Michael Saylor Explains Strategy: Two Core Bitcoin Metrics—BPS Reflects Growth, CEBE BPS Measures Real Risk Exposure
Source：
x.com
MicroStrategy Chairman Michael Saylor explained the company’s two key per-share Bitcoin metrics: Bitcoin Per Share (BPS) measures the growth capacity of Bitcoin attributable to common stock, while Cash-Equivalent Bitcoin Exposure BPS (CEBE BPS) reflects the actual Bitcoin risk exposure held by common shareholders after deducting various senior claims.
