Strategy bought $100 million more Bitcoin but critics say MSTR shareholders now own less of it
Strategy bought another $100 million of Bitcoin, acquiring 1,587 BTC at about $63,024 each and lifting holdings to 846,842 BTC, or more than 4% of Bitcoin’s fixed supply. The purchase was funded by selling about 1.7 million MSTR shares and added roughly $100 million to cash reserves, which now total about $1.1 billion. The deal intensified a debate over whether common shareholders are being diluted. Strategy’s BTC Yield fell from 13.0% to 12.5%, suggesting less Bitcoin per assumed diluted share even as total holdings rose. Critics say the company is issuing equity below intrinsic value to buy Bitcoin, while supporters argue that common shareholders own the residual balance sheet, so cash plus Bitcoin can still be accretive after debt and preferred claims. With Bitcoin weaker and Strategy’s capital structure growing more complex, investors are split on whether the model still creates value for common stockholders.
