Strive CIO makes the case for BTC Yield as the treasury firm scorecard

Strive’s chief investment officer wants Bitcoin treasury companies to keep score with one number. Ben Werkman argues that BTC Yield should be the main metric guiding how these firms raise and deploy capital.

His pitch is that a single, Bitcoin-denominated scorecard helps management balance the competing interests of different investor groups. In a sector built on stock sales and Bitcoin purchases, the choice of scoreboard matters a lot.

What Werkman is actually proposing

BTC Yield tracks how fast a company’s Bitcoin holdings grow on a per-share basis. It ignores the total stack and asks how much Bitcoin sits behind each share.

In commentary made on October 31, 2026, Werkman said the metric should steer key financial decisions. Those include when to issue new equity and how to make strategic investments, including Bitcoin purchases backed by preferred stock.

The logic is simple. If selling new shares to buy Bitcoin raises the amount of Bitcoin per share, the deal helps existing holders. If it shrinks that figure, existing shareholders are effectively subsidizing new ones.

Werkman framed the metric as a way to position Strive’s common stock to perform well relative to Bitcoin itself. He also described it as essential for reaching long-term financial goals in a market known for sharp volatility.

Strive’s own numbers

Strive is not just preaching the metric. It is reporting it.

The company’s BTC Yield stands at 63% year-to-date. Put another way, each Strive share now represents meaningfully more Bitcoin than it did at the start of the year.

Strive’s Bitcoin holdings have reached 43,124 BTC, according to its most recent reported figures. That makes it the fourth-largest Bitcoin holder among public companies.

The firm also reports an amplification ratio that has ranged between 55% and over 60% in recent quarterly reports, with figures cited as high as 63%.

Strive’s broader model leans on what it calls a digital credit structure. It pairs high-yield perpetual preferred equity products with a substantial Bitcoin reserve.

The goal, as the company presents it, is to generate consistent income for preferred investors while managing risk. The Bitcoin reserve acts as the backstop behind those income-producing securities.

CEO Matt Cole has described Bitcoin as the company’s benchmark for performance. That framing explains why a Bitcoin-denominated metric sits at the center of the strategy.

Who is making the argument

Werkman joined Strive as CIO in October 2025. His résumé includes a directing role at Swan Bitcoin and founding NumerisX.

Bitcoin treasury firms raise money through stock and preferred share sales, then convert much of it into Bitcoin. The hard question for these companies has always been how to judge whether a capital raise was a good idea. A firm can buy a mountain of Bitcoin and still leave shareholders worse off if it issued too many shares to fund it.

BTC Yield is one answer to that problem. It forces management to justify every issuance by its effect on per-share Bitcoin exposure, not by headline accumulation.

What this means for investors and the sector

The most direct implication is for anyone holding or evaluating these stocks. If more treasury firms adopt BTC Yield as their primary KPI, investors get a common yardstick for comparing very different capital strategies.

There are real limits to the metric worth keeping in mind. BTC Yield is measured in Bitcoin, not dollars. A company can post a strong BTC Yield in a year when Bitcoin falls sharply. Shareholders would own more Bitcoin per share, but each of those coins would be worth less in dollar terms.

The metric also says nothing direct about the obligations a company takes on to grow its stack. Perpetual preferred shares that pay high yields create ongoing payment commitments, and those commitments don’t shrink when Bitcoin’s price does.

Werkman’s framework is ultimately an argument about alignment. Common shareholders want more Bitcoin per share, preferred holders want reliable income, and management has to serve both without short-changing either.

Using BTC Yield as the deciding test for issuance gives that balancing act a clear rule.

For now, Strive has put both a number and a philosophy on the table. Other treasury firms may find it harder to avoid reporting the same figure, especially if investors start asking for it by name.