94% of Strategy’s bitcoin buys since August were from diluting MSTR
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...