--- title: "Bitcoin Magazine explains methods for calculating Bitcoin per share" description: "Bitcoin Magazine published an explainer by Allard Peng on how to calculate bitcoin per share for Bitcoin treasury companies, laying out three measures: raw…" language: en canonical: "https://whycoinmoves.com/en/events/bitcoin-understanding-various-bitcoin-per-share-455274ed4b9c9a" published: 2026-10-29T13:40:05.000Z updated: 2026-10-29T14:41:06.000Z indexable: true --- # Bitcoin Magazine explains methods for calculating Bitcoin per share Bitcoin Magazine published an explainer by Allard Peng on how to calculate bitcoin per share for Bitcoin treasury companies, laying out three measures: raw… Attributed sources: [Bitcoin Magazine]() ## Key facts Bitcoin Magazine published an explainer by Allard Peng on how to calculate bitcoin per share for Bitcoin treasury companies, laying out three measures: raw Bitcoin Per Share, Bitcoin Per Assumed Diluted Share and Net Bitcoin Per Share. It said Bitcoin Per Assumed Diluted Share became widely cited beginning in 2024 as treasury companies used more complex capital structures. Evidence strength: Single source, 1 publisher group(s) (Bitcoin Magazine). After site detection, observed returns were 5 minutes: -0.06% (Oct 29, 2026, 13:40 → Oct 29, 2026, 13:45, UTC; Gate · USDT); 1 hour: +1.56% (Oct 29, 2026, 13:40 → Oct 29, 2026, 14:40, UTC; Gate · USDT) In the preceding 30 days, the 99th percentile of absolute hourly returns was 1.23% (OKX · USDT; cutoff Oct 29, 2026, 13:40, UTC). ## Returns after site detection | Window | Return | BTC | Difference from BTC | Actual sampled interval (UTC) | Source | | --- | --- | --- | --- | --- | --- | | 5 minutes | -0.06% | -0.06% | 0.00 pp | Oct 29, 2026, 13:40 → Oct 29, 2026, 13:45 | Gate · USDT | | 1 hour | +1.56% | +1.56% | 0.00 pp | Oct 29, 2026, 13:40 → Oct 29, 2026, 14:40 | Gate · USDT | ## Historical hourly baseline | Metric | Value | | --- | --- | | Coverage | 100.0% (720/720) | | Median absolute hourly return | 0.14% | | 99th percentile of absolute hourly returns | 1.23% | | BTC beta | 1.00 | | Source / cutoff (UTC) | OKX · USDT / Oct 29, 2026, 13:40 | ## Claims and open questions - Bitcoin Magazine said raw Bitcoin Per Share is calculated as total bitcoin holdings divided by common shares outstanding. - Bitcoin Magazine said Bitcoin Per Assumed Diluted Share equals total bitcoin holdings divided by assumed diluted shares outstanding and is always less than or equal to raw Bitcoin Per Share. - Bitcoin Magazine said Bitcoin Per Assumed Diluted Share became widely cited beginning in 2024, particularly as Bitcoin treasury companies began using increasingly complex capital structures. - What formula Bitcoin Magazine gives for Net Bitcoin Per Share beyond deducting the bitcoin equivalent of senior claims from total holdings before dividing by the common share count? - Does the explainer include worked examples or specific treasury companies to illustrate the differences between the three metrics? ## Source evidence - [Understanding the Various Bitcoin Per Share Metrics]() — Bitcoin Magazine; published Oct 29, 2026, 13:36; received Oct 29, 2026, 13:40 (UTC). ## Recent BTC events and market reactions - [Bank of Russia approves NAUFOR as first self-regulatory body for crypto exchanges]() — Published Oct 29, 2026, 15:03 (UTC) · Single source (1 publisher) · General news · 5m +0.14% / 1h +0.70% - [Swiss spot bitcoin ETF gains international access on SIX]() — Published Oct 29, 2026, 14:15 (UTC) · Single source (1 publisher) · General news · 5m -0.06% / 1h +1.27% - [Quantum model reduces hardware needed to break bitcoin keys by 17 times]() — Published Oct 29, 2026, 13:55 (UTC) · Single source (1 publisher) · General news · 5m +0.16% / 1h +1.10% - [HTX agrees to leave UK in settlement with FCA over crypto marketing]() — Published Oct 29, 2026, 13:49 (UTC) · Single source (1 publisher) · Regulation · 5m +0.04% / 1h +1.00% - [Tether's USDT to launch on Bitcoin with privacy and Lightning payments]() — Published Oct 29, 2026, 13:30 (UTC) · Single source (1 publisher) · General news · 5m -0.05% / 1h +1.46% - [Full coin archive]() ## Research for this archive - [Altcoin beta to Bitcoin: BTC, ETH, SOL and DOGE hourly returns]() - [Will Bitcoin go back up? Every crash since 2011 and its recovery time]() - [Perpetual funding rates and annualized yield: a 2025 comparison]() - [Bitcoin halving and bull markets: evidence from four halvings]() Evidence levels describe source coverage, not the probability that a report is true. Price moves and their timing cannot establish a cause; minute samples show an observed interval and alert thresholds are heuristics. Explanations are model-assisted, with citations and figures checked. Source titles stay in their original language; full articles are not republished. [Methods and limitations]()