When Bitcoin prices turned against Michael Saylor, he quietly pivoted to risky financial gambit at Strategy
Michael Saylor has dramatically increased share issuance at Strategy (formerly MicroStrategy) to fund Bitcoin purchases as prices declined, diluting existing shareholders by over 300% since 2020—a level unprecedented among large-cap U.S. companies. While this strategy has allowed Saylor to maintain growing Bitcoin holdings per share, it has exposed other investors to significant risk through massive equity dilution.
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