Quoth the Raven
· QTR’s Fringe Finance
· 09 июня 2026, 23:43
· ⏱ 1 мин чтения
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Резюме
The article argues that Strategy (MicroStrategy) is shifting its key performance metric from Bitcoin per share accretion to other measures, effectively moving the goalposts to justify continued dilution despite a $12 billion unrealized loss on its Bitcoin holdings. This suggests management may be masking poor per-share performance, a red flag for short sellers.
•Strategy's Bitcoin holdings are worth roughly $12 billion less than the company paid for them.
•CEO Phong Le repeatedly stated that Bitcoin per share accretion is the primary goal, with explicit quotes from the Q1 2026 earnings call.
•The company created 'BTC Yield' as a KPI specifically to measure whether capital raises and Bitcoin purchases benefit existing shareholders.
•The author, a short seller, implies that Strategy may be changing metrics on the fly to hide dilution, a classic 'moving the goalposts' tactic.
Bearish MSTR/Strategy article argues management may be moving goalposts around dilution/accretion metrics and that further capital raises could pressure equity holders; no explicit
Bearish MSTR/Strategy article argues management may be moving goalposts around dilution/accretion metrics and that further capital raises could pressure equity holders; no explicit short position is stated.
This newsletter, published June 09, 2026,
features Quoth the Raven
discussing MSTR.
1 trade idea extracted by AI with direction and confidence scoring.