Criticism of the Bitcoin magician: Strategy (MSTR) shares collapse

• Michael Saylor apparently hadn't imagined it would be the same: Following a change in the equity issuance guidelines of his Bitcoin treasury firm, Strategy, the BTC community is reacting negatively. Many MSTR investors appear to be losing confidence.
• The updated company policy lifts a long-standing protective measure that prevented the Bitcoin company from selling new shares below 2.5 times its net asset value (mNAV).
• The Strategy founder himself justified the measure by saying he wanted to “achieve greater flexibility in the implementation of our capital market strategy.” X users, however, accuse him of sacrificing MSTR's private investors in favor of the company's management's financial interests.
• “What bothers me personally is the sudden change and the breaking of a previous promise,” writes crypto entrepreneur Adam Simecka. Financial analyst Jacob King puts it even more drastically: “What does this mean? He can now dilute shareholders' shares at any time if it benefits him. This was never about Bitcoin, but about Saylor cashing in.”
• Strategy's stock also reacted negatively to the news and is trading at $341 at the time of writing. This represents a loss of approximately 9 percent compared to the previous week and almost 20 percent compared to the previous month.
• The community reaction reveals a growing divide between Saylor's aggressive Bitcoin buying strategy and MSTR shareholders who fear their shares could be diluted.
• However, Strategy still boasts a BTC yield of 25.1 percent for the current year, 2025. This is the ratio of Bitcoin held to the number of MSTR shares issued. Thus, shareholders have indirectly been able to buy “more BTC” so far.
• Furthermore, Strategy's previous guidelines certainly left room for a reassessment. The goal, in any case, remains clear: buy more Bitcoin. With 629,376 BTC worth $71 billion, the world's largest corporate hodler already seems unassailable.

Recommended Video Why Bitcoin is falling – and when the turnaround will come

Sources

• X-Post by Michael Saylor
• MSTR metrics