MicroStrategy (MSTR), the Bitcoin-heavy business intelligence firm led by Michael Saylor, has seen its stock drop to its lowest point in nearly four months.
The decline comes as Bitcoin itself struggles, and after Saylor revealed the company would loosen restrictions on issuing more shares to fund operations and potentially buy additional Bitcoin.
Shares of MSTR have fallen 8% since Monday, compounding a broader selloff among crypto treasury firms.
Bitcoin, meanwhile, has lost 8.6% of its value since hitting an all-time high of $124,128 last Thursday, now trading near $113,955.
Share issuance policy sparks debate
In an announcement shared on X, Saylor said MicroStrategy updated its equity ATM guidance to allow greater flexibility in issuing stock.
The company’s revised plan enables it to issue shares below the previously enforced threshold of 2.5 times its net asset value (mNAV).
Under the new terms, MSTR can issue stock not only to pay debt and cover dividends, but also “when otherwise deemed advantageous to the company.”
At present, MicroStrategy’s mNAV is 1.55, meaning its market value trades well below its underlying Bitcoin holdings.
Some investors expressed frustration, calling the update a reversal of earlier assurances.
“The head of the company said he wouldn’t sell below 2.5 mNAV, so I bought,” said a user identifying as Josh Man.
“He made this agreement with the shareholder at the live earnings release. And then he sold below mNAV 2.5.”
Others viewed the move as bullish for Bitcoin itself.
Crypto trader Kale Abe commented: “He’s literally telling you straight up he’s gonna buy a… ton more BTC.”
Community reaction remains split
The change has deepened debate among MSTR shareholders.
Bitcoin developer Endre Stolsvik suggested the old rule may have been overly restrictive.
“The ‘no issue below mNAV 2.5’ was too strict, given that we’re far away, now at 1.59,” Stolsvik said.
At the time of publication, MicroStrategy holds 629,376 Bitcoin, valued at more than $71 billion, according to SaylorTracker.
The company has long tied its corporate strategy to acquiring Bitcoin, often raising debt or equity capital to fund purchases.
Crypto-linked equities in decline
MSTR has dropped more than 21% in the past month, closing at $336.57.
That price level was last seen in mid-April when Bitcoin was trading at just over $84,000.
Other publicly listed crypto firms have also faced selloffs.
Marathon Digital (MARA) is down 19.44% over the past month.
Coinbase Global (COIN) has declined 26.97%, while Riot Platforms (RIOT) has shed 14.69%.
For Saylor, the adjustment may open the door for MicroStrategy to keep accumulating Bitcoin during a downturn.
But with investor sentiment fragile, the decision has underscored the tension between shareholder expectations and Saylor’s Bitcoin-first vision.