Data: Since August, 94% of the Bitcoin purchase funds for Strategy come from diluting MSTR stock.

[Data: Since August, 94% of the Bitcoin purchase funds for Strategy have come from the dilution of MSTR stock] On the morning of September 29, Strategy founder Michael Saylor announced another purchase of Bitcoin (BTC) by directly diluting MSTR shareholders. Despite MSTR's poor performance relative to BTC, Saylor still refused to reinstate the ban on common stock dilution that was in place on July 31. On July 31, 2025, Strategy explicitly promised common shareholders: "Except for paying interest and dividends, we will not issue MSTR at less than 2.5 times mNAV." However, just two weeks later, on August 18, the company revised this commitment, stating that it would dilute MSTR when "the company believes it is advantageous." In the past six weeks, Strategy and Saylor have fully leveraged the new guidelines after the revocation. Specifically, the company spent approximately $1.1327 billion to purchase about 10,010 Bitcoins by diluting 3,278,660 shares of MSTR common stock.