Michael Saylor has rolled out a new set of indicators for MicroStrategy's Bitcoin (BTC) stash while critics wonder if the company can leverage further without impacting common shareholders.

These indicators came at a time when MSTR was tanking hard. The current stock price is below the value of Bitcoin the company holds, after factoring in liabilities and preferred stock obligations. Saylor sees these tools as a new initiative, while skeptics see something more familiar.

MicroStrategy has already reported 4 key metrics to regulators, which include:

  • Bitcoin per share

  • BTC Yield

  • BTC Gain and

  • BTC USD Gain

Starting January 2026, the company has also changed how it calculates these figures for the interim period.

Michael Saylor's latest post goes even further, introducing the CEBE BPS metric, which takes Bitcoin per share after subtracting senior rights, and the concept of Amplification, which is the gap that leverage creates between these two values.

“Not all debt is created equal. Short-term, high-cost debt can turn amplification into risk and poor performance, while long-term, low-cost debt can transform amplification into benefits for common shareholders. If BTC's ARR exceeds the cost of capital, a well-capitalized Bitcoin Treasury should yield better returns than BTC,” explained the president of MicroStrategy.

These two terms do not appear in the official filing documents.

The strategy holds 845,256 BTC after launching the buy program in August 2020, and currently boasts a record Bitcoin value of approximately $54 billion.

According to the company's documents, the average cost is close to $75,700, and the total cost exceeds $61 billion, resulting in the treasury holding less value than the initial investment, while the spot price of Bitcoin remains near $64,000.

The unrealized loss of $14.5 billion in Q1 resulted in a net loss of $12.5 billion, but Michael Saylor remains keen on buying continuously.

Still adding dots. pic.twitter.com/MXVOYPUnYb

— Michael Saylor (@saylor) June 14, 2026

Critics see shifting targets, while supporters claim innovation is happening.

Analyst Nic Pucrin warns that the company's trading strategy is at about 84% of total Bitcoin value, and each option only worsens the situation.

Issuing additional shares dilutes the amount of Bitcoin per share. The more preferred stock, the greater the obligations, which now exceed $13.5 billion, and selling Bitcoin risks panic. He sees no clear way out.

I am genuinely concerned about Strategy's current situation, stated Coin Bureau’s executive.

Quinn Thompson also shares the same concerns. He noted that MSTR common stock trades at approximately 0.8 times net asset value, with total debt and preferred stock amounting to $8.2 billion at interest rates as high as 11.5%.

He mentioned that the company sold shares worth $0.80 to buy USD bonds. Former banker Pius Sprenger criticized these metrics directly.

I find it increasingly worrying that Saylor keeps inventing made-up metrics. It reminds me of my days in banking. Whenever the firm got into trouble, management suddenly came up with a whole new set of KPIs. https://t.co/ZqxKVegzY3

— Pius the Banker (@PiusSprenger) June 14, 2026

Investor Adrian argues that these KPI metrics measure capital efficiency, not true value, and even Strategy’s own documents agree, stating that the metrics are not value measures and equity does not have rights superior to the company's Bitcoin.

This acceptance reflects the risks for MSTR shareholders, which became clearer after Strategy's first Bitcoin sale since 2022.

The final outcome may depend on Bitcoin itself. If there’s a strong surge, it will validate Saylor’s leveraged Bitcoin bet.

But if the market remains stagnant, the debt burden will persist, and which conclusion will come first remains an unanswered question.

#BTC