Saylor's recent decision has sparked debate: rule change in the Bitcoin game.

Michael Saylor, known for his Bitcoin investments through Strategy, recently abandoned his commitment to reduce common stock sales just a few weeks ago. To calm investors' reactions, the company had pledged not to sell new shares if the shares were trading at levels lower than 2.5 times the value of its Bitcoin assets. This buffer, which Saylor named the "mNAV premium," had long been a financing weapon for the company. It allowed raising funds at high prices and effectively acquiring more Bitcoin at what could be considered discounted levels.

Now the company says it will allow share issuance "when deemed appropriate" even below this threshold. Therefore, Strategy will sell shares at a low price if necessary to buy Bitcoin. What drove Strategy to this is the narrowing premium between the share price and Bitcoin. The narrowing of this premium complicates Strategy's game of "selling shares at a high price and buying Bitcoin cheaply." Easing the rule will provide flexibility for the company to continue its Bitcoin accumulation plan. Strategy had been attracting attention with slowing Bitcoin purchases in recent weeks. The company, which buys thousands of BTC every week, was able to purchase 430 last week and only 155 the week before. Meanwhile, Strategy's share price has fallen by 38% since the record level on November 20, while Bitcoin has increased in value by 25% during the same period. Despite the rise in Bitcoin, the lagging shares indicate an erosion of investor confidence.

"You may have to sell Bitcoin at the end of this job"

Saylor's recent decision has brought new discussions along with it. Those who believe that selling more shares will become difficult as the company continues to sell new shares to pay off debts and cover expenses, reducing investors' share of the pie, think that Strategy might have to sell Bitcoin at that point. Some are complaining about the abandonment of the promise and actions contrary to it. These investors, who state that they made purchases based on trust in the previous decision, claim that the company's management has lost its reputation.

On the other hand, another group believes that the previously imposed limit on share sales was a shackle that the company placed on itself. Now, with its removal, this group states that Strategy can purchase Bitcoin more quickly, thereby arguing that new acquisitions could have a leveraged impact on the stock price. The first signs of how the company's recent decision will reflect on Bitcoin purchases are expected to emerge next Monday.

Published: August 20, 2025 12:03