Bitcoin's yield metrics are deteriorating rapidly, making direct Bitcoin ownership more attractive than leveraged exposure through MSTR

"Schiff questioned why Strategy shares were up roughly 7%, despite what he described as deteriorating Bitcoin yield metrics. The economist noted that the company's year-to-date Bitcoin yield had fallen to 4.5%, down from 13.3% on May 25, a roughly 66% decline in two months."

""The company has made clear that it remains a long-term buyer of bitcoin while strengthening its balance sheet," Palmer wrote. "The $3.75 billion reserve gives Strategy flexibility to fund preferred dividend obligations while keeping the option to resume Bitcoin purchases when conditions improve.""