Michael Saylor has diluted common shareholders of Strategy (formerly MicroStrategy) by $735.2 million just two weeks after he promised not to. On July 31, 2025, Saylor and his executives delivered Strategy’s Q2 earnings presentation, assuring shareholders that the company wouldn’t dilute MSTR to buy bitcoin (BTC) between a multiple-to-net asset value (mNAV) of 1x and 2.5x except to service interest or dividend payments.
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