Data: Since August, 94% of Strategy's bitcoin purchase funds have come from the dilution of MSTR stock.

Jinse Finance reported that on the morning of September 29, Strategy founder Michael Saylor announced another purchase of bitcoin (BTC) by directly diluting MSTR shareholders. Despite MSTR's underperformance relative to BTC, Saylor still refused to reinstate the July 31 regulation prohibiting the dilution of common shares. On July 31, 2025, Strategy had made a clear commitment to 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 MSTR would be diluted "when the company deems it advantageous." In the past six weeks, Strategy and Saylor have fully utilized the new guidance following the revocation. Specifically, the company diluted 3,278,660 shares of MSTR common stock, spending approximately $1.1327 billions to purchase about 10,010 bitcoins.