Michael Saylor in X back-and-forth over claims Strategy's latest share sale was dilutive
MicroStrategy executive chairman Michael Saylor is defending the company's recent bitcoin purchase against claims that it diluted shareholder value. Critics argue that a drop in the 'BTC Yield' metric indicates dilution, while Saylor maintains that the purchase was accretive when considering total assets.
Why it matters
The debate highlights the challenges of using non-standard financial metrics to evaluate corporate treasury strategies involving volatile digital assets.
Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Michael Saylor in X back-and-forth over claims Strategy s latest share sale was dilutive Strategy 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 read Make 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.
The article presents both sides of the argument regarding the financial metric without taking a stance on the validity of the claims.
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