Strive Chief Investment Officer stated that the increase in Bitcoin holdings per share needs to be assessed in conjunction with financing costs

Strive's Chief Investment Officer Ben Werkman stated that the growth rate of Bitcoin holdings per share is a key indicator of the capital allocation efficiency of treasury companies, but it cannot be assessed in isolation from financing costs and capital structure.

When a company's stock price is at a premium relative to its Bitcoin net assets, issuing common stock to purchase Bitcoin can increase the per-share holding amount. Stock buybacks can also enhance this metric, but may deplete cash reserves. Werkman noted that if the funds raised from preferred stock financing are continuously used to buy back common stock, it may weaken the asset protection of preferred stock dividends and harm the interests of preferred stock investors.