Jason Huang: Continual dilution of per-share bitcoin holdings through Strategy issuance could trigger a death spiral
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NextGen Venture founder Jason Huang stated that Strategy (MSTR) issued new shares via ATM last week, which did not increase the per-share Bitcoin holdings but instead diluted the mNAV multiple. The amount of Bitcoin corresponding to each share is decreasing, and the official mNAV metric has dropped to 1.1 times. Jason Huang noted that once Strategy underperforms Bitcoin by 10%, each ATM issuance will further dilute the per-share Bitcoin holdings, starting a death spiral.
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