Strategy Reports 9.4% BTC Yield and $5 Billion YTD BTC Gain

Strategy reports 9.4% YTD BTC Yield and $5 billion BTC Gain as CEO Phong Le says BPS guides capital decisions.

Strategy reported a 9.4% year-to-date BTC Yield and $5.0 billion in BTC Gain, according to CEO Phong Le.

The update focused on Bitcoin per share, known as BPS, as a key measure for the company.

Le said Strategy uses daily models to guide capital, equity, debt, and credit decisions.

Strategy CEO Points to BPS as Key Measure

Phong Le said Bitcoin per share is Strategy’s “True North.” He made the statement in a post on X. The company uses BPS to track growth tied to its Bitcoin holdings.

Le said Strategy uses multivariate models each day. These models support decisions on capital, equity, debt, and credit. The aim is to increase annual BTC Yield through growth in BPS.

“YTD, we’ve achieved 9.4% BTC Yield and $5.0 billion in BTC Gain,” Le said. The figures show the company’s current Bitcoin-focused performance this year.

Strategy has built its public identity around Bitcoin ownership. Its reporting often centers on Bitcoin metrics rather than only traditional earnings measures.

BTC Yield Reaches 9.4% Year to Date

BTC Yield measures growth in Bitcoin per share over a set period. Strategy uses the metric to show how its Bitcoin position changes against share count.

The 9.4% year-to-date BTC Yield means BPS has grown during the period. The company links this growth to its capital strategy and Bitcoin purchases.

BTC Gain reached $5.0 billion year to date, according to Le. This figure reflects the company’s stated Bitcoin gain under its internal reporting approach.

The update comes as Strategy continues to manage Bitcoin exposure through different funding choices. These choices can include equity, debt, and credit tools.

Le said the company seeks to maximize annual BTC Yield. The statement shows that BTC Yield remains central to Strategy’s Bitcoin Standard framework.

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Debate Continues Over BPS and Senior Claims

Le also compared BPS with earnings per share, known as EPS. EPS subtracts interest expense and preferred dividends before dividing by shares.

He said this process makes EPS an earnings measure, not a revenue measure. The point raised questions about how Bitcoin-based measures should treat senior claims.

The discussion also mentioned CEBE. The post said BPS does not subtract senior claims before dividing by shares. It said CEBE does subtract them.

The comment suggested that CEBE may offer another view of Bitcoin value for common shareholders. It framed CEBE as closer to EPS under a Bitcoin Standard.

Strategy has not moved away from BPS as its main guide. Le’s post stated that BPS remains the company’s main focus for Bitcoin-based decisions.

The company’s latest update places Strategy’s 2026 Bitcoin performance around two reported figures. Those figures are 9.4% BTC Yield and $5.0 billion BTC Gain.

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