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#MicroStrategy Loosens Stock Rules
Michael Saylor has once again drawn attention by loosening the rules for selling MicroStrategy's shares. The company previously stated that it would not issue new shares until its Bitcoin holdings were trading at at least 2.5 times the value of its assets (mNAV). However, this rule has now been relaxed.
Why? Because MicroStrategy's "premium" value for Bitcoin is declining. The mNAV ratio, which was 3.4x in November 2024, has fallen to 1.6x today. This decline reflects waning investor interest in MSTR stock and a weakening correlation with the Bitcoin price.
Saylor describes this change as "management flexibility." However, some investors are concerned that this move could lead to share dilution. However, this flexibility allows the company to purchase more Bitcoin. Most recently, it purchased $51 million worth of BTC.
🔍 In summary:
- MicroStrategy will now be able to issue shares at lower mNAV ratios. - This is a cash generation strategy to continue buying Bitcoin.
- However, the risk of share dilution is something investors should be aware of.