Michael Saylor has diluted widespread shareholders of Technique (previously MicroStrategy) by $735.2 million simply two weeks after he promised to not.
On July 31, 2025, Saylor and his executives delivered Technique’s Q2 earnings presentation, assuring shareholders that the corporate wouldn’t dilute MSTR to purchase bitcoin (BTC) between a multiple-to-net asset worth (mNAV) of 1x and a couple of.5x besides to service curiosity or dividend funds.
On August 18, nonetheless, Saylor revoked that steerage solely and the corporate rewrote a slide to take away the promise from its presentation.
Saylor took benefit of the revision, instantly diluting MSTR shareholders.
One other $735.2 million of MSTR diluted
As of September 1, Technique had diluted MSTR by $425.3 million between 1-2.5x mNAV. Final week, Technique diluted MSTR by one other $309.9 million, additionally between 1-2.5x mNAV.
For context, the present fundamental mNAV of MSTR is 1.38x and its enterprise worth mNAV is 1.59x.
For the previous few weeks, MSTR has traded inside the exact vary that Technique initially promised to guard from ongoing dilution.
The corporate has clearly reneged on that promise.
Not like most corporations which might be valued by buyers utilizing discounted money circulate evaluation, Technique buyers largely worth the corporate based mostly on its BTC holdings and the chance that the corporate will make the most of, invent, and promote monetary merchandise derived from them.
In different phrases, Technique is the world’s largest so-called BTC treasury firm.
For instance, Saylor claims to be “building out the yield curve for BTC credit” at Technique by inventing and promoting most popular shares like STRK, STRF, STRD, and STRC.
The corporate additionally has $8.2 billion in notional debt excellent, a protracted choices chain, and a worldwide internet of funds that maintain MSTR as a constituent.
