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.