Michael Saylor Engages in Debate on X Regarding Strategy's Share Sale Claims

MarketsShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMichael Saylor Engages in Debate on X Regarding Strategy's Share Sale Claims

Following its latest bitcoin acquisition, Strategy's BTC Yield dropped from 13.0% to 12.8%, leading to a debate over whether the transaction was dilutive for shareholders.

By James Van Straten|Edited by Stephen Alpher Jun 10, 2026, 1:56 p.m. 2 min readMake preferred on

Key Points:

• Despite acquiring 1,550 BTC, Strategy's BTC Yield fell from 13.0% to 12.8%, prompting bitcoin advocate Matthew Kratter to assert that the acquisition was dilutive on a bitcoin-per-share basis.
• Michael Saylor argued that BTC Yield is a limited metric that does not account for cash assets, claiming the addition of approximately $100 million to Strategy's dollar reserves made the transaction beneficial when considering total assets.

As the bear market for bitcoin BTC$60,930.61 continues, tensions have risen between Michael Saylor, Executive Chairman of Strategy (MSTR), and bitcoin advocate Matthew Kratter on X regarding whether the company's recent capital raise was beneficial or detrimental for shareholders.

The core of the disagreement lies in Strategy's performance metric, BTC Yield, which measures changes in bitcoin holdings per assumed diluted share. As per Strategy's recent data, BTC Yield decreased from 13.0% on June 1 to 12.8% on June 8, after the firm purchased an additional 1,550 BTC.

Kratter claimed this decrease indicated the transaction was dilutive on a bitcoin-per-share basis. During this timeframe, Strategy's bitcoin holdings increased from 843,706 BTC to 845,256 BTC, while the number of assumed diluted shares rose from 382.756 million to 384.180 million. Additionally, BTC Gain YTD declined from 87,754 BTC to 86,328 BTC.

Saylor countered that BTC Yield is a narrow key performance indicator (KPI) that reflects only bitcoin per share and does not encompass total shareholder value. He noted that the transaction added approximately $100 million in U.S. dollar reserves, elevating the total USD reserves to $1 billion, which he believes enhances shareholder value when both bitcoin and cash are factored in.

From the perspective of BTC Yield alone, the latest capital raise appears dilutive. However, considering the cash reserves and overall balance-sheet impacts, Saylor contends that the transaction improved value for shareholders.

Others have joined the conversation as well. "Notice they keep changing the rules to fit the financial alchemy they're doing," remarked Wazz. "Initially, $BTC yield was highlighted in every buy announcement as the standard accretive metric. Now, it’s termed a 'narrow KPI' that is deemed irrelevant."

"As a short seller, I’ve observed many companies 'move the goalposts' and focus the market on new metrics when prior ones fail to tell the desired story," stated Quoth the Raven. "Occasionally, companies even eliminate critical KPIs and introduce new ones."

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Headline inflation rose by 0.5% in May, but a lower-than-expected core rate has reassured the markets.

Key Points:

• May CPI increased by 0.5% month-over-month and 4.2% year-over-year, aligning with predictions.
• The core rate rose only 0.2% in May, against an expected 0.3% increase.
• Bitcoin was trading at approximately $61,400 following the report.

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