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.