Bitcoin per share is a key metric for evaluating a Bitcoin treasury company, but its calculation varies according to outstanding shares, potential dilution, and senior claims. Raw Bitcoin per share divides total holdings by existing common shares, while Bitcoin per assumed diluted share includes securities that could convert into common stock. Net Bitcoin per share deducts the Bitcoin value of senior claims from total holdings, either including or excluding cash available to satisfy those obligations. At a constant Bitcoin price, changes in this metric isolate the genuine economic accretion resulting from financing transactions. Net Bitcoin per share is therefore the most comprehensive measure for comparing the market capitalization of common shares with their estimated residual liquidation value.
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