In the world of traditional finance, evaluating a company’s success usually means tracking revenue growth, earnings per share, or return on equity. But what happens when the core of a company’s strategy isn’t selling products or services, but accumulating Bitcoin?

That’s the question facing a new class of Bitcoin treasury companies. These are publicly traded firms whose central mission is to acquire and hold Bitcoin over the long term. And to understand whether they’re succeeding, we need a fresh set of tools.

This article introduces those tools—new key performance indicators (KPIs) designed to evaluate how well a company is executing its Bitcoin strategy. Many of these indicators have been pioneered by Michael Saylor and his company, Strategy, where they can be seen implemented on their new dashboard. These new metrics may sound complex at first, but once broken down, they offer powerful insight into whether a Bitcoin treasury company is truly delivering for its shareholders.

1. BTC Yield: Measuring Accretion, Not Earnings

What it is: BTC Yield tracks the percentage change over time in the ratio between a company’s Bitcoin holdings and its fully diluted share count. In simple terms: how much more Bitcoin is owned per potential share of stock.

Why it matters: This KPI is designed to answer a unique question: Is the company acquiring Bitcoin in a way that benefits shareholders?

Let’s say a company holds 10,000 BTC and has 100 million diluted shares. That’s 0.1 BTC per share. If, a year later, it holds 12,000 BTC and has 105 million shares, it now holds ~0.114 BTC per share—a 14% increase. That 14% is your BTC Yield.

What makes it unique: BTC Yield doesn’t care about profit margins or EBITDA. It’s focused on how effectively the company is increasing Bitcoin ownership relative to the number of shares that could exist. This is key in a strategy that involves using equity to buy BTC. If management is printing new shares to buy Bitcoin, shareholders want to know: is the Bitcoin per share going up or down?

How to use it: Investors can track BTC Yield over time to see if dilution (more shares) is being offset by accretive Bitcoin purchases (more BTC). A consistently rising BTC Yield suggests management is executing well.

2. BTC Gain: The Bitcoin-Based Growth Metric

What it is: BTC Gain takes the BTC Yield and applies it to the company’s starting Bitcoin balance for a period. It tells you how many theoretical “extra” bitcoins the company effectively added through accretive behavior.

Why it matters: This is a way of visualizing BTC Yield not as a percentage, but as Bitcoin itself. If BTC Yield for the quarter is 5% and the company started with 10,000 BTC, BTC Gain is 500 BTC.

What makes it unique: It helps you think in Bitcoin terms, which aligns with the company’s long-term goal. Shareholders aren’t just watching for more BTC—they want more BTC per share. BTC Gain helps quantify how much more BTC the company would’ve had if it started from scratch and grew holdings accretively.

How to use it: BTC Gain is especially helpful when comparing different time periods. If one quarter shows 200 BTC Gain and the next shows 800 BTC Gain, you know the company’s Bitcoin strategy had a much stronger impact in the second period—even if the BTC price stayed flat.

3. BTC $ Gain: Bringing Bitcoin Gains Into Dollar Terms

What it is: BTC $ Gain translates BTC Gain into U.S. dollars by multiplying it by the price of Bitcoin at the end of the period.

Why it matters: Investors still live in a world dominated by fiat. Converting Bitcoin-based growth into dollar terms helps bridge the communication gap between Bitcoin-native strategy and traditional shareholder expectations.

What makes it unique: This metric offers a hybrid lens—Bitcoin-denominated growth, viewed in fiat terms. But here’s the catch: BTC $ Gain can show a positive number even if the actual value of the company’s holdings dropped (because the metric is based on share-adjusted accumulation, not fair market value accounting).

How to use it: Use this metric to contextualize how much value (in dollars) the company’s Bitcoin acquisition strategy may have created over a period—just remember that it’s not a profit measure. It’s a reflection of growth in stake, not accounting gain or loss.

4. Bitcoin NAV: A Snapshot of Raw Bitcoin Holdings

What it is: Bitcoin NAV (Net Asset Value) is the market value of the company’s Bitcoin holdings. It’s calculated simply: Bitcoin Price × Bitcoin Count.

Why it matters: It gives a snapshot of the company’s Bitcoin “war chest,” plain and simple.

What makes it unique: Unlike traditional NAV used in mutual funds or ETFs, this version ignores liabilities like debt or preferred stock. It’s not meant to tell you what shareholders would get in a liquidation. Instead, it’s just: How much Bitcoin does the company own, and what is it worth right now?

How to use it: Use Bitcoin NAV to understand the scale of the company’s Bitcoin strategy. A rising NAV could reflect more Bitcoin, higher prices, or both. But remember: it’s not adjusted for debt or financial obligations, so it’s not a full picture of shareholder value.

5. BTC Rating: The Leverage Check You Don’t Have to Guess About

What it is: BTC Rating is a simple ratio: the market value of the company’s Bitcoin divided by its total financial obligations. It shows how much of the company’s debt and liabilities could be covered by its Bitcoin holdings.

Why it matters: This metric gives a Bitcoin-native snapshot of balance sheet strength. It helps investors quickly gauge whether a company’s Bitcoin strategy is supported by a sound capital structure—or weighed down by obligations.

What makes it unique: Unlike traditional credit ratings that rely on opaque models and institutional trust, BTC Rating is transparent and verifiable. The inputs—Bitcoin holdings and liabilities—are public. It puts solvency into plain sight, without needing anyone’s permission or opinion.

How to use it: A BTC Rating above 1.0 suggests the company’s Bitcoin position outweighs its obligations—a strong indicator of strategic flexibility and solvency. A rating below 1.0 may signal over-leverage or exposure to refinancing risk. Watching how this ratio evolves over time gives investors a powerful lens for evaluating whether the company’s Bitcoin-first strategy is being executed responsibly.

Why These Metrics Matter Together

Each KPI gives a different lens:

• BTC Yield shows shareholder-accretive growth.
• BTC Gain translates that into BTC terms.
• BTC $ Gain puts it in dollars.
• Bitcoin NAV shows raw Bitcoin value.
• BTC Rating tests how that value stacks up against liabilities.

Used together, they give investors a comprehensive picture of whether a Bitcoin treasury company is:

• Growing its stake effectively
• Protecting or enhancing shareholder value
• Managing risk appropriately

One Final Note: These Metrics Aren’t Perfect

These KPIs are not traditional financial metrics, and they aren’t meant to be. They ignore things like operating revenue, cash flow, or even debt service costs. They also assume that convertible debt will convert, not mature.

In other words, they’re tools designed to isolate the Bitcoin strategy, not the whole business. That’s why they should be used alongside a company’s financial statements—not as a substitute.

But for investors trying to understand whether a company is making smart moves in the Bitcoin arena, these metrics offer something traditional tools can’t: clarity on whether management is using equity and capital in a way that actually grows Bitcoin per share.

And in a Bitcoin-first world, that just might be the most important metric of all.

Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase, or subscribe for securities.

Vitalik Buterin, Ross Ulbricht, and Tucker Carlson are among those urging President Donald Trump to pardon Roger Ver, aka Bitcoin Jesus.

Known as Bitcoin Jesus for his early advocacy of Bitcoin, Ver faces up to 109 years in prison on tax charges, including allegations of evading $48 million in taxes. Despite renouncing his U.S. citizenship in 2014 to avoid prosecution, Ver’s legal troubles resurfaced when he was arrested in Spain in 2024. But following the president’s earlier pardons of figures like Ulbricht and BitMEX co-founders, observers wonder whether Ver’s would catch a break. Is a pardon on the way, or will Ver’s legal troubles continue?

Read on for a closer look.

Crypto cronies

After Trump embraced cryptocurrency, many crypto leaders rallied to support him by donating funds to his inauguration and hobnobbing at galas.

Trump also , which industry brass celebrated.

In return, Trump signed an order to stockpile tokens and swiftly acted in favor of the industry. Under Trump-appointed SEC chair Mark Uyeda, investigations into several cryptocurrency companies, including Immutable, Crypto.com, Ripple, and Coinbase, were dismissed.

In a notable move on Thursday, March 27, Trump pardoned BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed, who had pleaded guilty to federal charges related to money laundering and regulatory violations. The trio was convicted for failing to implement anti-money laundering measures at BitMEX, which prosecutors had labeled a “money laundering platform.” Reed had also violated the Bank Secrecy Act and paid a $10 million fine. But under Trump, it seems all is forgiven.

This has sparked speculation on whether Ver, a prominent figure in the crypto world, could also receive the same courtesy.

Ver, a Silicon Valley native with a libertarian streak, was deeply involved in the early days of cryptocurrency, investing in companies like Kraken, Ripple, and Blockchain.com. In 2017, Ver hyped Bitcoin Cash (BCH) as more suitable for everyday payments.

Ver’s past

In 2000, by the age of 20, Ver began to participate in libertarian party debates. 

During these debates, he made critical statements about the agents of the Bureau of Alcohol, Tobacco, and Firearms, calling them “murderers” and referencing their involvement in the scandalous Waco Siege in which dozens of children were killed in a standoff between FBI and ATF agents and Branch Davidian cult followers. Ver didn’t know that ATF agents were present during these debates.

In the 2000s, Ver became involved in e-commerce. On top of tech enterprises, Ver was selling firecrackers on eBay. After selling unlicensed firecrackers in 2001, he was charged and spent 10 months in prison. The fact that he was locked in jail instead of being fined or notified about the necessity of obtaining a license led Ver to think that the case was politically motivated and that his criticism of ATF was the real reason behind his prosecution. Without fear of further persecution, Ver left the U.S. after his post-prison probation ended.

By 2011, Ver learned about Bitcoin and became one of its first investors. He also advocated for Bitcoin long before it went mainstream, with multi-million investments and national leaders talking about its importance for the future of their countries. 

The key points of Ver’s advocacy for Bitcoin were the financial freedom of individuals and the stopping of government and banks from interfering in people’s lives.

The legal fight

Since February 2014, Ver has been a citizen of Saint Kitts and Nevis. He claims that he had to renounce his U.S. citizenship after long-lasting targeting from the U.S. government.

In April 2024, he was indicted and arrested in Spain on charges of U.S. tax evasion and mail fraud. Ver is accused of dodging $48 million in taxes after earning up to half a billion dollars through cryptocurrencies. 

According to prosecutors, Ver failed to pay his “exit tax” on 131,000 BTC owned by his two companies when he left the U.S. and provided false info to the law firms filing Ver’s tax returns. Allegedly, he sold his bitcoins in 2017 without notifying the financial attorneys.

Ver clarifies that three charges of mail fraud (combined, punishable by 19 years behind bars) are based on the three letters with his tax returns he sent to the Internal Revenue Service (IRS).

Ver denies he committed crimes such as tax evasion and mail fraud. He insists he was doing his best to comply with the nascent Bitcoin taxation rules, and that his prosecution was politically motivated. 

In December, he began his legal fight against the prosecution, denying all the charges. He filed a motion to dismiss charges, but the government rejected it in January.

Ver’s legal team challenged an exit tax as “an unconstitutional burden on the fundamental right to expatriate.” For people like Ver, who have substantial amounts of low-liquidity assets, the exit tax may be prohibitive. The government suggests Ver is a fugitive. He disagrees with this status as he doesn’t hide and didn’t commit crimes for which he is judged while living in the U.S.

On March 1, Ethereum’s Buterin published an X post arguing that the exit tax doesn’t exist in most other countries and called it the “tax-by-citizenship” and “extreme.”

In addition, Buterin mentioned that the IRS obtained some of the information by intimidating Ver’s lawyers. The Ethereum founder added:

“Genuine good faith mistakes should be treated by giving the actor the opportunity to pay back taxes if needed with interest and penalties, not with prosecution.”

Will Bitcoin Jesus be pardoned?

Trump promised to pardon Ross Ulbricht if get elected. Ulbricht, the man behind the Silk Road marketplace charged for money laundering and drug trafficking, is an important figure in the history of Bitcoin as his marketplace drove Bitcoin’s adoption. After the inauguration, Trump indeed pardoned Ulbricht to much acclaim. 

Soon, various crypto advocates began to urge Trump to pardon Roger Ver. On Jan. 21, 2025, following the pardon of Ross Ulbricht, an X influencer using the moniker Rothmus published a short post calling for the pardon of Ver to which Elon Musk replied: “will inquire.” This reply gave the community hope for the pardon of Bitcoin Jesus.

On March 17, Marla Maples, Trump’s ex-wife, took to X to share a touching video where people who met Ver tell their stories of his generosity.

It is not clear, though, if the POTUS paid attention to this post.

Peter Schiff, a BTC critic, has recently predicted that Bitcoin price could plummet to as low as $10,000. Schiff has expressed concerns over Bitcoin’s long-term viability, particularly in comparison to gold. His argument revolves around Bitcoin’s current performance, which he believes is being driven by short-term hype rather than solid fundamentals.

Schiff’s prediction is particularly alarming for those who view Bitcoin as a store of value. In the current trends, Peter Schiff notes that millions of young people are invested in Bitcoin while gold, a standard hedge, is pushing higher.

This view stems from his assertion that when gold prices rise to new record levels then the value of Bitcoin may plummet.

“By the time they get to their target of $5K for gold, they will drag Bitcoin down to $10K, meaning a drop of 95% from the highest it was valued at in 2021,” Schiff reasoned.

Bitcoin Price Recent Performance Against Gold

According to Peter Schiff, Bitcoin price has underperformed in relation to gold. Gold prices recently broke through $3,000 per ounce as global economic conditions continued to affect the global economy. Meanwhile, Bitcoin has depreciated in value, especially in terms of the precious metal, gold.

Since early 2025, the prices of Bitcoin have come down by over 30% against gold with one Bitcoin currently only equivalent to 27.4 ounces of gold as compared to 41 ounces in December of 2021.

If Bitcoin is an asset that people only buy when the stock market is going up and risk appetite is high, what is it that investors are buying? It’s not a stock as it will never have earnings or pay a dividend. It’s clearly not a risk-off asset, a store of value, or digital gold.

— Peter Schiff (@PeterSchiff) March 28, 2025

Another issue that Schiff dislikes about Bitcoin also revolves around its categorization as a “risk asset.” He says that BTC price movements are synchronized with the rest of the market, especially when investors are more willing to take risks. While gold provides investors with a safe-haven, the Bitcoin price operation is defined as having a volatility closer to that of the traditional markets among investors. Therefore, as argued by Peter Schiff, BTC price may decline as investors turn to the safe-havens, such as gold, in turbulent times.

Market Analyst Weigh In On Bitcoin Trend

Several market analysts are echoing Schiff’s concerns, suggesting that Bitcoin price could face challenges in the near term. Peter Brandt, a veteran trader, has pointed out that Bitcoin might be on a path to $65,635, citing a “bear wedge” pattern that has emerged in the cryptocurrency’s price charts.

Meanwhile, crypto trader Michaël van de Poppe shared his own cautious outlook on Bitcoin’s short-term prospects. Van de Poppe noted that while Bitcoin price has been holding above the $80,000 mark, its price action is starting to show signs of weakness. He added, “It starts to look slightly less good,” and suggested that if Bitcoin falls below $84,000, a deeper correction could be imminent.

Similarly, the crypto trader TheKingfisher expressed doubts about a sustained bullish recovery, indicating that Bitcoin’s current price movement aligns with a typical market cooldown. He suggested that Bitcoin could be approaching a “seasonal reset” as part of the broader market trend.

Alternative Views on Bitcoin’s Future Trend

Not everyone shares Peter Schiff’s pessimism about Bitcoin price. Charlie Morris, founder of ByteTree, highlighted that despite recent challenges, Bitcoin may have already seen its worst. He explained that while gold ETFs are experiencing slower inflows, Bitcoin could be positioned for a potential recovery.

This view contrasts sharply with Peter Schiff’s, emphasizing that the cryptocurrency may not be as doomed as some critics suggest.

Additionally, Robert Kiyosaki, author of Rich Dad Poor Dad, has weighed in on the broader market of precious metals and cryptocurrencies. While Kiyosaki acknowledged Bitcoin’s role as a hedge against inflation, he predicted that silver would outperform both Bitcoin and gold in the near term

✓ Share:

Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.