Michael Saylor in X back-and-forth over claims Strategy's latest share sale was dilutive

Strategy's BTC Yield fell from 13.0% to 12.8% following its latest bitcoin purchase, prompting a debate on X over whether the purchase was dilutive to shareholders. What to know : Strategy's BTC Yield dropped to 12.8% from 13.0% despite the acquisition of 1,550 BTC, leading bitcoin advocate Matthew Kratter to argue the transaction was dilutive on a bitcoin-per-share basis. Michael Saylor countered that BTC Yield is a narrow metric that excludes cash holdings, arguing the addition of roughly $100 million to Strategy's U.S. dollar reserve made the transaction accretive when total assets are considered.