[Analysis: MSTR's share issuance dilutes per-share Bitcoin holdings, potentially triggering a death spiral if it continues] NextGen Venture founder Jason Huang posted on the X platform, stating that Strategy (MSTR) issued new shares through an ATM offering last week, which did not actually increase the per-share Bitcoin holdings but instead diluted its mNAV multiple. He pointed out that the amount of Bitcoin corresponding to each share is decreasing, and the official mNAV metric has dropped to 1.1x, based on the most recent disclosure prior to last week's decline. Huang warned that if MSTR's performance relative to Bitcoin lags by another 10% (negative Alpha), each ATM issuance will further dilute the per-share Bitcoin holdings, at which point the death spiral will truly begin. The recent decline is merely an appetizer.