Bitcoin treasury investors are now scrutinizing corporate balance sheets for dilution, not just Bitcoin purchases. Strategy (MSTR), the largest Bitcoin holder on public-company balance sheets with 847,363 BTC as of June 21, saw its year-to-date Bitcoin Yield slip to 11.8% from 13% a month earlier, signaling investor concern that equity raises are no longer growing Bitcoin per share once preferred dividends, debt, and cash reserves are factored in.
On June 22, Strategy raised $335.5 million in common stock and set aside roughly $300 million in cash, leaving $1.4 billion in total reserves. The company deployed the remaining proceeds to buy 520 Bitcoin. The move exemplifies a market shift: where corporate Bitcoin purchases once earned investor applause, they now face scrutiny over whether new equity issuance actually accrete common shareholders’ claim on Bitcoin.
Bitwise research shows that 55% of Strategy’s 174,300 Bitcoin purchases this year were financed through STRC preferred issuance, according to the firm’s analysis. Those preferred shares rank ahead of common equity, stacking $13.5 billion in preferred equity ahead of Strategy common shareholders. Strategy’s diluted share count stands at 388.6 million, and the company controls roughly 60% of all Bitcoin on public-company balance sheets.
The deterioration in yield reflects a broader repricing. Bitcoin spot ETFs have eroded the scarcity value of corporate Bitcoin wrappers, forcing treasury companies to justify premium valuations through leverage, yield, or capital-markets execution rather than Bitcoin exposure alone. When a company’s market value falls below the value of its Bitcoin holdings, a condition called mNAV compression, further equity issuance transfers value from existing shareholders to new buyers.
Other corporate Bitcoin holders face sharper pressure. Metaplanet, the largest corporate Bitcoin holder in Asia with 40,177 BTC worth $2.4 billion, has declined 47% year-to-date and posted a negative 0.40% quarterly Bitcoin Yield. The company is sitting on a $1.6 billion unrealized loss. Simon Gerovich, Metaplanet’s CEO, said “the company will strongly consider buying back its own shares whenever mNAV drops below 1.0x,” signaling a shift away from growth-at-all-costs equity issuance.
Capital B, a France-listed company formerly known as The Blockchain Group, won shareholder approval on June 17 for €5 billion in authorized capital increases and €100 billion in credit instruments, totaling $120 billion in financing capacity. The company currently holds 3,139 Bitcoin worth $200 million and aims to hold 1% of total bitcoin supply (roughly 210,000 BTC) by 2033. Capital B frames its strategy around increasing Bitcoin per fully diluted share and targets owning 1% of all Bitcoin over a longer horizon.
Sweden-based BTC AB is running a preference-share rights issue with a June 30 subscription window close. The company is raising SEK 23.4 million (approximately $2.5 million USD) by issuing 195,078 Class A preference shares at SEK 120 per share. The preference shares pay a 10% annual dividend, distributed monthly, and rank ahead of common shareholders. Early commitments have covered 27% of the issue.
Strategy’s STRC perpetual preferred has recently weakened, sliding to a record intraday low and reducing a primary funding channel for the company’s Bitcoin accumulation. The structural disconnect between headline Bitcoin holdings and common equity value is now impossible to ignore: Strategy’s enterprise value still carries a premium when counting preferred and debt, yet its common shareholders sit below the Bitcoin-per-share line.
The repricing reflects investor discipline. Shareholder patience for dilution has tightened as the market now demands proof that Bitcoin per share grows after all claims are settled. For treasury companies, the era of uncritical applause for larger Bitcoin balances has ended.
