比特币回调加剧情绪分裂，Michael Saylor与市场人士激辩Strategy增持稀释股东价值

Odaily Planet Daily News: As the Bitcoin market correction deepens, Strategy's (MSTR) latest round of Bitcoin accumulation has sparked market controversy, leading to a public debate between Michael Saylor and Bitcoin supporter Matthew Kratter over whether it dilutes shareholder value.

The core of the dispute lies in the company's self-created metric, BTC Yield. According to the latest data, after adding 1,550 BTC, Strategy's BTC 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 shares outstanding rose from 382.756 million to 384.180 million. The BTC Gain YTD also dropped from 87,754 BTC to 86,328 BTC.

Matthew Kratter argues that this change indicates the latest fundraising has a dilutive effect on the metric of "Bitcoin per share."

In response, Michael Saylor stated that BTC Yield is merely a single KPI measuring "Bitcoin per share" and cannot fully reflect changes in shareholder value. He emphasized that this transaction simultaneously increased the company's cash reserves by approximately $100 million, bringing its total USD reserves to around $1 billion. Therefore, from an overall balance sheet perspective, it remains an accretive operation.

Against the backdrop of the Bitcoin correction, Strategy's capital strategy and measurement framework continue to be a focal point for amplified market sentiment. The disagreement over the interpretation of the metric has further fueled 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 corporate behavior of "changing KPIs" when key metrics turn unfavorable. (CoinDesk)