Bitcoin’s pullback intensifies market sentiment divergence, as Michael Saylor and market participants debate whether Strategy’s purchase dilutes shareholder value

According to Odaily, as the Bitcoin market correction deepens, Strategy’s (MSTR) latest round of Bitcoin accumulation has sparked market controversy, with Michael Saylor and Bitcoin supporter Matthew Kratter engaging in a public debate over whether the move dilutes shareholder value.

At the center of the dispute is the company’s self-defined metric, BTC Yield. According to the latest data, after adding 1,550 BTC, Strategy’s BTC Yield dropped from 13.0% on June 1 to 12.8% on June 8. During the same period, the company’s Bitcoin holdings increased from 843,706 BTC to 845,256 BTC, while the assumed diluted shares outstanding 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 argues that this change indicates the current fundraising has a dilutive effect in terms 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 also added approximately $100 million in cash reserves, boosting the company's dollar reserves to around $1 billion. Therefore, from an overall balance sheet perspective, it remains a value-accretive operation.

Amid 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 metric have further fueled debate among market participants. Some critics accuse the company of “adjusting evaluation standards to fit the narrative,” while short sellers point out that this is a common corporate behavior of “switching KPIs” when key metrics turn unfavorable. (CoinDesk)