MicroStrategy's recent ATM share issuance has led to a dilution of Bitcoin holdings per share, according to NextGen Venture founder Jason Huang. Huang noted that the company's mNAV multiple has decreased to 1.1x, reflecting a decline in Bitcoin per share. He cautioned that if MicroStrategy underperforms Bitcoin by an additional 10%, further ATM issuances could exacerbate this dilution, potentially triggering a 'death spiral' for the company's Bitcoin holdings.
MSTR's ATM Share Issuance Dilutes Bitcoin Holdings Per Share
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