Bitcoin pullback deepens sentiment divide, Michael Saylor and market participants clash over whether Strategy's BTC purchases dilute shareholder value

Odaily Planet Daily reported that as the Bitcoin market pullback deepens, Strategy's (MSTR) latest round of Bitcoin purchases has sparked market controversy. Michael Saylor and Bitcoin supporter Matthew Kratter are publicly clashing over whether the action dilutes shareholder value.

The core of the dispute lies in the company's proprietary metric, BTC Yield. According to the latest data, after adding 1,550 BTC, Strategy's BTC Yield dropped 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, while the diluted share count rose from 382.756 million to 384.180 million. The BTC Gain YTD also fell from 87,754 BTC to 86,328 BTC.

Matthew Kratter believes this change indicates that this round of financing has a dilutive effect on the "Bitcoin per share" metric.

Michael Saylor responded by stating that BTC Yield is just a single KPI measuring "Bitcoin per share" and cannot fully reflect changes in shareholder value. He emphasized that this transaction simultaneously added approximately $100 million in cash reserves, boosting the company's dollar reserves to about $1 billion, making it an accretive operation from an overall balance sheet perspective.

Against the backdrop of the Bitcoin pullback, Strategy's capital strategy and measurement framework continue to be a focal point for amplified market sentiment. Disagreements over the interpretation of the metrics are further fueling debate among market participants. Some accuse the company of "adjusting evaluation standards to fit the narrative," while short-selling investors point out that this is a common practice for companies to "change their KPIs" when key metrics turn unfavorable. (CoinDesk)