Just two weeks after Michael Saylor promised not to dilute MSTR shareholder value, he diluted the value of Strategy (formerly MicroStrategy) common shareholders by $735.2 million. Previously, on July 31, 2025, Saylor and his executives assured shareholders during Strategy's second-quarter earnings call that the company would not dilute MSTR to purchase Bitcoin (BTC) between 1x and 2.5x net asset value (mNAV), unless it was to pay Interest or dividends. However, by August 18, Saylor completely revoked this guidance and removed the commitment from the presentation. As of September 1, Strategy had diluted MSTR by $425.3 million between 1x and 2.5x mNAV. Last week, Strategy further diluted MSTR by $309.9 million, also within the 1x to 2.5x mNAV range. Currently, MSTR's underlying mNAV is 1.38x, and the enterprise value mNAV is 1.59x.