BTC Exposure
MSTR Metrics
Sats Per Share
Sats per share is the amount of Bitcoin — denominated in sats (1 BTC = 100,000,000 sats) — that each diluted MSTR share represents. It's CEO Michael Saylor's headline accretion KPI for Strategy.
The formula
BTC per share = Strategy's BTC holdings ÷ diluted shares outstanding
Sats per share = BTC per share × 100,000,000If Strategy holds 815,000 BTC and has 315 million diluted shares, BTC per share is about 0.00259 — or roughly 259,000 sats per share.
Why it's Saylor's headline KPI
Strategy's stated mission is to maximize Bitcoin owned per fully-diluted share. Every capital raise — common-stock ATM offerings, convertible debt, and the STRK / STRC preferreds — is judged by whether it grows or shrinks sats per share.
Raises are accretive when proceeds buy more Bitcoin per new share issued than existing holders give up via dilution. This is only possible when mNAV is greater than 1: the market is paying a premium over Bitcoin NAV, so issuing equity at that premium and buying BTC at spot leaves existing shareholders better off in sats terms.
"BTC yield" — the same idea, framed as growth
Strategy reports BTC yield as the percentage growth in sats per share over a period — typically year-to-date. A 30% BTC yield means each share now represents 30% more BTC than at the start of the year. This is the headline number in every Strategy earnings release and 8-K.
What sats per share doesn't capture
Sats per share is an accretion metric, not a valuation metric. It tells you how much Bitcoin each share claims, not what the market is paying for that claim. For that you need mNAV. The dashboard tracks both side by side.
- Sats per share rising + mNAV stable = pure accretion win
- Sats per share rising + mNAV compressing = treadmill effect; mind the cap structure
- Sats per share flat = capital-raise machine has paused (mNAV likely near 1)
Live values on the dashboard
The BTC Exposure dashboard shows the current sats per share alongside 30-day, 6-month, and 1-year deltas — so you can see whether Strategy's recent capital raises have actually been accretive.