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The Strategy stock price has dropped to a near four-month low, with Saylor stating that the company will loosen restrictions on issuing more shares.
BlockBeats News, August 20th, Michael Saylor-led Strategy (MSTR) saw its stock price drop to a near four-month low due to an overall decline in cryptocurrency treasury companies, a pullback in Bitcoin's price, and Saylor's statement that the company would relax restrictions on issuing more stock.
Since Monday, MSTR's stock price has fallen by 8%; meanwhile, Bitcoin, after hitting a historic high of $124,128 last Thursday, has dropped by 8.6% to $113,631. Saylor posted on social media on Monday: "Strategy has announced today an update to the MSTR stock ATM (additional issuance) policy to provide greater flexibility in the execution of our capital allocation strategy." He also attached a chart showing the company's ability to issue stock at levels below the previous restrictions.
The updated policy states that when MSTR's trading price is less than 2.5 times the net asset value (mNAV), the company can "strategically issue MSTR" to pay debt interest, fund preferred stock dividends, or operate in situations considered "advantageous to the company." Some MSTR shareholders criticized this move, seeing it as a significant reversal from the stance in the second-quarter report. At that time, the company only mentioned issuing stock below that level for debt repayment or preferred stock dividends.
However, some believe this is positive for Bitcoin, as it could mean MSTR might buy more BTC. According to Strategy's data, the company's current mNAV is 1.55.
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