Strategy's latest share sale sets up another bitcoin bid but keeps diluting MSTR holders until buying restarts. It sold 18.26M MSTR shares for about $2B: $136M to buy back STRC, $300M to the dividend reserve and $1.59B to a flexible cash pool that can buy bitcoin. Its BTC sale near $64K repaired the financing machine after STRC fell below $100; it was not a bearish call. Meanwhile more shares chase the same 840,447 BTC. Watch STRC reclaiming $100 (now $97) and where the $1.59B goes. x.com 

Strive's common ATM can lift long-run returns by funding bitcoin purchases at a share premium. Bitcoin is historically cheap; stacking in a bear market or before the bull market begins drives the biggest gains later. But too much weekly issuance can blunt upside, exhaust investors and cap mNAV expansion; share scarcity matters. The ATM is crucial, but caution is preferable. Cole Macro said preferreds should help keep dilution below Strategy's levels on the way up. x.com  x.com  x.com 

Strategy is building kinetic energy by using its STRC preferred as gunpowder to corner the marginal demand for scarce bitcoin, and it seems to be working. The divergence between MSTR and bitcoin since STRC launched on July 30, 2025, highlighted in a post the author replies to, is no surprise: the two securities will never move linearly or in tandem. x.com 

Heavy inflows could lift Strive's mNAV above Strategy's for periods because they have more impact on the smaller company. Strive could do even better than 6x versus Strategy's 4x, as investors seek the faster Bitcoin treasury stock. x.com  x.com  x.com 

Strategy's STRC preferred was never as safe as a money market fund, and if both STRC and MSTR share dilution fail, the only way left to pay dividends is selling bitcoin. Believing STRC would stay at par forever while paying a junk-like 12% was financial illiteracy; per @betirement, it has now fallen below $90. Strategy says its bitcoin reserve gives it 32 years of dividend coverage. x.com  x.com 

Strategy offers prime risk/reward here unless Bitcoin keeps moving deeply lower. Saylor affirmed the company can pay its dividend for over two years and will prioritize always holding 12 months of dividend cash, alongside a new Digital Credit Capital Framework. Last week's FUD over Saylor, Strategy and its STRC preferred produced a strong candle below the prior low into a key demand area from the previous cycle, yet the stock kept its weekly bullish divergence. x.com 

Strategy's STRC resembles FTX backing its books with its own tokens, and big Wall Street players are likely shorting STRC knowing Saylor will eventually have to sell bitcoin to fund the debts. That would ultimately ruin MSTR holders' trust. x.com 

Strategy is choosing to sell its expensive shares rather than its bitcoin to fund itself. From August 17-23, 2026, it sold 18.26 million MSTR shares for $2.01B, using part of the cash to repurchase STRC, replenish its USD Reserve and set up a new USD cash reserve. x.com  x.com 

Strategy is early below 1.5x its bitcoin net asset value, and the crowded short-Strategy, long-bitcoin trade is about to blow up, setting off short covering. Upcoming catalysts include STRC trading back at par, an Iran resolution with no rate hikes, and a momentum rotation into crypto after its underperformance relative to overpriced and crowded AI and software stocks. x.com 

Strategy may be forced to sell bitcoin because its STRC preferred has hit a record low of $83, well under its $100 par. That discount says the dividend is too low, and raising it means more cash out the door. Strategy has funded that cash by selling MSTR shares, but the premium that made dilution easy is almost gone, leaving bitcoin sales as the remaining option. x.com