[Michael Saylor: Explaining Strategy's BPS and CEBE BPS Metrics] Michael Saylor, Chairman of Strategy, explained the BPS and CEBE BPS metrics. BPS measures the number of bitcoins corresponding to common shares before deducting senior debt, reflecting the per-share equity growth after the company increases its bitcoin holdings. CEBE BPS deducts senior debt, convertible bonds, and preferred stock, measuring the actual per-share bitcoin exposure enjoyed by common shareholders. When debt maturity is shorter, CEBE BPS holds greater reference value, while BPS is more meaningful when debt maturity is longer. Investors should not evaluate Strategy's value solely by dividing the total bitcoin holdings by the total share count.