Michael Saylor in X back-and-forth over claims Strategy's latest share sale was dilutive
Key takeaways
- By James Van Straten|Edited by Stephen Alpher Jun 10, 2026, 1:56 p.m.
- The disagreement centers on Strategy’s own bitcoin performance metric, BTC Yield, which is designed to track changes in bitcoin holdings per assumed diluted share.
- Kratter argued that the decline shows the transaction was dilutive on a bitcoin-per-share basis.
By James Van Straten|Edited by Stephen Alpher Jun 10, 2026, 1:56 p.m. 2 min read Make preferred on What to know: Strategy's BTC Yield dropped to 12.8% from 13.0% despite the acquisition of 1,550 BTC, leading bitcoin advocate Matthew Kratter to argue the transaction was dilutive on a bitcoin-per-share basis.Michael Saylor countered that BTC Yield is a narrow metric that excludes cash holdings, arguing the addition of roughly $100 million to Strategy's U.S. dollar reserve made the transaction accretive when total assets are considered.Tempers are flaring as the bitcoin BTC$62,165.73 bear market deepens.
Strategy’s (MSTR) latest bitcoin purchase has sparked a public debate on X between Executive Chairman Michael Saylor and bitcoin advocate Matthew Kratter over whether the company’s most recent capital raise was accretive or dilutive for shareholders.
The disagreement centers on Strategy’s own bitcoin performance metric, BTC Yield, which is designed to track changes in bitcoin holdings per assumed diluted share. According to Strategy’s latest figures, BTC Yield fell from 13.0% on June 1 to 12.8% on June 8, after the company acquired an additional 1,550 BTC.