Why It Matters:

Flexibility unlocked: On August 18, 2025, MicroStrategy (rebranded as Strategy Inc.) relaxed its longstanding restriction—now allowing stock issuance even when its market-to-Bitcoin net asset value (mNAV) ratio falls below 2.5×, reversing its previous pledge .

Strategic financing: This move gives the company greater agility to raise capital and continue buying Bitcoin, even as its stock premium narrows .

Aggressive acquisitions: In the past week, Strategy added 430 BTC (~$51 million), funded via its preferred-share and ATM equity programs .

Risks of dilution: Analysts caution this could spark a dilution cycle—lower mNAV could lead to more equity issuance, further depressing share price and potentially triggering a "spiral of doom" .

Notable Market Context:

Strategy’s mNAV has dropped to around 1.4–1.6×, shedding its buffer and raising investor concerns .

MSTR stock remains under pressure, trading in the low $360s—the lowest since April—a testament to waning confidence and macro volatility .

Market opinions are divided: Some argue the strategy enables a faster buildup of Bitcoin exposure, while others warn it jeopardizes shareholder value .

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** Gate.io VIP Summary**

Headline: Strategy (née MicroStrategy) has loosened its mNAV rule—allowing stock issuance below 2.5× to fund more Bitcoin buys.

Key Takeaway: This strategic pivot boosts MicroStrategy’s financial flexibility—but raises red flags over dilution and shareholder value.

Prompt for Audience:

Do you believe this newfound flexibility will accelerate Bitcoin accumulation, or is it a red alert for dilution ahead?

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