Michael Saylor’s Bitcoin-focused firm, Strategy Inc., has revised its financing framework, loosening restrictions on stock issuance just weeks after pledging tighter limits. The shift gives the company greater leeway to raise funds as its share premium over Bitcoin narrows.
According to Bloomberg, Strategy had previously committed not to sell new shares if its stock traded at less than 2.5 times the value of its Bitcoin holdings, a ratio Saylor described as the “mNAV premium.” Exceptions were limited to covering debt interest or preferred equity dividends. Under the updated policy, the firm can now issue shares below that threshold whenever management deems it advantageous. Analysts say the adjustment allows Strategy to be more opportunistic in funding future Bitcoin purchases.
The policy change comes as the company’s accumulation of Bitcoin slows. In a disclosure on August 18, Strategy reported buying 430 BTC worth $51.4 million in the past week, following 155 BTC purchased the week before. The company now holds 629,376 BTC acquired at an average price of $73,320. With Bitcoin trading near record levels of $119,666, those holdings represent more than $26 billion in unrealized gains.
Strategy has acquired 430 BTC for ~$51.4 million at ~$119,666 per bitcoin and has achieved BTC Yield of 25.1% YTD 2025. As of 8/17/2025, we hodl 629,376 $BTC acquired for ~$46.15 billion at ~$73,320 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/FLRjCKDMQO
— Michael Saylor (@saylor) August 18, 2025
Despite the sizable gains on paper, Strategy’s stock has underperformed. Shares have fallen 22% since hitting a record high in November, while Bitcoin itself has climbed 23% over the same period. The divergence has fueled debate among analysts and short sellers over whether the company’s financing model, particularly its four preferred stock offerings, can balance reduced reliance on at-the-market equity sales.
The updated share-sale policy underscores Saylor’s continued push to maximize flexibility in expanding Strategy’s Bitcoin treasury, even as the firm navigates a tighter correlation between its stock price and the underlying asset it holds.
Meanwhile, Saylor urged U.S. regulators to establish a formal taxonomy for digital assets, warning that ongoing regulatory ambiguity threatens to stall innovation and hinder the nation’s competitiveness in the global crypto market. He emphasized the urgent need to define key terms such as “digital security,” “digital commodity,” and “tokenized asset.”
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