视频｜Bitwise首席投资官：比特币对利空不再反应，熊市可能已经触底
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Michael Saylor urged the Bitcoin community not to split over minor disagreements, but to focus on the opportunities presented by the influx of global capital.
PANews reported on June 21 that Michael Saylor, speaking on the X platform, urged the Bitcoin community not to let minor disagreements cause internal strife, but to focus on market opportunities. "Bitcoin supporters are united on 99% of important matters. We shouldn't let 1% of disagreement divide us, especially when the vast majority of global capital hasn't yet entered the Bitcoin network. The opportunities far outweigh the arguments."
Bitcoin pullback exacerbates sentiment polarization; Michael Saylor engages in heated debate with market participants over Strategy's increased holdings diluting shareholder value.
According to Odaily Odaily, as the Bitcoin market correction deepens, Strategy (MSTR)'s latest round of Bitcoin purchases has sparked controversy, with Michael Saylor and Bitcoin supporter Matthew Kratter engaging in a public confrontation over whether it dilutes shareholder value. The controversy centers on the company's self-defined metric, BTC Yield. According to the latest data, after adding 1,550 BTC, Strategy's BTC Yield decreased from 13.0% on June 1st to 12.8% on June 8th. During the same period, the company's Bitcoin holdings increased from 843,706 to 845,256, while the assumed diluted outstanding shares increased from 382.756 million to 384.18 million, and the BTC Gain YTD also decreased from 87,754 BTC to 86,328 BTC. Matthew Kratter believes this change indicates that the funding round had a dilutive effect on the "Bitcoin per share" dimension. Michael Saylor responded that BTC Yield is only a single KPI measuring "one Bitcoin per share" and cannot fully reflect changes in shareholder value. He emphasized that this transaction also increased cash reserves by approximately $100 million, bringing the company's dollar reserves to approximately $1 billion, thus still representing a value-added operation from an overall balance sheet perspective. Amid the Bitcoin pullback, Strategy's capital strategy and measurement framework continue to be a focal point of amplified market sentiment. Disagreements surrounding the interpretation of its metrics have further fueled debate among market participants. Some accuse the company of "adjusting evaluation criteria to match its narrative," while short investors point out that this is a common practice for companies to "change KPIs" when key metrics are unfavorable. (CoinDesk)
Matt Hougan: Hyperliquid uses 99% of its fee revenue to buy back tokens, making its value capture logic easier to understand.
According to Odaily Odaily, Bitwise Chief Investment Officer Matt Hougan stated in an article on the X platform that after several discussions with financial advisors regarding Hyperliquid, he found the relevant communication "very easy." Matt Hougan stated that Hyperliquid uses 99% of its fee revenue to buy back tokens, which makes its business model and value capture logic easier to understand.
Michael Saylor: Bitcoin is entering a "spring" recovery phase, and the market is poised for a rebound.
According to Mars Finance, on May 22nd, Strategy founder Michael Saylor stated in an interview with CNBC that Bitcoin, having previously fallen from a high of approximately $125,000 to around $60,000, is currently entering a "spring" recovery phase. He believes the current level offers good support and expects the market to rebound. He also pointed out that with the formation of the digital credit market, the new Bitcoin supply from miners is being fully absorbed by the market. He stated, "Our company may buy all the Bitcoin produced by miners from now until 2140." Furthermore, Saylor noted that the advancement of the US Clarity Act and the SEC's "innovation exemption" policy for security tokenization could both be significant positive factors for the digital asset market.
Michael Saylor: If Bitcoin's long-term price increase exceeds 3.3%, BTC capital gains could fund STRC dividends indefinitely.
According to ChainCatcher, Bitcoin Treasuries.NET posted on the X platform that Strategy's Michael Saylor stated that if Bitcoin's long-term price increase exceeds 3.3%, BTC capital gains can fund STRC dividends indefinitely. Even if BTC's annual price increase is 0%, Strategy will still have dividend funds for 31 years.
Michael Saylor: Strategy currently holds approximately $2.55 billion in cash reserves.
According to Odaily Odaily, Michael Saylor posted on the X platform that Strategy has sold 3,588 BTC, raising approximately $216 million, which will be used to pay dividends related to digital credit securities. This dividend payout covers the quarterly dividends of digital credit securities such as STRF, STRE, STRK, and STRD, as well as the full monthly dividend for STRC in June. As of July 5, 2026, Strategy still held 843,775 Bitcoins and approximately $2.55 billion in cash reserves.