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BPS measures Bitcoin per common share before senior claims. CEBE BPS measures Bitcoin per common share after senior claims. CEBE is the conservative risk metric. BPS is the common equity growth metric. BTC Yield measures BPS execution. The shorter the liability duration, the more CEBE matters. The longer the duration, the more BPS matters. If claims came due today, CEBE BPS would be the more relevant metric. If BTC outpaces dividend obligations, BPS better captures common equity upside. The difference between BPS and CEBE BPS is Amplification. With no debt or preferreds, BPS = CEBE BPS and a Bitcoin Treasury Company should track BTC like an ETF. As liabilities increase, BPS and CEBE diverge, creating the potential to outperform BTC. Not all liabilities are equal. Short-duration, high-cost liabilities can turn amplification into risk and underperformance. Long-duration, low-cost liabilities can turn amplification into common equity upside. If BTC ARR exceeds the cost of capital, a well-capitalized Bitcoin Treasury Company should outperform BTC.