On the morning of September 29, Strategy founder Michael Saylor announced another purchase of Bitcoin (BTC) by directly diluting MSTR shareholders. Despite MSTR's poor performance relative to BTC, Saylor refused to reinstate the July 31 rule banning dilution of common stock.
On July 31, 2025, Strategy made a clear commitment to common shareholders: "We will not issue MSTR at less than 2.5x mNAV except for interest payments and sub-infrared." However, just two weeks later, on August 18, the company revised this commitment, saying it would dilute MSTR "as the company deems advantageous".
Over the past six weeks, Strategy and Saylor have taken full advantage of the new guidance following the withdrawal. Specifically, the company spent about $1.1327 billion to purchase approximately 10,010 bitcoins by diluting 3,278,660 shares of MSTR common stock.
Data: Since August, 94% of Strategy's bitcoin purchases have come from diluted MSTR stocks
2025-09-30 00:39:09
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