Uploaded June 2026 | Updated September 2026, 2 weeks ago
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In this video, I discuss how the Strategy "flywheel" may have gone in reverse, as Saylor dilutes MSTR shareholders by issuing new shares while the mNAV is below 1.0.
Today, MSTR holders have less BTC per share than they did a few days ago.
The depressed mNAV and STRC peg instability suggest that Saylor will have trouble raising more capital in a way that doesn't hurt current holders of the preferred or common stocks.
Not investment advice! Consult a financial advisor.
MSTR holders getting diluted:
https://x.com/mattkratter/status/2063977772549374271
https://x.com/GlennOnrampBTC/status/2063991277260063141
SEC filings:
strategy.com/financial-documents
assets.contentstack.io/v3/assets/bltf8d808d9b8cebd37/blt0eb10e46a66647c3/6a26adab8355c350c5f649f2/form-8-k_06-08-2026.pdf
More links:
https://x.com/thepowerfulHRV/status/2064021532414710070
https://x.com/Pran10000/status/2064014169515679888
https://x.com/Paladin620/status/2064009395973804385
https://x.com/mattkratter/status/2064007617211707508
https://x.com/Bitcoin_Core21/status/2063984485558026410
https://x.com/mattkratter/status/2064013932671738057
https://x.com/mattkratter/status/2064020687946473804
https://x.com/mattkratter/status/2063800342610055228
“Our Business Objective is to Increase Bitcoin Per Share (BPS)":
assets.contentstack.io/v3/assets/bltf8d808d9b8cebd37/blt0a7be22d534bb050/69850541eb19d52d260c103b/strategy-q4-2025-financial-results.pdf
Strategy metrics:
strategy.com
mNAV hanging out below 1.0:
bitcointreasuries.net/public-companies/strategy
Saylor moving the goal posts from "never selling" to "never be a net seller":
coindesk.com/business/2024/02/20/michael-saylor-on-exiting-bitcoin-bitcoin-is-the-exit-strategy
https://x.com/BitcoinArchive/status/1866543199524896896
bitcoinmagazine.com/news/strategy-mstr-michael-saylor-bitcoin-buys
decrypt.co/resources/what-is-strategy-microstrategy-mstr-the-bitcoin-treasury-company
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#MSTR
#Strategy
Disclaimer
Neither Matthew Kratter's Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this YouTube channel, or at www.Trader.University or BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky.
Join Bitcoin University Premium:
bitcoinuniversity.com/join
In this video, I discuss how the Strategy "flywheel" may have gone in reverse, as Saylor dilutes MSTR shareholders by issuing new shares while the mNAV is below 1.0.
Today, MSTR holders have less BTC per share than they did a few days ago.
The depressed mNAV and STRC peg instability suggest that Saylor will have trouble raising more capital in a way that doesn't hurt current holders of the preferred or common stocks.
Not investment advice! Consult a financial advisor.
MSTR holders getting diluted:
https://x.com/mattkratter/status/2063977772549374271
https://x.com/GlennOnrampBTC/status/2063991277260063141
SEC filings:
strategy.com/financial-documents
assets.contentstack.io/v3/assets/bltf8d808d9b8cebd37/blt0eb10e46a66647c3/6a26adab8355c350c5f649f2/form-8-k_06-08-2026.pdf
More links:
https://x.com/thepowerfulHRV/status/2064021532414710070
https://x.com/Pran10000/status/2064014169515679888
https://x.com/Paladin620/status/2064009395973804385
https://x.com/mattkratter/status/2064007617211707508
https://x.com/Bitcoin_Core21/status/2063984485558026410
https://x.com/mattkratter/status/2064013932671738057
https://x.com/mattkratter/status/2064020687946473804
https://x.com/mattkratter/status/2063800342610055228
“Our Business Objective is to Increase Bitcoin Per Share (BPS)":
assets.contentstack.io/v3/assets/bltf8d808d9b8cebd37/blt0a7be22d534bb050/69850541eb19d52d260c103b/strategy-q4-2025-financial-results.pdf
Strategy metrics:
strategy.com
mNAV hanging out below 1.0:
bitcointreasuries.net/public-companies/strategy
Saylor moving the goal posts from "never selling" to "never be a net seller":
coindesk.com/business/2024/02/20/michael-saylor-on-exiting-bitcoin-bitcoin-is-the-exit-strategy
https://x.com/BitcoinArchive/status/1866543199524896896
bitcoinmagazine.com/news/strategy-mstr-michael-saylor-bitcoin-buys
decrypt.co/resources/what-is-strategy-microstrategy-mstr-the-bitcoin-treasury-company
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#MSTR
#Strategy
Disclaimer
Neither Matthew Kratter's Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this YouTube channel, or at www.Trader.University or BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky.
