Michael Saylor Defends Strategy Capital Raise After BTC Yield Dilution Criticism

TLDR

• Strategy acquired 1,550 BTC for about $101.3M between June 1 and June 7.
• Strategy now holds 845,256 BTC valued at about $51.9B.
• Saylor said BTC Yield measures Bitcoin per share, not total shareholder accretion.
• Strategy added $100M in cash reserves during the latest transaction.
• STRC dividends will shift from monthly to semi-monthly payments.

Strategy Executive Chairman Michael Saylor has responded to criticism that the company’s latest capital raise diluted MSTR shareholders, saying the transaction was accretive when both Bitcoin and cash reserves are included.

The exchange followed comments from Bitcoin analyst Matthew R. Kratter, who pointed to Strategy’s BTC Yield data between June 1 and June 8. Kratter argued that the company’s assumed diluted shares outstanding increased during the period and that the movement in BTC Yield suggested dilution for MSTR shareholders.

Saylor disputed that framing. He said BTC Yield measures the increase in Bitcoin per share, not total shareholder accretion. According to Saylor, Strategy added 1,550 BTC and $100 million in U.S. dollar reserves during the period, making the transaction positive for shareholders when both assets are counted.

Michael Saylor Responds to BTC Yield Criticism

The debate focused on how Strategy’s capital raises should be measured. Kratter referenced Strategy’s own definition of BTC Yield, which the company has used to evaluate whether capital market activity and Bitcoin acquisitions increased Bitcoin exposure on a per-share basis.

Strategy’s data showed that assumed diluted shares outstanding rose to 384,180 during the period. Critics said the increase in share count reduced the per-share benefit of the company’s latest Bitcoin acquisition.

Saylor said the criticism used BTC Yield too narrowly. He stated that the metric does not capture total shareholder value when the company also increases cash reserves. In his response, he said the latest transaction added both Bitcoin and $100 million in cash.

The discussion came after Strategy disclosed the sale of more than 1.4 million MSTR shares for about $181 million. Market attention also increased after company executives sold roughly $15 million worth of MSTR stock for tax-related purposes.

Investor sentiment had already been affected by Strategy’s earlier disclosure of its first Bitcoin sale in more than four years near the end of May. That sale involved 32 BTC, while the later purchase added a much larger amount.

Strategy Adds 1,550 BTC and $100M Cash

Strategy acquired 1,550 BTC between June 1 and June 7 for about $101.3 million. The purchase was completed at an average price of $65,332 per Bitcoin.

The acquisition raised Strategy’s total Bitcoin holdings to 845,256 BTC. Based on Bitcoin trading near $61,410, Saylor said the company’s Bitcoin reserve was valued at about $51.9 billion.

Strategy’s holdings represent 4.03% of Bitcoin’s total supply. The company remains the largest publicly listed corporate holder of BTC.

The company also reported a year-to-date BTC Yield of 12.8% and a quarter-to-date BTC Yield of 9.7%. For 2025, Strategy reported a BTC Yield of 22.8%, a BTC Gain of 101,873 BTC, and a dollar gain of $8.915 billion.

Year-to-date BTC Gain stood at 86,328 BTC, equal to about $5.301 billion based on the figures provided. Quarter-to-date BTC Gain was 73,660 BTC, valued at about $4.523 billion.

STRC Dividend Change Adds to Shareholder Focus

The latest capital raise also increased Strategy’s dollar reserves by $100 million, bringing total cash reserves to about $1 billion. Those reserves are now part of the company’s response to questions about accretion and dilution.

Strategy has also been updating its preferred stock structure. Shareholders of STRC and MSTR approved an amendment changing STRC’s dividend payments from monthly to semi-monthly distributions.

Under the new schedule, the first record date is June 30, and the first payment date is July 15. The change has drawn attention from investors watching Strategy’s preferred stock products and its broader capital markets strategy.

Michael Saylor also responded to separate criticism over reposting content connected to decentralized finance protocols. He said reposts should be treated as notifications rather than endorsements unless he directly states support. He added that Bitcoin-backed credit instruments compete with fiat and crypto yield products, not Bitcoin itself.

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