NextGen Venture创始人Jason Huang在X平台发文称，Strategy（MSTR）上周通过ATM增发新股，并未实际提升每股比特币持仓量，反而稀释其mNAV倍数。
据 PANews 报道，他表示每股对应的比特币数量正在下降，官方mNAV指标已降至1.1倍，该数据基于上周下跌前的最近一次披露。
Huang称，若MSTR相对比特币的表现再落后10%（负Alpha），每次通过ATM增发都将进一步稀释每股比特币持仓量。
Jason Huang：MSTR ATM增发或稀释每股BTC
2026-06-24 06:34:15
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
