In the world of traditional finance, the evaluation of the success of a company usually means monitoring the growth of revenues, profits for action or the performance of its own capital. But what happens when the core of a company’s strategy is not to sell products or services, but to accumulate bitcoin?
This is the question that a new class of Bitcoin Treasury companies must face. These are companies listed on the stock exchange whose central mission is to acquire and keep Bitcoin in the long term. And to understand if they are succeeding, we need a new series of tools.
This article introduces these tools: new performance key indicators (KPI) designed to evaluate how well a company is performing its Bitcoin strategy. Many of these indicators were the pioneers from Michael Saylor and his company, strategy, in which they can be seen implemented on their new dashboard. These new metrics may seem complex at the beginning, but once broken down, they offer a powerful vision of the fact that a Bitcoin treasure company is truly delivering for its shareholders.
1
Things: The BTC performance keeps trace of the percentage variation over time in the relationship between the bitcoin participations of a company and its counting of completely diluted shares. In simple terms: how much more bitcoin is owned by potential share of shares.
Because it is important: This KPI is designed to answer a single question: Is the company acquiring Bitcoin in a way that benefits from shareholders?
Let’s say that a company holds 10,000 BTC and has 100 million diluted shares. This is 0.1 BTC per action. If, a year later, it holds 12,000 BTC and has 105 million shares, it now holds ~ 0.114 BTC per share, an increase of 14%. That 14% is yours Rendering btc.
What makes it unique: The BTC performance does not worry about the profit margins or anbitda. It focuses on how much the company is actually increasing the bitcoin property compared to the number of shares that could exist. This is the key to a strategy that involves the use of equity to buy BTC. If the management is printing new actions to buy Bitcoin, shareholders want to know: is Bitcoin per action going down or descends?
How to use it: Investors can keep track of the BTC performance over time to see if the dilution (plus actions) is compensated by the purchases of Bitcoin Accreette (more BTC). A constantly increasing BTC performance suggests that management is performing well.
2. BTC Guadagno: Bitcoin -based growth metric metric
Things: BTC Gain takes the BTC performance and applies it to the company’s initial bitcoin balance for a period. He tells you how many theoretical “extra” bitcoins the company has actually added through the growth behavior.
Because it is important: This is a way to view BTC performance not as a percentage, but as a bitcoin itself. If the BTC performance for the quarter is 5% and the company has started with 10,000 BTC, the BTC gain is 500 BTC.
What makes it unique: It helps you think in terms of Bitcoin, which aligns with the company’s long -term goal. Shareholders are not just watching BTC more: they want more BTC per action. BTC Gain helps to quantify how much more BTC the company would have had if it had started from scratch and the participations were growing accurately.
How to use it: BTC gain is particularly useful when comparing different periods of time. If a quarter shows 200 BTC earnings and the next 800 BTC gain, you know that the company’s bitcoin strategy has had a much stronger impact in the second period, even if the BTC price has remained flat.
3. BTC $ Gain: bring bitcoin earnings in terms of dollars
Things: BTC $ Gain translates the BTC gain into US dollars by multiplying it by the Bitcoin price at the end of the period.
Because it is important: Investors still live in a world dominated by Fiat. The conversion of growth bitcoin -based growth in dollar terms helps to fill the communicative gap between the native Bitcoin strategy and the traditional expectations of the shareholders.
What makes it unique: This metric offers a hybrid lens: a growth called by Bitcoin, seen in terms of Fiat. But here is the problem: BTC $ Gain can show a positive number even if the actual value of the company’s participations has decreased (because the metric is based on the appropriate accumulation, not on the accounting of the fair market value).
How to use it: Use this metric to contextualize how much value (in dollars) the company’s bitcoin acquisition strategy could have created for a period, only remember that it is not a profit measure. It is a reflection of growth at stake, not of earnings or accounting loss.
4. Bitcoin Nav: a snapist by Bitcoin Holdings Raw
Things: Bitcoin Nav (net patrimonial value) is the market value of the company’s bitcoin invitations. It is simply calculated: Bitcoin Price × Bitcoin Count.
Because it is important: It gives a snapshot of the company’s “Cassa di Guerra”, clear and simple.
What makes it unique: Unlike the traditional NAV used in mutual or ETF funds, this version ignores liabilities such as debt or privileged actions. He has no purpose to tell you what shareholders would have had in a liquidation. Instead, it’s only: How much Bitcoin does the company have and how much is it worth now?
How to use it: Use Bitcoin Nav to understand the scale of the company’s bitcoin strategy. An increasing Nav could reflect more bitcoin, higher prices or both. But remember: it is not adequate for debt or financial obligations, so it is not a complete picture of the value of shareholders.
5
Things: The BTC rating is a simple relationship: the market value of the Bitcoin of the company divided by its total financial obligations. It shows how much of the company’s debt and liabilities could be covered by its Bitcoin invitations.
Because it is important: This metric provides a native bitcoin snapist of the budget resistance. It helps investors to quickly evaluate if a company’s bitcoin strategy is supported by a solid capital structure, or weighed down by the obligations.
What makes it unique: Unlike the traditional credit rating that are based on opaque models and institutional trust, the BTC rating is transparent and verifiable. Input – Bitcoin Holdings and Rescality – are public. It puts solvency in simple view, without the need for permission or opinion of anyone.
How to use it: An BTC evaluation above 1.0 suggests that the company’s Bitcoin position exceeds its obligations, a strong indicator of strategic flexibility and solvency. An assessment of less than 1.0 can signal over-law or exposure to the risk of refinancing. Looking at how this relationship evolves over time offers investors a powerful lens to evaluate whether the company’s bitcoin-first strategy is carried out responsibly.
Because these metrics count together
Each KPI provides a different lens:
- Rendering btc It shows an equity-accreditative growth.
- BTC earnings It translates it into BTC terms.
- BTC $ Gain He puts it in dollars.
- Bitcoin Nav Show raw bitcoin value.
- BTC evaluation Try how that value accumulates against liabilities.
Used together, they give investors a complete picture of the fact that it is a Bitcoin Treasury company:
- Grow its effective participation
- Protect or improve the value of shareholders
- Risk management appropriately
One last note: these metrics are not perfect
These KPIs are not traditional financial metrics and are not designed to be. They ignore things such as operational revenues, the cash flow or even the costs of the debit service. They also suppose that the convertible debt will be converted, not mature.
In other words, they are tools designed to isolate the Bitcoin strategyNot the entire activity. That’s why they should be used together with The financial reports of a company, not as a substitute.
But for investors who try to understand if a company is making intelligent moves in the Bitcoin Arena, these metrics offer something that traditional tools cannot: clarity on the fact that management is using fairness and capital in a way that actually increases Bitcoin per action.
And in a Bitcoin-First world, this could be the most important metric of all.
Disclaimer: This content was written on behalf of Bitcoin for companies. This article is intended exclusively for information purposes and should not be interpreted as an invitation or a solicitation to acquire, purchase or register for the securities.