Strategy’s cash reserves are close to reaching $1 billion, a detail that has become central to Michael Saylor’s defense of the company’s latest round of stock sales and Bitcoin purchases.
A controversial metric at the center of the fight
bitcoin Analyst Matthew Kratter fired the opening shot at X, arguing that Strategy’s own data showed shareholders were worse off after the company raised fresh capital last weekend.
Their case rested on BTC performance, a metric that tracks the change in Bitcoin held per share outstanding. Kratter pointed to an updated company chart showing Bitcoin holdings at 843,706 BTC while the number of diluted shares outstanding rose to 384,180, and argued that the share count grew faster than the Bitcoin count.
Taylor dismissed the claim directly. BTC performance, he wrote in X, measures Bitcoin per share, nothing more. It does not account for cash or any other assets the company owns. The transaction in question added 1,550 Bitcoin and $100 million in dollar reserves to Strategy’s balance sheet. When both are taken into account, Saylor said, the deal was beneficial to shareholders, not dilutive.
BTC Yield measures the increase in BTC per share, not the total accumulation of shareholders. Last week, Strategy added ₿1,550 of BTC and $100 million in reserve. When both assets are included, the transaction was beneficial for MSTR shareholders.
-Michael Saylor (@saylor) June 9, 2026
The buyback that started the discussion
The dispute dates back to a 8-K presentation Strategy filed with securities regulators on June 8, revealing the sale of more than 1.4 million MSTR shares for approximately $181 million.
The capital increase came the same week that Strategy executives sold about $15 million in their own stock, a move the company attributed to tax obligations. The double selling activity heightened the concerns that were already hovering over the stock.
The reports also indicate Strategy had sold 32 Bitcoin the previous week, adding another layer of unease among investors following the company’s accumulation strategy. Then on Monday, the company returned to buying mode, announcing a $101 million purchase of Bitcoin at an average price of $65,332 per coin.
Saylor’s Billion Dollar Mattress
The strategy now owns 845,256 Bitcoin, valued at almost $52 billion at current prices. BTC’s year-to-date performance is 12.8%, with a year-to-date BTC gain of 86,328 Bitcoin. The $100 million raised in the latest capital round brought the company’s dollar reserves to just under $1 billion.
That cushion matters beyond the dilution debate: Strategy shareholders approved biweekly dividends on its STRC preferred stock on June 8, and sustaining those payments will require reliable access to liquid reserves.
Featured image from Getty Images, chart from TradingView
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