BTC Yield: How Bitcoin Treasury Companies Calculate It and How to Read It

BTC Yield: How Bitcoin Treasury Companies Calculate It and How to Read It

Companies with bitcoin on their balance sheets increasingly mention BTC yield in their reports. A recent example is Strive, with 18.5% for the third quarter of 2026.

Let's look at what this metric is, how to calculate it and why the number should not be read as an ordinary return.

What BTC yield is in plain words

BTC yield shows by what percentage the amount of bitcoin per diluted share grew over a period.

Bitcoin's price is not part of the formula. The metric answers one question: does a shareholder now have more coins behind each share.

How BTC yield is calculated: formula and hypothetical example

The formula is simple: divide BTC per share at the end of the period by BTC per share at the start and subtract one. Shares are counted on a diluted basis, that is, including convertible securities and options.

A hypothetical example, with numbers made up for the calculation. A company has 10,000 BTC and 100 million diluted shares, so every million shares is backed by 100 BTC.

• the company issues 5 million new shares and buys 2,390 BTC
• it now has 12,390 BTC and 105 million shares
• every million shares is backed by 118 BTC instead of 100
• BTC yield for the period: 18%

There are more coins per share, even though there are also more shareholders. This happens when new shares are sold for more than the bitcoin behind them is worth.

How BTC yield differs from profit and mNAV

These three metrics are often confused. We have a separate breakdown of mNAV; here is a short look at the difference.

A bitcoin treasury's profit depends heavily on the price. Strive reported $509 million in net profit for the third quarter, largely thanks to an unrealized BTC revaluation of more than $533.7 million.

BTC yield does not depend on the price. It can be high in a quarter with a loss and low in a quarter with a record paper profit.

Where BTC yield comes from

There is one source: raising money at a higher valuation than the bitcoin on the balance sheet. If the market values a company above its BTC holdings, each new share brings in more coins than it "weighs" itself.

Preferred shares and debt have the same effect. They add coins without increasing the number of common shares until they are converted.

In our view, BTC yield primarily measures a company's ability to sell its securities at a premium. It has nothing to do with investment returns from bitcoin.

Why BTC yield draws criticism

• it is not income: the shareholder receives neither cash nor coins
• the metric ignores debt and preferred shares that have to be serviced
• a high figure is only possible while the shares trade at a premium to bitcoin
• if shares are issued below the value of the BTC, the metric turns negative
• companies choose their own methodology, which makes direct comparisons difficult

Let's continue the hypothetical example. If the premium disappears and the company issues 30 million shares for 2,000 BTC, every million shares will be backed by about 92.3 BTC, and BTC yield will be minus 7.7%.

We believe the metric should only be read together with mNAV and the debt structure. On its own, the number looks better than it really is.

How to read BTC yield in reports: the Strive example

In the third quarter Strive bought 8,136 BTC and ended it with 28,000 BTC, while its BTC yield was 18.5%. In October the company raised about $609 million through a SATS offering and grew its holdings to 43,124 BTC.

From what we see, it helps to ask three questions when reading such reports. What paid for the growth, at what price the securities were sold, and what happens to the metric if the premium to bitcoin disappears.

Our tools

Treasury reports set the backdrop for the market, while the actual bitcoin price forms on dozens of exchanges at once, and it is easier to see them all together. Our arbitrage screener keeps dozens of venues in one window, refreshes quotes every second and shows each gap together with the volume actually behind it. The spread calculator helps you check what survives fees, network costs and slippage at your size. The bot is fully manual. It never connects to your exchange API keys.

To test the tools on a live market, ArbitrageScanner offers one day of free access to the whole ecosystem.

FAQ (Frequently Asked Questions)

1. What is BTC yield?

The percentage growth in the amount of bitcoin per diluted share of a company over a period. The BTC price is not part of the formula.

2. How do you calculate BTC yield?

Divide BTC per diluted share at the end of the period by the same figure at the start and subtract one.

3. How does BTC yield differ from a company's profit?

A bitcoin treasury's profit mostly depends on the mark-to-market revaluation of BTC. BTC yield only counts the number of coins per share and does not depend on the price.

4. Can BTC yield be negative?

Yes. If a company issues shares below the value of the bitcoin on its balance sheet, there are fewer coins per share.

5. What is Strive's BTC yield?

18.5% for the third quarter of 2026. The company ended the quarter with 28,000 BTC and holds 43,124 BTC after its October purchases.

6. Can you compare BTC yield across companies?

With caution. Companies account for dilution and debt differently, so the number should be read together with mNAV and the funding structure.

Conclusion

BTC yield shows the growth in the amount of bitcoin per diluted share. It does not depend on the BTC price and mostly reflects a company's ability to sell securities for more than the value of its holdings.

It is not shareholder income and not a substitute for profit. The metric should be read together with mNAV and debt: Strive's 18.5% for the quarter speaks to growth in holdings per share, not to how much a shareholder earned.

IMPORTANT! We are software developers. We do not give recommendations or promises of earnings and we do not advise you to invest your money anywhere. Our software is fully manual, all your money stays under your own control. We show examples of how our clients have earned on arbitrage in the past, but we do not advise repeating those actions one to one. Your earnings depend solely on your own actions and on market factors.