Why MSTR avoids publishing that BTC-per-share figure? Because it creates a misleading narrative. Common shareholders don't actually own those bitcoins—that's the critical part people miss. In a liquidation event, you're sitting at the bottom of the capital stack. Secured creditors, bondholders, preferred shareholders all get paid before you see a dime. The company holds the BTC, but your equity claim is vastly junior to asset claims. Yet plenty of analysts in the crypto space openly calculate and share this metric anyway, treating it as if common equity holders have direct ownership exposure. It's a dangerous simplification that conflates corporate holdings with shareholder ownership rights. Understanding this distinction matters when evaluating the real risk-return profile.