Sats per share and BTC Yield

How much bitcoin each share represents, and how the company measures growth in it.

A satoshi ("sat") is one hundred-millionth of a bitcoin.

Sats per fully-diluted share

Gross = bitcoin held × 100,000,000 ÷ fully-diluted shares.

Net subtracts debt and adds cash first: ((BTC value + cash − debt) ÷ BTC price) × 100,000,000 ÷ fully-diluted shares.

BTC Yield

SWC's main KPI. It is the percentage change in bitcoin per fully-diluted share over a period, usually quarter-to-date. A positive BTC Yield means each share now represents more bitcoin than at the start of the quarter.

BTC Yield can go negative: for example in Q3 2026 after the company sold 177.89 BTC to repay the Smarter Convert instrument.

Updated 23 Sept 2026. Educational content only, not investment advice.