The growth rate of bitcoin holdings per share is a key measure of a bitcoin treasury company’s capital-allocation efficiency, Strive chief investment officer Ben Werkman said, according to a ChainCatcher report published on November 10, 2026, at 08:10 (UTC+8). He cautioned that the measure cannot be assessed apart from financing costs and capital structure.
When a company’s shares trade at a premium to its bitcoin net asset value, issuing common shares to buy bitcoin can increase bitcoin holdings per share. Repurchasing common shares can also raise that measure, but may use up cash reserves.
Werkman warned that repeatedly using proceeds from preferred-share financing to repurchase common shares could weaken the asset backing for preferred dividends and harm preferred shareholders. Growth in bitcoin holdings per share, therefore, does not by itself establish whether the financing strategy benefits all investors.