DeFI News by Thebittimes.Com

This morning, Strategy founder Michael Saylor announced more bitcoin (BTC) purchases funded from direct dilution of his MSTR shareholders. Despite MSTR’s underperformance relative to BTC, Saylor has refused to reinstate the July 31 ban on common share dilution. On July 31, 2025, Strategy provided clear guidance to its common shareholders: “We will not issue MSTR below 2.5x mNAV except to pay interest and dividends.” Just two weeks later, on August 18, however, the company revised its promise to dilute MSTR “when otherwise deemed advantageous to the company.” Strategy and Saylor have taken full advantage of that revoked guidance in the past six weeks. Specifically, the company has diluted MSTR common shareholders by 3,278,660 shares in order to spend $1,132,700,000 buying about 10,010 BTC .  Although Strategy is a BTC treasury company valued based on its ability to accrete BTC for shareholders, those dilutive purchases haven’t helped its stock outperform this b...

Vanguard, the $10 trillion asset manager that says Bitcoin has no economic value and denies clients access to spot BTC ETFs (exchange-traded funds) on its platform, has become the largest institutional holder of Strategy (MSTR), the biggest corporate buyer of Bitcoin. Vanguard now owns more than 20 million Strategy shares, or more than 8% of the company’s equity worth about $9.26 billion, according to Bloomberg.  Vanguard’s MSTR Allocation Shows “God Has A Sense Of Humor” The company’s exposure to MSTR comes from its passively managed index funds that automatically include stocks when they meet certain criteria.  MSTR is now featured in Vanguard’s Total Stock Market Index Fund (VITSX), the Vanguard Extended Market Index Fund (VIEIX) and the Vanguard Growth ETF (VUG). That comes after Vanguard continues to openly bash the leading crypto for not having “inherent economic value,” labeling it as an “immature asset class...