Jason Huang: Strategy's issuance dilutes Bitcoin holdings per share, continuing will open a death spiral

NextGen Venture founder Jason Huang stated that Strategy (MSTR) issued new shares through ATM last week, which did not increase its Bitcoin holdings per share, but instead diluted the mNAV multiple. The number of bitcoins per share is decreasing, and the official mNAV indicator has dropped to 1.1 times. Jason Huang stated that once Strategy lags behind Bitcoin by 10%, each ATM issuance will dilute the Bitcoin holdings per share, and a death spiral will begin.