Analysis: MSTR’s ATM share issuance dilutes bitcoin per share; persistent trend could trigger a death spiral

CoinFeed, June 24 – NextGen Venture founder Jason Huang posted on X that Strategy (MSTR) conducted an at-the-market (ATM) share issuance last week, which did not actually increase bitcoin holdings per share but instead diluted its mNAV multiple. He noted that the amount of bitcoin per share is declining, and the official mNAV metric has dropped to 1.1x, based on the latest disclosure before last week’s decline. Huang warned that once MSTR underperforms bitcoin by another 10% (negative alpha), each ATM issuance will further dilute bitcoin per share, at which point a death spiral will truly begin, with the recent drop being just an appetizer.