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Yessir! To understand why this is not economically dilutive, we need to understand why BTC or Bitcoin per share is an incomplete metric. I wish Strategy wouldn't use it.

Imagine two real estate companies. Both have 100 houses and 100 shares. Both companies have 1 house per share.

But the second company has $1 trillion in cash and $1 trillion in Bitcoin, while the first company only has the houses.

This means houses per share would not be the best way to calculate the actual residual value behind each common share.

If you hold a share of equity, you are economically exposed to the entirety of the balance sheet, not just the Bitcoin.

Yes, share count goes up. That is mechanical dilution.

But the question is whether common equity Bitcoin exposure per share goes up or down. That is the economic question.

Basic mNAV says:

MSTR market cap: $40.10B
Gross BTC NAV: $54.53B

So basic mNAV looks like:

$40.10B / $54.53B = 0.74x

That makes it look like common is trading below BTC NAV.

But that ignores the capit