Michael Saylor in X back-and-forth over claims Strategy's latest share sale was dilutive

MarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMichael Saylor in X back-and-forth over claims Strategy's latest share sale was dilutiveStrategy's BTC Yield fell from 13.0% to 12.8% following its latest bitcoin purchase, prompting a debate on X over whether the purchase was dilutive to shareholders. By James Van Straten|Edited by Stephen Alpher Jun 10, 2026, 1:56 p.m. 2 min readMake 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$60,930.61 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.Kratter argued that the decline shows the transaction was dilutive on a bitcoin-per-share basis. Over the same period, Strategy’s bitcoin holdings rose from 843,706 BTC to 845,256 BTC, while assumed diluted shares outstanding increased from 382.756 million to 384.180 million. BTC Gain YTD also fell from 87,754 BTC to 86,328 BTC.Saylor pushed back, saying BTC Yield is a narrow KPI that measures only bitcoin per share, not total shareholder accretion. Saylor said the transaction also added approx…

Michael Saylor in X back-and-forth over claims Strategy's latest share sale was dilutive

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