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MicroStrategy's Bitcoin Strategy Faces Dilution Concerns

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MicroStrategy has established itself as the premier Bitcoin proxy in public markets, leveraging equity, convertible notes, and preferred stock to build a balance sheet heavily weighted toward BTC. With Bitcoin trading near $68,000 and MicroStrategy shares below $130, investor focus has shifted to the company's capital structure and its ability to sustain its aggressive accumulation strategy.

While CEO Michael Saylor asserts the company could withstand a Bitcoin crash to $8,000, concerns persist regarding shareholder dilution from ongoing financing activities. The core question remains whether MicroStrategy can continue its Bitcoin acquisition without eroding shareholder value through perpetual capital raises, creating a potential slow bleed effect even in favorable market conditions.

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