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According to CoinDesk, Michael Saylor and Bitcoin supporter Matthew Kratter are engaged in a heated debate over whether Strategy's (MSTR) latest round of Bitcoin accumulation dilutes shareholder value.
The core of this debate centers on Strategy's self-created Bitcoin metric, "BTC Yield." Data shows that after Strategy disclosed an increase of 1,550 Bitcoins, its Bitcoin yield dropped from 13.0% on June 1 to 12.8% on June 8. Although the company's Bitcoin holdings increased from 843,706 to 845,256, the diluted outstanding shares rose from 382.76M to 384.18M.
Matthew Kratter believes this change indicates that the financing has a dilution effect at the level of "Bitcoin per share." Michael Saylor responded that Bitcoin yield is only a single metric measuring "Bitcoin per share" and cannot reflect the overall change in shareholder value. He also pointed out that while acquiring more Bitcoin, Strategy added approximately $100 million in cash reserves, increasing the company's dollar reserves to about $1 billion. From a more comprehensive balance sheet perspective, this remains an asset appreciation transaction.