Michael Saylor is pushing back against criticism that Strategy’s latest stock sale diluted existing shareholders, with a firm assortment that the company is holding strong.
Saylor via a X post argued that the company’s recent capital raise actually strengthened its balance sheet by increasing both its Bitcoin holdings and cash reserves.
The clarification comes at a time when Strategy’s Bitcoin buying moves have rather confused the market. Saylor, who had long stood with the idea that the firm will never let go of its Bitcoin stash, had announced a small Bitcoin sale in the previous weeks.
That coupled with inconsistency in Bitcoin buying pattern has now raised concerns about the firm’s long term stability and trajectory.
Strategy offloads MSTR shares
The debate began after Strategy sold roughly $181 million worth of MSTR shares, using part of the proceeds to buy more Bitcoin while keeping a significant portion in cash.
The move reignited a long-running discussion around the company’s aggressive capital strategy, which relies on issuing stock and other securities to fund additional Bitcoin purchases.
Critics argue that repeatedly selling new shares reduces the ownership stake of existing investors. Saylor, however, says that focusing only on dilution misses the bigger picture.
His latest comments came in response to Bitcoin analyst Matthew R. Kratter, who questioned the effectiveness of the transaction.
Kratter pointed to Strategy’s BTC Yield metric, a company-created measure that tracks the growth of Bitcoin holdings on a per-share basis. Between June 1 and June 8, Strategy’s reported diluted share count increased while its Bitcoin holdings also grew, leading Kratter to argue that shareholders received less Bitcoin per share than expected.
According to company data, Strategy held 843,706 BTC during that period while assumed diluted shares outstanding rose to 384,180. In a post on X, Kratter argued that the increase in shares outweighed the short-term benefit of adding more Bitcoin to the balance sheet.
The criticism gained traction after Strategy’s June 8 filing revealed that it had sold more than 1.4 million MSTR shares for approximately $181 million.
Investors also noted that company executives sold around $15 million worth of stock for tax-related reasons. The timing added to market uncertainty, especially after Strategy disclosed its first Bitcoin sale in more than four years at the end of May.
Saylor rejected the idea that the transaction hurt shareholders. In his view, BTC Yield captures only one part of the equation because it focuses exclusively on Bitcoin per share rather than overall shareholder value.
He argued that the latest capital raise increased not only the company’s Bitcoin holdings but also its cash position, creating additional value for investors.
“Last week Strategy added ₿1,550 of BTC and $100 million of USD Reserve,” Saylor wrote on X. “When both assets are included, the transaction was accretive to MSTR shareholders.”
Strategy’s balance sheet still strong
Strategy’s figures support that assessment from a balance-sheet perspective. Between June 1 and June 7, Strategy acquired 1,550 BTC for approximately $101.3 million at an average purchase price of $65,332 per coin during a volatile trading period.
The latest purchase brings the company’s total Bitcoin holdings to 845,256 BTC. Based on current market prices, Saylor estimates those holdings are worth around $51.9 billion, reinforcing Strategy’s position as the world’s largest corporate Bitcoin holder.
The company also reported a year-to-date BTC Yield of 12.8 percent and a BTC Gain of 86,328 BTC, metrics that Strategy frequently uses to measure the effectiveness of its capital allocation strategy.
Beyond Bitcoin, the fundraising also improved the company’s liquidity position. Strategy added approximately $100 million to its cash reserves, lifting the total to about $1 billion. That cash cushion has attracted attention after shareholders approved changes to STRC preferred stock dividends, shifting payments from a monthly schedule to semi-monthly distributions.
Still, not everyone is convinced that Strategy’s approach is risk-free.
A recent analysis by Fortune highlighted the company’s growing reliance on preferred stock and Bitcoin-backed financing. According to the publication, Strategy’s combined debt and preferred stock obligations have climbed from roughly $6.9 billion in early 2025 to around $21.8 billion, with preferred share offerings driving much of that increase.
For now, the debate comes down to two competing views. Critics see repeated share issuance as a source of dilution and growing financial complexity. Saylor sees it differently, arguing that if each capital raise adds more Bitcoin and strengthens the balance sheet, shareholders ultimately benefit.
