Part 3/5:

This is a remarkable shift. Whereas traditional corporate finance has been about minimizing capital, reducing volatility, and returning cash to shareholders, MicroStrategy is intentionally embracing dilution, volatility, and capital expansion - all in service of accumulating more Bitcoin.

The Bitcoin Denominated Investor

For Bitcoin-denominated investors, this BTC yield metric is the key benchmark. Rather than valuing companies based on earnings multiples or net asset values, the focus is on the growth of Bitcoin holdings per share. This aligns perfectly with the Bitcoin ethos of using the cryptocurrency as the unit of account and store of value.

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