Strategy's Executive Chairman Michael Saylor and bitcoin advocate Matthew Kratter publicly debated whether the company's latest share sale was dilutive to shareholders. The debate centered on Strategy's BTC Yield metric, which fell from 13.0% to 12.8% after the company purchased an additional 1,550 BTC. Kratter argued the decline indicates dilution on a bitcoin-per-share basis. Saylor countered that BTC Yield is a narrow KPI and that the transaction added $100 million in U.S. dollar reserves, making it accretive when both bitcoin and cash are considered. Critics accused Saylor of moving goalposts, noting that BTC Yield had previously been promoted as the key metric. The debate highlights tensions between different valuation approaches amid a bitcoin bear market.

Key facts

• BTC Yield fell from 13.0% to 12.8% after Strategy bought 1,550 BTC.
• Matthew Kratter argued the decline shows dilution per bitcoin share.
• Michael Saylor claimed the deal is accretive when including $100M cash reserves.
• Critics accused Saylor of changing metrics after BTC Yield showed dilution.

KeyAudit data perspective