The BTC Yield, a KPI measuring the percentage growth in MSTR’s Bitcoin per share (relative to assumed diluted shares outstanding), comes from its $42 billion capital raise strategy (the 21/21 Plan) announced in Q3 2024. This plan includes $21 billion in at the market share issuance and $21 billion in convertible bonds over three years. MSTR uses this capital primarily to buy Bitcoin, increasing BTC per share by acquiring Bitcoin faster than it issues shares. This is a bit simplified, but it covers the general strategy Saylor is deploying to grow the company’s Bitcoin holdings.