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Strategy Concerns mount after suspected dilution of shareholder value sparks debate—Michael Saylor and market figures clash
According to CoinDesk, Michael Saylor and Bitcoin supporter Matthew Kratter are engaged in a heated debate over whether Strategy (MSTR)’s latest round of Bitcoin accumulation dilutes shareholder value.
The focus of the dispute is Strategy’s self-defined Bitcoin metric, “BTC Yield (Bitcoin yield).” The data shows that after Strategy disclosed an additional purchase of 1,550 Bitcoins, its Bitcoin yield fell 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 coins, the diluted outstanding share count rose from 382.756 million shares to 384.180 million shares.
Matthew Kratter believes this change means the financing has a dilution effect at the level of “Bitcoin content per share.” Michael Saylor responded that Bitcoin yield is only a single metric for measuring “Bitcoin per share” and cannot reflect changes in overall shareholder value. He also said that, alongside the Bitcoin purchase, Strategy added about $100 million in cash reserves, bringing the company’s dollar reserves to about $1 billion. From a more comprehensive balance-sheet perspective, this still constitutes a value-enhancing transaction.