Tempers are burning like bitcoin The bear market deepens.
Strategy’s (MSTR) latest bitcoin purchase has sparked a public debate over X between CEO Michael Saylor and bitcoin advocate Matthew Kratter over whether the company’s most recent capital raise was accretive or dilutive to 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 the latest figures from Strategy, the 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 drop shows that the transaction was dilutive in terms of bitcoin per share. Over the same period, Strategy’s bitcoin holdings increased from 843,706 BTC to 845,256 BTC, while assumed diluted shares outstanding increased from 382.756 million to 384.18 billion. BTC Gain YTD also fell from 87,754 BTC to 86,328 BTC.
Saylor responded, saying that BTC performance is a narrow KPI that measures only bitcoin per share, not total shareholder accumulation. Saylor said the transaction also added approximately $100 million of US dollar reserves, bringing the total dollar reserve to $1 billion, making the deal cumulative when both bitcoin and cash are included.
If viewed strictly through BTC Yield, the latest surge appears dilutive. But when cash reserves and broader balance sheet effects are included, Saylor maintains the transaction enhanced shareholder value.
Others intervened. “Watch them keep changing the rules to fit the financial alchemy they’re doing,” Wazz criticized. “$BTC’s first performance was boasted everywhere and reflected in every purchase announcement as the standard cumulative metric. It is now a ‘narrow KPI’ that is irrelevant.”
“As a short seller, I have seen countless companies ‘move the goalposts’ and try to focus the market on new metrics when the old ones no longer tell the story they wanted,” Quoth the Raven wrote. “Sometimes companies eliminate key performance indicators (KPIs) entirely and use new ones.”
