Strategy Share Sale Sparks Public Clash as Michael Saylor Responds to Critics

Strategy’s BTC Yield slipped from 13.0% to 12.8% after its latest bitcoin purchase, sparking a heated debate on X over whether the transaction diluted shareholder value.

The discussion comes as bitcoin (BTC) continues to weaken, with Strategy (MSTR) once again facing scrutiny over its capital-raising and accumulation approach.

A public exchange has unfolded on X between Executive Chairman Michael Saylor and bitcoin advocate Matthew Kratter over whether the company’s recent funding and BTC acquisition created or reduced shareholder value.

At the center of the dispute is Strategy’s internal KPI, BTC Yield, which tracks bitcoin per assumed diluted share. Company data shows the metric fell from 13.0% on June 1 to 12.8% on June 8 after the acquisition of 1,550 BTC.

Kratter argued the drop reflects dilution on a bitcoin-per-share basis. During the same period, Strategy’s holdings rose from 843,706 BTC to 845,256 BTC, while assumed diluted shares increased from 382.756 million to 384.180 million. BTC Gain year-to-date also declined from 87,754 BTC to 86,328 BTC.

Saylor pushed back, saying BTC Yield is a narrow measure that focuses only on bitcoin per share and does not capture total shareholder value creation. He added that the transaction also increased U.S. dollar reserves by roughly $100 million, bringing total cash holdings to about $1 billion, which he argued makes the deal accretive when cash and BTC are both considered.

On a strict bitcoin-per-share basis, the figures suggest dilution. But when broader balance sheet effects are included, Saylor maintains the transaction remains value accretive.

The debate has also drawn criticism from other commentators, some of whom say Strategy is shifting its framing by emphasizing different metrics over time, noting that BTC Yield was previously highlighted as a key performance measure.

Others compared it to a common corporate behavior pattern in which companies adjust or replace KPIs when earlier metrics no longer support the preferred narrative.