Analysis: MSTR’s ATM share issuance dilutes bitcoin per share; persistent trend could trigger a death spiral

PA一线
PA一线
PANews, June 24 – NextGen Venture founder Jason Huang stated on X that Strategy (MSTR) issued new shares via an ATM offering last week, which did not actually increase the Bitcoin holdings per share but instead diluted its mNAV multiple. He pointed out that the amount of Bitcoin per share is declining, and the official mNAV metric has dropped to 1.1x, based on the most recent disclosure before last week's decline. Huang warned that once MSTR underperforms Bitcoin by another 10% (negative Alpha), each ATM issuance will further dilute the Bitcoin holdings per share, at which point the death spiral will truly begin, and the recent decline is merely an appetizer.
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