NextGen Venture founder Jason Huang said Strategy (MSTR) did not increase its bitcoin holdings per share through last week’s at-the-market (ATM) share issuance, and instead diluted its mNAV multiple.
According to PANews, Huang wrote on X that the amount of bitcoin corresponding to each share is declining, and that the company’s official mNAV metric has fallen to 1.1x, based on the most recent disclosure before last week’s decline.
Huang warned that if MSTR underperforms bitcoin by another 10% (negative alpha), each additional ATM issuance would further dilute bitcoin holdings per share, which he described as potentially triggering a “death spiral,” adding that the recent drop was only the beginning.
Strategy’s ATM Share Issuance Diluted mNAV Multiple, NextGen Venture Founder Says
2026-06-24 06:34:27
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Jason Huang：MSTR ATM增发或稀释每股BTC
