The recent crypto purchase as part of Strategy’s latest funding round has sparked market debate. According to company disclosures, after acquiring an additional 1,550 BTC, its custom metric, BTC Yield, declined from 13.0% on June 1 to 12.8% on June 8, leading some market participants to question whether this stock sale diluted shareholders’ bitcoin exposure.
The dispute centers on BTC Yield
BTC Yield is a metric used by Strategy to measure changes in Bitcoin exposure relative to the assumed diluted share count, focusing on whether Bitcoin exposure per share has increased. Bitcoin advocate Matthew Kratter argues that, despite the company continuing to accumulate Bitcoin, this transaction has not improved shareholder efficiency under this metric.
Around this point, multiple commentators on the X platform joined the discussion. Critics argue that the company previously emphasized the gains from its accumulation strategy using BTC Yield, but now, as the metric has declined, it is downplaying the importance of this indicator.
Saylor says cash reserves should be included
Michael Saylor responded to the above statement, noting that BTC Yield is only a narrow metric and does not fully reflect the company’s asset position. He stated that, in addition to acquiring more Bitcoin, the transaction increased Strategy’s U.S. dollar cash reserves by approximately $100 million.
According to him, if cash is included in the total asset calculation, this financing does not dilute but rather enhances the overall asset base. The focus of the debate has therefore shifted to whether the market should evaluate this stock sale using “bitcoins per share” or “change in total assets.”
Market downturn amplifies divergence
This debate occurs as the Bitcoin market continues to face pressure. As the price weakens, discussions around the Strategy leveraged buying model have reignited, and the market has become more sensitive to its capital operations and disclosure practices.
- BTC Yield decreased from 13.0% to 12.8%
- During the same period, the company added 1,550 BTC in purchases.
- Saylor says dollar reserves increased by approximately $100 million.
Additional information: The core of this disagreement is not whether the Strategy should continue to increase its Bitcoin holdings, but whether the company’s performance metric adequately reflects the actual asset exposure gained by shareholders after the issuance.