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 FightHis 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.
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.
The Buyback That Started The ArgumentThe 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.
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
