Strategy’s cash reserves are approaching $1 billion. This is a detail that has become central to Michael Saylor’s defense of the company’s latest stock sale and Bitcoin purchase.
A controversial indicator at the heart of the fight
Bitcoin analyst Matthew Kratter took the first step against
His case hinges on BTC yields, an indicator that tracks changes in the number of bitcoins held per share outstanding. Kratter claimed that the share count has grown faster than the Bitcoin count, pointing to an updated company chart showing Bitcoin holdings at 843,706 BTC and the diluted share count increasing to 384,180.
Saylor directly dismissed the claims. The BTC return he wrote on X is a measure of Bitcoin per share. Cash or other assets held by the company are not taken into account. The transaction in question added 1,550 bitcoins and US$100 million in holdings to Strategy’s balance sheet. On both counts, the deal is beneficial to shareholders and not dilutive, Saylor said.
BTC returns measure BTC growth per share rather than total shareholder growth. Last week, the strategy added ₿1,550 BTC and ₿100 million USD reserves. The inclusion of both assets increased the deal for MSTR shareholders.
— Michael Saylor (@saylor) June 9, 2026
The repurchase that started the debate
The dispute dates back to an 8-K filing the strategy filed with securities regulators on June 8, disclosing that it sold more than 1.4 million shares of MSTR stock for about $181 million.
The capital raise came the same week Strategy executives sold about $15 million worth of their shares, a move the company viewed as a tax obligation. The twin selling activities added to concerns already surrounding the stock.
According to reports, Strategy sold 32 bitcoins last week, adding another layer of anxiety among investors tracking the company’s accumulation strategy. Then on Monday, the company went into buying mode again, announcing the purchase of $101 million in Bitcoin at an average price of $65,332 per coin.
Sailor’s Billion Dollar Shock Absorber
Strategy currently holds 845,256 bitcoins, worth nearly $52 billion at current prices. Year to date BTC return is 12.8%, and BTC profit YTD is 86,328 Bitcoin. It raised $100 million in its latest capital raising round, bringing the company’s dollar holdings below $1 billion.
That cushion is more than a dilution argument. Strategic shareholders approved a semi-monthly dividend on STRC preferred stock on June 8, and maintaining these payments will require reliable access to liquid reserves.
Featured image by Getty Images, chart by TradingView
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