Strategy chairman Michael Saylor confirmed on June 15 that the company purchased 1,587 bitcoins at an average price of $63,024 per coin (about $100 million). Strategy’s BTC Yield (tracking the change in the number of bitcoins held per share on a hypothetical fully diluted basis) fell to 12.8% on June 8, and after this additional buying it fell further to 12.5%.
Strategy’s Trading Data: SEC Filing Records
According to documentation Strategy filed with the SEC confirming:
Purchase amount: 1,587 bitcoins (total holdings: 843,706 → 846,842 bitcoins)
Average purchase price: $63,024 per coin
Source of funds: selling 1.7 million shares of MSTR Class A common stock, raising about $209 million
Uses of funds: about $100 million to buy bitcoin; about $100 million injected into dollar reserves (cumulative about $1.1 billion)
Remaining capacity under the existing ATM program: still $25.75 billion worth of MSTR stock can be sold
New expanded capital markets platform: up to $21.0 billion in common stock, $21.0 billion in STRC preferred stock, and $2.1 billion in STRK preferred stock
Timeline of the Decline in BTC Yield
Based on Strategy’s official data, the confirmed trend in BTC Yield (a metric measuring changes in bitcoin holdings per share after dilution):
June 1: 13.0%
June 8: 12.8%
Latest (after the June 15 trading): 12.5%
Strategy’s absolute bitcoin holdings increased in the same period from 843,706 coins to 846,842 coins, but BTC Yield continued to decline.
Views from Both Sides: The Dilution Argument vs. The Anti-Dilution Argument
Critics (Dilution Argument)
Matthew Kratter (a bitcoin proponent) confirmed on X: “Congratulations to Saylor and Strategy for diluting MSTR shareholders’ equity again over the weekend! The bitcoin price per share is falling again.”
Quinn Thompson (CIO at Lekker Capital) confirmed: after deducting debt and preferred stock, MSTR common stock is currently trading at about 0.8x net asset value; “they are selling MSTR stock worth only 80% of par value to buy $1 worth of cash.”
Nic Puckrin (CEO of Coin Bureau) confirmed: if the trading price of MSTR common stock is below the value of its bitcoin holdings, Strategy’s available options are limited—issuing more common stock would dilute BTC per share; issuing more preferred stock would increase future cash outflows; selling bitcoin would harm market confidence; or suspending dividend payments would cause preferred stockholders to lose out.
Supporters (CEBE Framework)
Michael Saylor confirmed that BTC Yield measures the number of bitcoins per share but does not account for newly added cash; his analytical framework distinguishes BPS (bitcoin per share for common stock, a growth metric) and CEBE BPS (a conservative risk metric that deducts prior claims), and he believes that long-term low-cost financing can increase potential common equity returns when bitcoin annual returns exceed the cost of capital.
Dylan LeClair (Metaplanet’s bitcoin strategy director) confirmed: after deducting debt and preferred stock, if enterprise value exceeds net bitcoin asset value, common stock can still trade at a premium; this share issuance could be accretive to the capital structure, improving net dollar value per share and reducing the leverage ratio.
Adam Levington (independent analyst) confirmed calculations showing: this purchase of 1,587 bitcoins plus $100 million in reserves increases remaining common equity by an amount roughly equivalent to 3,146 bitcoins, and bitcoin exposure per share rises from 145,142 sats to 145,319 sats. Levington said: “Holding only bitcoin appears to dilute returns. Bitcoin plus cash can be accretive.”
FAQ
Does the decline in BTC Yield mean that the actual bitcoins owned by MSTR shareholders have decreased?
BTC Yield tracks the change in bitcoin holdings per share on a hypothetical diluted basis; this time, the drop from 13.0% to 12.5% indicates the ratio decreased. However, both Saylor and Levington believe that under the CEBE BPS framework after deducting prior claims, the transaction is still accretive (because the added bitcoin and cash reserves together increase remaining common equity). Both analytical frameworks are backed by named analysts; the core disagreement is how to measure the impact of prior claims.
How large is Strategy’s capital markets plan?
Based on the SEC filing documentation, Strategy currently still has $25.75 billion of MSTR stock that can be sold through the existing market offering program, and it has expanded its capital markets platform by adding up to $21.0 billion in common stock, $21.0 billion in STRC preferred stock, and $2.1 billion in STRK preferred stock.
What are the core differences between Saylor’s CEBE framework and BTC Yield?
BTC Yield measures the percentage change in the number of bitcoins held per share on a hypothetical fully diluted basis. CEBE (Common Equity Bitcoin Exposure) deducts the impacts of debt, preferred stock, and cash reserves when calculating bitcoin exposure per share, representing the bitcoin claim that common shareholders can receive after liquidation. Saylor argues that BTC Yield is a growth metric and is insufficient to reflect the full picture of the balance sheet; critics argue that a BTC Yield decline alone is enough to demonstrate dilution.
