De machine begint te haperen bij MSTR. Normaliter doet MSTR de grootste DCA's na een BTC stijging. Verkoop van obligaties ligt op zijn gat, kennelijk geen interesse meer voor te vinden.
Major Convertible Note Offerings by MicroStrategy
$3.0 billion (November 2024): MicroStrategy sold $3 billion of 0% convertible senior notes due 2029.
$2.0 billion (February 2025): The company completed the sale of $2 billion of 0% convertible senior notes due 2030.
$5.0 billion (by May 2025): This figure represents a broader debt issuance, including the $3 billion 2029 notes and other convertible debt offerings over time.
$650 million (December 2020): MicroStrategy initially issued $650 million in convertible notes.
Recentelijke worden de aankopen gefinancierd door nieuwe aandelen uit te geven.
Recent Dilution Efforts
Volume of New Shares: Since August 2025, MicroStrategy has issued over 3.2 million new shares.
Funding Bitcoin Purchases: The vast majority (94%) of the Bitcoin bought in recent weeks was financed by these dilutive share sales.
Abandoned Guidance: The company abandoned its previous guidance that it would not dilute common shareholders below a certain multiple-to-Net Asset Value (mNAV) ratio.
Consequences and Investor Concerns
Diminished Bitcoin-Per-Share: The dilution diminishes the "Bitcoin-per-share" metric, a key attraction for many MicroStrategy investors, as more shares are issued for the same Bitcoin holdings.
Stock Performance: Despite the capital raised, MicroStrategy's stock has underperformed Bitcoin during the recent period of increased dilution, sparking criticism.
Resumption of At-the-Market Offerings: The company has taken advantage of the flexibility to revoke its previous dilution guidance, re-introducing dilutive at-the-market (ATM) offerings to buy Bitcoin.