Saylor's KPI seesaw: Strategy adds 1,550 BTC and 384 million reasons to argue about it 📊

A public dispute has broken out on X between Strategy Executive Chairman Michael Saylor and bitcoin advocate Matthew Kratter over whether the company's latest share sale, used to purchase 1,550 BTC, was accretive or dilutive for shareholders. Strategy disclosed the bitcoin acquisition alongside updated BTC Yield figures that fell from 13.0% on June 1 to 12.8% on June 8.

Kratter pointed to the decline in BTC Yield — a metric Strategy created to track changes in bitcoin holdings per assumed diluted share — as evidence that the transaction was dilutive on a bitcoin-per-share basis. Over the same period, Strategy's bitcoin holdings rose from 843,706 BTC to 845,256 BTC, while assumed diluted shares outstanding increased from 382.756 million to 384.180 million. BTC Gain YTD also fell from 87,754 BTC to 86,328 BTC.

Saylor rejected that framing, arguing BTC Yield is a narrow metric that measures only bitcoin per share and excludes the company's cash position. He said the transaction also added approximately $100 million to Strategy's U.S. dollar reserve, bringing the total USD reserve to $1 billion, which he said made the deal accretive when total assets are considered. Bitcoin was trading at $61,462.43 at the time of the debate.

The exchange drew additional commentary from X users, including Wazz, who wrote, "Notice they keep changing the rules to fit the financial alchemy they're doing. First $BTC yield was boasted everywhere and plastered accross every buy announcement as the standard accretive metric. Now it's a 'narrow KPI' which is irrelevant." Another user, Quoth the Raven, wrote, "As a short seller, I've watched innumerable companies 'move the goalposts,' and try and focus the market on new metrics when old ones aren't showing the story they want them to anymore."

The dispute comes amid an extended decline in bitcoin's price, with Saylor and Kratter trading posts publicly as market conditions pressure the equity and credit profiles of Strategy and other major corporate holders of the asset.