Strategy purchased $100 million in Bitcoin on June 15, lifting its total holdings to 846,842 BTC. That stake now exceeds 4% of Bitcoin's entire supply. The move came after selling company shares to raise cash and shore up reserves.
Funding the Buy
They sold 1.7 million MSTR shares for $209 million. $100 million went straight into Bitcoin. Another $100 million padded cash reserves to $1.1 billion. Strategy now holds more cash than ever while expanding its Bitcoin position. The move was a clean swap—shares for coins and cash.
Shareholder Value Tension
BTC Yield dropped to 12.5% from 13.0% on June 1. Total Bitcoin grew but per-share ownership shrank. Critics call this dilution. They say common shareholders now own less Bitcoin. Michael Saylor disputes the metric. He pushes CEBE instead. It factors in liabilities and cash to measure residual equity. The clash leaves investors picking sides.
Metrics in the Spotlight
The debate hinges on which number reflects real value. BTC Yield shows shrinking exposure. CEBE paints a different picture. Shareholders must weigh both. Saylor’s team insists CEBE matters more. Critics won’t budge. The next earnings call will test whether the argument holds water. Until then, the split metrics linger as a live issue.
