Strive CIO makes the case for BTC Yield as the treasury firm scorecard

Ben Werkman says Bitcoin treasury companies should let Bitcoin-per-share growth steer equity issuance and capital decisions Strive’s chief investment officer wants Bitcoin treasury companies to keep score with one number. Ben Werkman argues that BTC Yield should be the main metric guiding how these firms raise and deploy capital. His pitch is that a single, Bitcoin-denominated scorecard helps management balance the competing interests of different investor groups. In a sector built on stock sales and Bitcoin purchases, the choice of scoreboard matters a lot. What Werkman is actually proposing BTC Yield tracks how fast a company’s Bitcoin holdings grow on a per-share basis. It ignores the total stack and asks how much Bitcoin sits behind each share. In commentary made on October 31, 2026, Werkman said the metric should steer key financial decisions. Those include when to issue new equity and how to make strategic investments, including Bitcoin purchases backed by preferred stock. The logic is simple. If selling new shares to buy Bitcoin raises the amount of Bitcoin per share, the deal helps existing holders. If it shrinks that figure, existing shareholders are effectively subsidizin...