Strategy Buys 1,587 BTC Using $100 Million From Share Issuance, Critics Flag Dilution Risk

Strategy used $100 million from a $209 million common-share issuance to purchase 1,587 BTC last week. According to NS3.AI, the issuance reduced the company’s BTC holdings per share from 13% on June 1 to 12.5% on June 15. Strategy said the move increased real shareholder value, citing higher cash reserves and the potential for stock gains alongside BTC. Critics argued that issuing shares at 0.8 times net asset value minus debt can dilute existing shareholders.