STRC•STRC•MicroStrategy introduced two Bitcoin treasury metrics—CEBE BPS and Amplification—to measure per-share holdings after senior claims and quantify leverage impact. Its 845,256 BTC stake, purchased at an average $75,700 per coin, drove a Q1 unrealized loss of $14.5 billion and a $12.5 billion net loss.
MicroStrategy rolled out two metrics—CEBE BPS, measuring Bitcoin per share after senior claims, and Amplification, quantifying the leverage effect on equity upside or downside. Neither term appears in regulatory filings, marking a shift from its existing four KPIs: Bitcoin Per Share, BTC Yield, BTC Gain, and BTC Dollar Gain. The company aims to provide deeper insight into how varying liability structures impact returns.
The firm holds 845,256 BTC acquired since August 2020 at an average cost of $75,700 per coin, with a total cost basis above $61 billion. With Bitcoin trading near $64,000, the position incurred a $14.5 billion unrealized loss in Q1, contributing to a $12.5 billion net loss. Despite being underwater and carrying over $13.5 billion in debt and preferred obligations, MicroStrategy continues its accumulation strategy.
Critics argue the new metrics shift goalposts to obscure leverage risks, pointing to potential dilution from additional common or preferred issuances. Outstanding debt and preferred shares, with interest rates up to 11.5%, limit clean exit strategies without significant selling or dilution. Skeptics warn that adverse Bitcoin price movements could further deepen losses given the high leverage.
