Crypto glossary
BTC yield (treasury KPI)
BTC yield is a metric used by bitcoin treasury companies: the percentage change in bitcoin held per diluted share over a period, not an interest payment.
The term was popularised by Strategy (formerly MicroStrategy) in 2024 and copied by other bitcoin treasury companies. It compares the ratio of bitcoin holdings to assumed fully diluted shares at the start and end of a period. If the company buys bitcoin faster than it issues new shares and convertible-linked dilution, each share represents more bitcoin and BTC yield is positive.
Management teams present it as the core performance indicator because their strategy is to increase bitcoin per share by raising capital at a premium to net asset value. Investors compare BTC yield across treasury firms alongside mNAV, and some companies set yearly BTC yield targets.
Despite the name, it is not yield in the usual sense: no bitcoin is earned, lent or staked. It says nothing about the debt and preferred dividends used to fund purchases or about the price paid for the coins, and it can only stay high while shares trade at a premium. Definitions differ between companies.
Example
A company that held 0.0010 BTC per diluted share in January and 0.0012 BTC per share in December reports a BTC yield of 20% for the year.
Related terms
Latest articles on BTC yield
- RedStone Brings BTC Yield to Bitget With a Strategy Vault Leveraging Morpho’s Lending Markets
- Stacks releases Bitcoin staking whitepaper for self‑custodial BTC yield
- Ledger Unlocks BTC Yield With Lombard and Figment
- Strategy’s BTC Yield Plummets Sharply After Years of Gains
- MicroStrategy’s November BTC Yield Hits 38.7%, Adding $312M Daily in Value