Saylor’s latest “more charts” tease suggests Strategy may be eyeing another Bitcoin buy, but the real headline is tougher: its mNAV has dropped below 1.0, putting pressure on the company’s once-clean BTC accumulation machine and raising fresh questions about dilution, funding, and staying power.
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Metaplanet’s massive 40,177 BTC treasury didn’t stop its shares from sinking to a fresh 52-week low, as dilution worries, mNAV below 1.0x, and capital allocation questions weigh on the stock. Buyback talk is back, but the pain is still very real.
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Strategy’s Bitcoin flywheel is still spinning, but the premium that powered it is fading fast. With STRC dividends, thinning reserves, and even a small Bitcoin sale to cover cash needs, Michael Saylor’s “never sell” machine is facing a very real pressure test.
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Samson Mow is poking at one of Bitcoin’s favorite taboos: a corporate treasury selling BTC when it makes sense. His message is simple — and very unromantic — a Bitcoin treasury company should protect shareholders first, even if that means selling some of its stack. “Never sell” is not a sacred rule for public companies. […]
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Adam Back has put another €1.1 million behind Capital B, strengthening one of Europe’s most visible Bitcoin treasury plays while giving himself more room to deepen his stake. €1.1 million raised through 10 million share subscription warrants Adam Back took all the warrants himself Convertible bond terms were eased to make conversion simpler Capital B […]
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