BTC Yield Multiple

BTC Yield Multiple measures how a company’s BTC yield (growth in its bitcoin holdings, usually year-to-date or over a set period) stacks up against a baseline or benchmark BTC yield, such as the sector average or a leading competitor.

Formula: BTC Yield Multiple = (BTC Yield) ÷ (Baseline or Index BTC Yield) BTC Yield: The growth in a company’s bitcoin holdings (often as % gain or BTC-per-share increase).

Baseline or Index BTC Yield: The reference point, typically the average BTC yield among peer companies, an index, or a targeted yield for the sector.

Example: If Company X has a BTC Yield of 12% this year and the average for all similar companies is 6%, then: BTC Yield Multiple = 12% ÷ 6% = 2.0 This means Company X is generating bitcoin—on a percentage basis—at twice the rate of the benchmark.

Why Does BTC Yield Multiple Matter?

This ratio gives instant context. A BTC Yield Multiple above 1.0 means the company is outperforming the benchmark; below 1.0 signals underperformance.

Use this measure to discover which companies deserve premium valuations (trading at or above their Net Asset Value, or NAV) due to consistent outperformance, and which may not justify higher prices.

Many bitcoin treasury companies are seen as “high-beta” bitcoin exposures: their share prices and BTC growth can move faster than BTC itself, especially if they’re skilled at efficient capital raises and strategic BTC accumulation.

Comparing BTC Yield Multiples helps separate companies that simply hold BTC from those that deploy capital and manage dilution effectively to grow their BTC-per-share faster than peers.