MicroStrategy Chairman Michael Saylor has outlined the company's strategic approach to Bitcoin investment through two critical metrics. The Bitcoin Per Share (BPS) metric is designed to measure the growth potential of Bitcoin that is attributable to the company's common stock. Meanwhile, the Cash-Equivalent Bitcoin Exposure BPS (CEBE BPS) provides insight into the real Bitcoin risk exposure for common shareholders, accounting for deductions from senior claims. These metrics are central to understanding MicroStrategy's Bitcoin strategy and its implications for shareholders.