During its Q2 2025 earnings call on July 31, Strategy announced it will no longer issue MSTR common stock at multiples of native asset value (mNAV) lower than 2.5x, except for financing dividend payments for preferred shares (STRF, STRK, STRC, STRD).

Over the past year, Strategy raised nearly $25 billion selling common stock through ATM offerings. It had a $21 billion common stock ATM announced in October 2024 and exhausted it by the first half of 2025. The company rebranded to Strategy and announced another $21 billion ATM in May 2025, with $17 billion remaining as of August 4.

Management believes MSTR is heavily undervalued and outlined a plan for common stock ATM issuance. Strategy’s mNAV is currently at 1.68x, representing the enterprise value over bitcoin holdings. The company will only issue MSTR below 2.5x mNAV for preferred share dividends and more aggressively above 4x mNAV.

With new equity issuance parameters, Strategy aims to boost confidence in MSTR and focus more on preferred offerings for capital raising. All four preferred offerings have their own multi-billion dollar ATM offerings.

Last week, Strategy purchased 21,021 BTC using proceeds from its STRC IPO. No new BTC purchases were announced on Monday. MSTR is up 4% at the time of publication.

Read more at Yahoo Finance: Strategy will no longer issue MSTR at below 2.5x mNAV