Strategy’s BTC Yield slipped from 13.0% to 12.8% after its latest bitcoin purchase, triggering a debate on X over whether the move was accretive or dilutive for shareholders.
Tensions have risen as bitcoin’s (BTC) broader downtrend continues, with Strategy (MSTR) facing renewed scrutiny over its capital-raising strategy.
A public dispute has emerged on X between Executive Chairman Michael Saylor and bitcoin supporter Matthew Kratter regarding whether the company’s most recent financing and BTC acquisition created or reduced shareholder value.
At the center of the debate is Strategy’s internal performance metric, BTC Yield, which measures bitcoin held per assumed diluted share. Company data shows BTC Yield declined from 13.0% on June 1 to 12.8% on June 8 following the purchase of 1,550 BTC.
Kratter argued that the drop indicates dilution on a bitcoin-per-share basis. During the same period, Strategy’s holdings increased from 843,706 BTC to 845,256 BTC, while assumed diluted shares rose from 382.756 million to 384.180 million. BTC Gain year-to-date also slipped from 87,754 BTC to 86,328 BTC.
Saylor countered that BTC Yield is a narrow metric focused only on bitcoin per share and does not reflect total shareholder value creation. He said the transaction also added roughly $100 million in U.S. dollar reserves, bringing total cash reserves to about $1 billion, which he argues makes the deal accretive when both BTC and cash are considered.
Under a strict BTC-per-share lens, the latest raise appears dilutive. However, when incorporating cash holdings and broader balance sheet effects, Saylor maintains the transaction still enhances overall shareholder value.
The debate also drew commentary from other market participants. One critic argued that Strategy is “changing the rules” by shifting which metrics are emphasized, noting that BTC Yield had previously been promoted as the key measure of accretion.
Another observer compared the situation to broader corporate behavior, saying companies often adjust or replace performance metrics when earlier indicators no longer support the narrative they want to present.
