Saylor Pushes Back Against Dilution Accusations After New Bitcoin Bet

bitcoinistPublished on 2026-06-11Last updated on 2026-06-11

Abstract

MicroStrategy founder Michael Saylor has defended the company's recent share sale and Bitcoin purchase against accusations of shareholder dilution. Bitcoin analyst Matthew Kratter argued the share count grew faster than Bitcoin holdings, using the "BTC Yield" metric. Saylor countered that BTC Yield only measures Bitcoin per share and ignores other assets. He stated the transaction added 1,550 Bitcoin and $100 million in USD reserves, making it accretive overall. The dispute followed MicroStrategy's $181 million capital raise and executive stock sales for taxes. After briefly selling 32 Bitcoin, the company bought $101 million worth of Bitcoin. MicroStrategy now holds 845,256 Bitcoin and has nearly $1 billion in cash reserves, which will also help fund newly approved preferred stock dividends.

Strategy’s cash reserves are close to hitting $1 billion — a detail that has become central to Michael Saylor’s defense of the company’s latest round of share sales and Bitcoin purchases.

A Disputed Metric At The Center Of The Fight

Bitcoin analyst Matthew Kratter fired the opening shot on X, arguing that Strategy’s own data showed shareholders were worse off after the company raised fresh capital last weekend.

His case rested on BTC Yield, a metric that tracks the change in Bitcoin held per outstanding share. Kratter pointed to an updated company chart showing Bitcoin holdings at 843,706 BTC while the number of diluted shares outstanding climbed to 384,180, and argued that the share count grew faster than the Bitcoin count.

Saylor dismissed the claim directly. BTC Yield, he wrote on X, measures Bitcoin per share — nothing more. It does not account for cash or any other asset the company holds. The transaction in question added both 1,550 Bitcoin and $100 million in USD reserves to Strategy’s balance sheet. When both are factored in, Saylor said, the deal was accretive to shareholders, not dilutive.

BTC Yield measures the increase in BTC per share, not total shareholder accretion. Last week Strategy added ₿1,550 of BTC and $100 million of USD Reserve. When both assets are included, the transaction was accretive to MSTR shareholders.

— Michael Saylor (@saylor) June 9, 2026

The Buyback That Started The Argument

The dispute traces back to an 8-K filing Strategy submitted to securities regulators on June 8, disclosing the sale of more than 1.4 million MSTR shares for roughly $181 million.

The capital raise came the same week Strategy executives sold about $15 million worth of their own shares, a move the company attributed to tax obligations. The twin selling activity sharpened concerns already circling the stock.

BTCUSD currently at $60,967. Chart: TradingView

Reports also indicate Strategy had sold 32 Bitcoin the previous week, which added another layer of unease among investors tracking the company’s accumulation strategy. Then on Monday, the company moved back into buying mode, announcing a $101 million Bitcoin purchase at an average price of $65,332 per coin.

Saylor’s Billion-Dollar Buffer

Strategy now holds 845,256 Bitcoin, valued at nearly $52 billion at current prices. BTC Yield for the year to date stands at 12.8%, with BTC Gain YTD at 86,328 Bitcoin. The $100 million raised in the latest capital round pushed the company’s dollar reserves to just under $1 billion.

That cushion matters beyond the dilution debate — Strategy shareholders approved semi-monthly dividends on its STRC preferred stock on June 8, and sustaining those payouts will require reliable access to liquid reserves.

Featured image from Getty Images, chart from TradingView

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