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BTC Per Share Calculator

Calculate BTC per share and sats per share for any bitcoin treasury company.

1 · The company today

The total bitcoin on the company’s balance sheet.

Include convertible bonds, options and warrants.

Your result will appear here.

2 · What if it sells new shares to buy bitcoin?

Shares the company sells to raise money.

The money spent on bitcoin.

Live price. Change it to test another.

Your result will appear here.

Live BTC price from CoinGecko.

Figures are illustrative, not investment advice. Take share counts and bitcoin holdings from the company's latest filing.

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Every calculator here runs on formulas verified against primary sources and is reviewed before it ships.
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Fabio Arcieri Built and reviewed by
Fabio Arcieri

Last reviewed: October 2026

How to read the output

  • Sats per share: the bitcoin behind one share, today in step 1 and after the sale in step 2.
  • BTC per share: the same figure expressed in BTC.
  • Change pill: the sale’s effect on sats per share, as a percentage and in sats.
  • Break-even: the minimum cash per new share that keeps sats per share from falling.
  • Before/after table: bitcoin held, fully diluted shares, and sats per share, side by side.

What is BTC per share

BTC per share is the bitcoin a company holds divided by its shares outstanding. A company with 10,000 BTC and 200,000,000 shares has 0.00005 BTC per share, or 5,000 sats.

Treasury companies track the ratio because it shows the bitcoin behind each share, whatever the share price does.

Basic vs. diluted shares

Enter the fully diluted share count. Basic shares count only stock issued today, while diluted shares add the convertible bonds, options, and warrants that could become stock. Basic shares overstate BTC per share.

Find both in the company’s latest annual (10-K) or quarterly (10-Q) filing. The cover page gives basic shares outstanding, and the earnings-per-share note lists the securities to add.

When a share sale dilutes BTC per share

A share sale moves two numbers at once. Bitcoin held grows by the cash spent divided by the bitcoin price, and the share count grows by the new shares.

  • Accretive sale: bitcoin held grows faster than shares, so sats per share rises.
  • Dilutive sale: shares grow faster than bitcoin held, so sats per share falls.
  • Break-even: each new share must bring in at least BTC per share times the bitcoin price. At 5,000 sats per share and $100,000 per bitcoin, that is $5.00.

This shows the mechanics of a sale, not whether the shares are worth buying.

Frequently asked questions

  • Does selling new shares always lower BTC per share?
    No, selling new shares lowers BTC per share only when each new share brings in less cash than its current bitcoin backing. Above that break-even, the proceeds buy bitcoin faster than the share count grows, and BTC per share rises. Selling shares without buying bitcoin always lowers it.
  • Does the bitcoin price change BTC per share?
    The bitcoin price does not change BTC per share on its own, because the ratio counts bitcoin and shares, not dollars. Price matters in a share sale. It sets how much bitcoin the cash buys, so a higher price raises the break-even cash needed per new share.
  • What is the break-even price for a share sale?
    The break-even price for a share sale is the lowest cash per new share that keeps sats per share from falling. It equals BTC per share multiplied by the bitcoin price. With 0.00005 BTC per share and bitcoin at $100,000, break-even is $5.00. Selling above it raises BTC per share. Selling below it dilutes.
  • Why is BTC per share shown in sats?
    BTC per share is shown in sats because the figure is a tiny fraction of a bitcoin. A satoshi (sat) is 0.00000001 BTC, so 0.00005 BTC reads as 5,000 sats. Whole numbers are easier to compare across companies and over time. The BTC figure appears below the sats result.
  • Is BTC per share the same as mNAV?
    No, BTC per share is not the same as the multiple of net asset value (mNAV). BTC per share counts the bitcoin behind each share. The mNAV divides the company's enterprise value by the value of its bitcoin, showing the premium or discount investors pay. A premium above 1 is what usually lets a share sale raise BTC per share.