Bitcoin on the balance sheet is not the same thing as Bitcoin exposure per share.
Strategy holds a huge amount of Bitcoin on its balance sheet.
So at first glance, owning MSTRB might look like a simple way to get Bitcoin exposure through a company.
But there is another layer to look at.
Strategy itself measures Bitcoin Per Share (BPS) — the amount of Bitcoin represented per assumed diluted share.
And that ratio matters because the numerator and denominator can move independently.
If Strategy adds Bitcoin, BPS can increase.
But if the company increases its assumed diluted share count without adding Bitcoin at the same pace, BPS can move in the other direction.
That's why I find MSTRB more interesting than simply saying:
“Strategy owns a lot of Bitcoin.”
The better question is:
How much Bitcoin exposure does each share actually represent?
And this is also what makes tokenized exposure interesting to me.
With a bStock like MSTRB, you're getting exposure to the underlying company through a tokenized product — not directly owning the Bitcoin that sits on Strategy's balance sheet.
So there are really two layers to think about:
Bitcoin held by the company.
Bitcoin exposure represented by the security.
The headline asset is only the first layer.
When a company becomes a vehicle for an asset, look at the structure between you and it.
#bstockscis @BinanceCIS
Strategy holds a huge amount of Bitcoin on its balance sheet.
So at first glance, owning MSTRB might look like a simple way to get Bitcoin exposure through a company.
But there is another layer to look at.
Strategy itself measures Bitcoin Per Share (BPS) — the amount of Bitcoin represented per assumed diluted share.
And that ratio matters because the numerator and denominator can move independently.
If Strategy adds Bitcoin, BPS can increase.
But if the company increases its assumed diluted share count without adding Bitcoin at the same pace, BPS can move in the other direction.
That's why I find MSTRB more interesting than simply saying:
“Strategy owns a lot of Bitcoin.”
The better question is:
How much Bitcoin exposure does each share actually represent?
And this is also what makes tokenized exposure interesting to me.
With a bStock like MSTRB, you're getting exposure to the underlying company through a tokenized product — not directly owning the Bitcoin that sits on Strategy's balance sheet.
So there are really two layers to think about:
Bitcoin held by the company.
Bitcoin exposure represented by the security.
The headline asset is only the first layer.
When a company becomes a vehicle for an asset, look at the structure between you and it.
#bstockscis @BinanceCIS