Michael Saylor and Jack Mallers clash over Bitcoin-per-share metrics. Strategy's 86% dilutive capital raise fuels the debate over shareholder value.

Michael Saylor leveraged Strategy to the hilt. Now the math is working against him.

Strategy's BTC Yield fell from 13.0% to 12.8% following its latest bitcoin purchase, prompting a debate on X over whether the purchase was dilutive to shareholders.

The two bitcoin treasury leaders renewed the debate over Strategy's mNAV and dilution, with Saylor arguing that equity issuance for cash strengthens, rather than dilutes,…

Michael Saylor and Jack Mallers clash over Bitcoin-per-share metrics. Strategy's 86% dilutive capital raise fuels the debate over shareholder value.