BTC/share accretion calculator
Model whether a Bitcoin purchase increases or decreases BTC per common share. Compare BTC growth with denominator growth, then see the exact break-even issuance level.
Model the transaction
Start with a recent company example, then change any transaction input.
Preferred issuance is shown for funding context but is excluded from this preset’s common-share denominator. Use a negative denominator change when the selected share basis shrinks. BTC price and cash raised are used in the funding check below; the BTC/share verdict itself depends on BTC purchased and the net denominator change.
Reported October 16–23 net effective common-share increase: 3,264,220. Seven million nonconvertible SATS IPO shares are excluded from the common denominator; SATA shares are unchanged.
Break-even issuance
How much additional denominator growth could occur before this modeled BTC purchase stops being accretive?
Funding check
Price and cash do not change BTC/share by themselves, but they let you sanity-check the transaction funding.
Cash input is the SATS IPO’s estimated $608.15M net proceeds, not total weekly financing or Bitcoin spending. Strive separately funded a $157.5M dividend reserve from existing cash and securities. Purchases cost approximately $511.4M; reported cash is $504.4M. Common ATM proceeds and the complete cash-flow bridge are undisclosed. The new $1B SATS ATM capacity is excluded.
Use this only when you want to assume all entered cash is deployed into BTC at the entered BTC price.
Grow the numerator
Buying Bitcoin increases the BTC numerator. More BTC is accretive only if it outpaces growth in the share denominator.
Watch the denominator
Common shares—and any other securities included in your chosen share basis—dilute BTC/share when they increase the denominator.
Use the exact ratio
(BTC after / shares after) ÷ (BTC before / shares before) − 1