The temper flares like bitcoin the bear market deepens.
The strategy’s ( MSTR ) recent bitcoin purchases have sparked a public debate on X between executive chairman Michael Saylor and bitcoin attorney Matthew Kratter over whether the company’s recent capital raising was accretive or dilutive for shareholders.
The dispute 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 numbers, BTC Yield fell from 13.0% on June 1 to 12.8% on June 8 after the company bought an additional 1,550 BTC.
Kratter argued that the decline shows the transaction was dilutive on a bitcoin-per-share basis. During the same period, Strategy’s bitcoin holdings increased from 843,706 BTC to 845,256 BTC, while assumed diluted shares increased from 382,756 million to 384,180 million. BTC Gain YTD also decreased from 87,754 BTC to 86,328 BTC.
Saylor pushed back, saying that BTC Yield is a narrow KPI that only measures bitcoin per share, not total shareholder growth. Saylor said the transaction also added approx. $100 million in dollar reserves, bringing the total USD reserve to $1 billion, making the deal more robust when both bitcoin and cash are included.
Viewed strictly through BTC Yield, the recent increase appears dilutive. But if cash reserves and broader balance sheet effects are included, Saylor argues the transaction improved shareholder value.
Others jumped in. “Notice they keep changing the rules to suit the economic alchemy they’re doing,” Wazz sneered. “First $BTC yield was touted everywhere and plastered across every buy announcement as the standard accretive metric. Now it’s a ‘narrow KPI’ which is irrelevant.”
“As a short seller, I’ve seen countless companies ‘move the goalposts’ and try to focus the market on new metrics when the old ones aren’t showing the story they want them to anymore,” Quoth the Raven wrote. “Sometimes companies outright delete key performance indicators (KPIs) and use new ones.”
