Does $MSTR generate profits by holding $BTC?

Just now, Saylor tweeted that last week they generated a profit of 16,622 Bitcoins, valued at about 1.2 billion dollars, and some friends came to ask me if MSTR earned profits by staking BTC.

In fact, it is neither staking nor traditional earnings.

Bitcoin itself does not have native staking returns, and MSTR does not rely on staking $BTC or DeFi to generate interest.

The BTC Yield, BTC Gain, and BTC $ Gain that Saylor often likes to mention are essentially not about how much money the company made by holding BTC, but rather whether the BTC exposure corresponding to each fully diluted share increased after continuously financing to buy BTC.

If MSTR issued stocks, convertible bonds, or preferred shares, and used that money to continue buying more BTC, although shareholders were diluted, as long as the amount of BTC corresponding to each share still increased, this part would be defined as BTC Yield in MSTR’s terms and further converted into what is called BTC Gain.

So, when Saylor mentions these 16,622 BTC, it does not mean that the company actually earned an additional 16,622 Bitcoins out of thin air, nor that so much BTC suddenly appeared on the books, but rather the calculation method after the increase in BTC exposure per share.

Of course, if you ask directly whether MSTR can generate profits from holding BTC?

The answer is yes, but that is a different level of discussion.

If BTC rises, the market value of the Bitcoin held by MSTR will increase, and this will create unrealized gains. Under the new accounting standards, this unrealized gain will also more directly reflect the income from fair value changes in the financial statements. However, this is actually not the same as the "BTC Gain" mentioned in Saylor's tweet.

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