To calculate MicroStrategy’s Bitcoin Per Share (BPS), divide its gross bitcoin holdings by the share count you are analyzing, then multiply by 100 million to convert bitcoin into satoshis. For the company’s official KPI, use Assumed Diluted Shares Outstanding, not merely the basic share count:
Sats per share = (gross BTC holdings ÷ selected shares outstanding) × 100,000,000
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At December 31, 2025, Strategy reported 672,500 BTC, 312.062 million basic shares and 344.897 million assumed diluted shares. That produces 215,502 sats per basic share or 194,986 sats per assumed diluted share. Both calculations are valid ownership ratios, but they answer different questions; always label the denominator and match the bitcoin and share-count dates.
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What BPS measures
Bitcoin Per Share expresses the amount of bitcoin attributable to one share under a specified share-count convention. Strategy reports the result in satoshis, the smallest bitcoin unit. One bitcoin equals 100,000,000 satoshis, so a result of 194,986 sats per share is 0.00194986 BTC per share.
The numerator is gross BTC holdings: the bitcoin balance disclosed by Strategy for a stated date. The denominator determines what “per share” means. A basic-share calculation uses issued Class A and Class B shares. Strategy’s own BPS KPI uses Assumed Diluted Shares Outstanding, a broader company-defined count intended to reflect securities and awards that could become common equity under its assumptions.
BPS is an exposure measure, not a valuation. It does not tell you what one share is worth in dollars, and it does not subtract debt, preferred-stock claims or other senior obligations.
The two denominators: basic and assumed diluted
Basic shares
Basic shares are the Class A and Class B shares outstanding for the reporting date. Dividing gross BTC by this number answers a simple ownership-ratio question: how much of the reported bitcoin balance corresponds to each currently outstanding common share, without adding potential future shares.
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Strategy’s KPI denominator starts with Class A and Class B basic shares and adds shares that would result from assumed conversion or settlement of several instruments:
- Outstanding convertible notes.
- Convertible preferred stock.
- Stock options assumed to be exercised.
- Unvested restricted-stock units and performance-stock units assumed to settle in shares.
Strategy states that this calculation is not performed with the treasury-stock method. It also does not apply vesting conditions, option exercise prices or contractual limits on convertibility. Those conventions can make the assumed-diluted count materially higher than the basic count. Use it when you want to reproduce Strategy’s reported BPS methodology; use basic shares when you explicitly want a current-common-share ratio.
Why the answers differ
Because the diluted denominator is larger, the diluted BPS is lower whenever the numerator is unchanged. Neither number should be presented without its denominator. A headline that says “bitcoin per share” but omits basic versus assumed diluted can give readers two materially different answers with no way to reconcile them.
The calculation in units
Keep the units visible while calculating:
- Take gross BTC for one specific date.
- Divide by the selected number of shares.
- The quotient is BTC per share.
- Multiply the quotient by 100,000,000 to obtain satoshis per share.
For example, if a filing shows 600,000 BTC and 300,000,000 basic shares, the ratio is 0.002 BTC per share, or 200,000 sats per share. The arithmetic is straightforward; the difficult part is selecting the correct filing, date and denominator.
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Strategy’s 2026 Form 10-K reported the following figures for December 31, 2025:
Rank #2
| Input | Reported value | Use |
|---|---|---|
| Gross bitcoin holdings | 672,500 BTC | Numerator for both ratios |
| Basic shares | 312.062 million | Simple current-common-share ratio |
| Assumed diluted shares | 344.897 million | Strategy’s BPS denominator |
| Measurement date | December 31, 2025 | BTC and share figures must refer to this date |
Strategy-method result
Using the assumed-diluted denominator:
672,500 ÷ 344,897,000 = 0.00194986 BTC per share
0.00194986 × 100,000,000 = 194,986 sats per share
The result is approximately 194,986 sats per assumed diluted share, equivalent to 0.00194986 BTC per share.
Basic-share cross-check
Using basic shares instead:
672,500 ÷ 312,062,000 = 0.00215502 BTC per share
0.00215502 × 100,000,000 = 215,502 sats per share
The basic-share result is approximately 215,502 sats per share, or 0.00215502 BTC per share. The 20,516-sat difference is caused by the denominator, not by a different bitcoin balance.
How to calculate BPS from a current filing
Use a dated Strategy 10-Q, 10-K or 8-K and preserve the source date in your worksheet. A repeatable process is:
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11- Choose the measurement date. Decide whether you are calculating quarter-end, year-end or an event-date ratio. Do not combine a quarter-end bitcoin balance with a later share count.
- Record gross BTC. Copy the company’s bitcoin balance exactly as reported for that date. Keep it in BTC, not dollars.
- Record basic shares, if needed. Use this only for a basic-share ownership ratio. Note whether the filing labels the figure as shares outstanding and identify the applicable date.
- Record Assumed Diluted Shares Outstanding. Use this denominator when reproducing Strategy’s KPI. Confirm that the filing provides the company-defined diluted figure rather than an ordinary weighted-average diluted EPS count.
- Perform the division. Divide BTC by the selected share count. If the filing states shares in millions, multiply by 1,000,000 before dividing.
- Convert to satoshis. Multiply BTC per share by 100,000,000. Keep enough decimal places during the calculation and round only the displayed result.
- Annotate events after the date. Record later bitcoin purchases or sales, ATM issuance, preferred-stock issuance, convertible-note repurchases, conversions and common-share repurchases. These events can change the numerator and denominator at different rates.
- Label the output. Write “basic BPS” or “assumed-diluted BPS,” include the measurement date and identify the filing used.
Spreadsheet setup
A simple worksheet can prevent unit and date mistakes. Use one row per measurement date and separate columns for:
- BTC date.
- Gross BTC holdings.
- Basic shares (in actual shares).
- Assumed diluted shares (in actual shares).
- BTC per basic share.
- Sats per basic share.
- BTC per assumed diluted share.
- Sats per assumed diluted share.
- Filing type and filing date.
- Notes on transactions after the measurement date.
If gross BTC is in cell B2 and assumed diluted shares are in cell D2, the satoshi formula is:
=(B2/D2)*100000000
For basic BPS, substitute the basic-share column. Store shares as actual counts rather than “millions” unless the formula explicitly multiplies by 1,000,000; otherwise the result will be off by a factor of one million.
What the October 2026 disclosure can and cannot show
Strategy’s October 12, 2026 disclosure reported 848,250 BTC as of October 11, 2026, after a 250-BTC purchase during October 5–11. That release does not provide a matching Assumed Diluted Shares Outstanding figure. You can cite the bitcoin balance, but you cannot calculate a current Strategy-method BPS from that release alone.
To calculate BPS for October 11, you need a share count measured on the same date or a clearly documented method for adjusting a nearby disclosed count for subsequent issuance, conversion or repurchase activity. If no synchronized diluted count is available, report the limitation instead of presenting an apparently precise number.
How corporate actions change BPS
Bitcoin purchases
A bitcoin purchase increases the numerator. If the share denominator is unchanged, BPS rises. The increase per share depends on the number of BTC acquired relative to the shares outstanding.
Bitcoin sales
A sale reduces gross BTC and, with no offsetting share change, reduces BPS. Gross holdings—not a net figure after debt or liabilities—are used in the stated formula.
ATM or other common-share issuance
Issuing common shares increases the denominator. If the company raises cash and buys bitcoin at the same time, the numerator and denominator both move; the net BPS effect must be calculated from the post-transaction figures rather than inferred from either event alone.
Preferred-stock issuance
Preferred securities can increase the assumed-diluted denominator under Strategy’s convention. They also create senior claims that are relevant when interpreting what common equity ultimately represents.
Convertible-note activity
Repurchases, conversions or new issuances of convertible notes can alter both the assumed share count and senior financing claims. Use the company’s disclosed assumed-diluted figure for a reported KPI rather than attempting to recreate it with an EPS dilution formula.
Common-share repurchases
Repurchases can reduce the denominator and therefore raise BPS if gross BTC is unchanged. The effect should be tied to the actual measurement date and the share-count definition used.
BPS versus BTC Yield
BPS is a level: the bitcoin exposure assigned to one share at a point in time. BTC Yield is a percentage change in BPS over a stated period. It is not the return on bitcoin’s market price.
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(125 ÷ 100 − 1) − (110 ÷ 100 − 1) = 15%
The first-quarter increase is 10%, and the second-quarter increase is 15%; together they equal the 25% year-to-date change from 100 to 125. This framework isolates the change in bitcoin exposure per share and should not be described as a bitcoin-price return.
What BPS does not tell you
It is not net asset value
BPS uses gross bitcoin holdings. Strategy states that the KPI does not account for debt and preferred-stock claims that rank senior to common equity and may have claims on bitcoin in liquidation. A share can therefore represent a rising gross BTC amount while common shareholders still face substantial senior obligations.
It is not a stock-price target
To compare BPS with a market price, you would need a bitcoin price and a date-matched share price, but the ratio alone does not establish a fair premium or discount. Market pricing also reflects financing structure, preferred dividends, debt service, operating liabilities and expectations about future issuance or purchases.
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It is not a live figure unless the inputs are live
Bitcoin holdings and share counts can change between filings. An old BPS remains a historical measurement, not a current quote. Label the date prominently and avoid using a historical result as though it describes today’s capital structure.
Comparing BPS across dates or companies
A comparison is meaningful only when the underlying definitions align. Check each item before drawing a conclusion:
| Comparison item | Question to answer | Why it matters |
|---|---|---|
| Bitcoin measure | Is the numerator gross BTC or a net figure? | Gross and net balances produce different exposure levels. |
| Share basis | Are shares basic, weighted-average diluted, or a company-specific assumed-diluted count? | Different denominators change BPS even with identical BTC holdings. |
| Date alignment | Do BTC and shares refer to the same date? | Unsynchronized inputs can create a fictitious ratio. |
| Security treatment | How are convertibles, options and preferred securities handled? | Inclusion rules can materially expand the denominator. |
| Senior claims | Are debt and preferred claims deducted? | A gross-exposure metric is not comparable to a net-asset metric. |
When comparing another company with Strategy, do not assume that “diluted shares” means the same thing. Read that company’s definition and document whether it uses treasury-method dilution, contractual conversion limits or another convention.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Common calculation errors and fixes
Using the stock price in the formula
Error: multiplying or dividing by the share price. Fix: BPS requires BTC and shares only. Market price is a separate analysis.
Mixing millions and actual shares
Error: dividing 672,500 BTC by 344.897 rather than 344,897,000. Fix: convert “millions” to actual shares before division.
Reporting only one unlabeled number
Error: calling 215,502 sats “the” BPS without saying it is basic. Fix: label both the denominator and date.
Using weighted-average EPS dilution
Error: substituting a quarterly diluted EPS denominator for Strategy’s Assumed Diluted Shares Outstanding. Fix: use the company KPI figure when reproducing reported BPS and follow its stated non-treasury conventions.
Applying vesting or option-price filters
Error: removing unvested awards or options because they would be excluded under another accounting method. Fix: Strategy’s stated KPI convention does not apply those vesting conditions or option exercise prices.
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Combining dates
Error: pairing a year-end BTC balance with a later post-issuance share count. Fix: use synchronized inputs or disclose that the result is only an estimate and not a filing-date BPS.
A publication-ready BPS disclosure
A clear statement should include four elements: the bitcoin date, the BTC balance, the denominator definition and the resulting units. For example:
“At December 31, 2025, Strategy reported 672,500 BTC and 344.897 million Assumed Diluted Shares Outstanding. Dividing the two gives 0.00194986 BTC, or 194,986 satoshis, per assumed diluted share. Using 312.062 million basic shares instead gives 215,502 satoshis per basic share.”
This wording prevents readers from mistaking a basic-share ratio for Strategy’s KPI and makes the arithmetic reproducible.
Quick Recap
Practical checklist
- Identify the exact measurement date.
- Use gross BTC holdings for that date.
- Choose basic or Assumed Diluted Shares Outstanding before calculating.
- Convert share figures stated in millions into actual shares.
- Divide BTC by shares and multiply by 100,000,000 for sats.
- Round only after the full calculation.
- Record later purchases, sales, issuance, conversions and repurchases separately.
- State that BPS excludes senior debt and preferred claims.
- Do not call BTC Yield a bitcoin-price return.
- Do not present a historical BPS as a live number.
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