Sats per share

Sats per share quantifies the number of satoshis (the smallest unit of bitcoin, where 1 BTC = 100,000,000 sats) that back each basic share of a company.

It effectively answers: “How much bitcoin, down to the smallest fraction, is represented by each individual share?”

Formula: Sats Per Share = (BTC in Treasury × 100,000,000) ÷ Basic Shares Outstanding Each share you own gives you indirect ownership of the underlying BTC held by the company, measured in satoshis. This perspective is especially powerful for comparing different companies on an apples-to-apples basis.

Example Suppose a company reports: BTC in Treasury: 2,000 BTC Basic Shares Outstanding: 20,000,000 shares Sats Per Share = (2,000 × 100,000,000) ÷ 20,000,000 = 10,000 sats per share This means that every share you purchase is theoretically backed by 10,000 satoshis of bitcoin.

Why Does Sats Per Share Matter?

Direct BTC Exposure: The higher the sats per share, the more direct bitcoin ownership you get for every share, making this an easy way to compare companies.

Value Transparency: This figure sidesteps complicated accounting and gives you a blockchain-native sense of value per share—critical when investing in companies whose value is so closely tied to BTC.

Tracking Dilution: If the company issues more shares without accumulating more BTC, sats per share drops—helping you spot dilution in your BTC exposure per share.

Investor Confidence: Companies that grow (or at least maintain) their sats per share are typically seen as more shareholder-friendly.