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Michael Saylor and market participants have a debate over whether “Strategy Bitcoin accumulation” dilutes shareholder value
Deep Tide TechFlow News, June 10th, according to CoinDesk, Michael Saylor and Bitcoin supporter Matthew Kratter publicly debated whether the latest round of Bitcoin accumulation by Strategy (MSTR) dilutes shareholders.
It is reported that the controversy centers on the fact that after Strategy added 1,550 BTC recently, its Bitcoin yield decreased from 13.0% on June 1st to 12.8% on June 8th. During the same period, the company's Bitcoin holdings increased from 843,706 to 845,256 BTC, while the assumed diluted circulating shares rose from 382.76M to 384.18M shares.
Matthew Kratter believes this change indicates that the financing is dilutive in terms of "Bitcoin per share," while Michael Saylor countered that Bitcoin yield is only a narrow metric measuring "Bitcoin per share" and does not reflect overall shareholder gains. The transaction also added about $100 million in cash reserves, increasing the company's dollar reserves to approximately $1 billion. Therefore, from a more comprehensive balance sheet perspective, the transaction still has value-added effects.
The debate over the interpretation of these metrics has also sparked discussions among market participants. Some believe the company is "adjusting metrics to match the narrative," while short-sellers point out this is a common "metric switching" behavior by enterprises.