 December 2025 (same 10-Q). Strategy attributed the lower 2026 figures partly to MSTR trading at a lower premium to its bitcoin holdings, and to more common stock being sold to fund the USD Reserve and dividends.
How it relates to digital credit
Preferred issuance adds bitcoin without adding common shares, so it can raise BPS and therefore BTC Yield. The preferred dividends that follow are not deducted in the metric. Strategy states that these KPIs "are not, and should not be understood as, financial performance, valuation or liquidity measures", and that BTC Yield "is not equivalent to 'yield' in the traditional financial context". It also ignores debt and preferred claims. Strategy's later "Net" metrics (see mNAV) deduct those claims.
What to check in the filing
- The share count used (assumed diluted)
- The reference period
- Strategy's "Important Information about KPIs" section