Interesting what’s been happening with MSTR. Michael Saylor continues to give clear signals that MicroStrategy won’t stop accumulating Bitcoin, even with the market under pressure.

First, his move of posting charts with that characteristic orange dot. Those who follow know that the trading community interprets this as confirmation of new purchases. And indeed, the numbers speak for themselves — by February 2026, the company added about 592 BTC while the entire market was in decline. Classic pattern: buying on weakness.

Now, what draws attention is how Michael Saylor is financing all of this. The company isn’t relying solely on cash reserves. It has been issuing preferred shares in large volumes, convertible, and also using that ATM program that allows raising money as market windows open. In an interview with CNBC last February, the CEO was very direct: “We will continue buying Bitcoin every quarter forever.” And he assured that they have enough liquidity even in a bear market.

But then comes the part that worries those closely watching MSTR. All this share issuance has a cost: dilution. The premium that the stock maintained over the actual value of the Bitcoin the company holds is shrinking. Analysts like those at Cantor Fitzgerald have already warned about this — the gap between MicroStrategy’s market cap and its net asset value in Bitcoin (mNAV) is decreasing, and if markets become less receptive to new issuances, this premium disappears quickly.

The real question is: how long can Michael Saylor sustain this pace? The financing channels have limits. If the stock price or Bitcoin drops significantly, the ability to raise capital becomes compromised. Some skeptics, like economist Peter Schiff, argue that the model is too fragile and overly dependent on continuous access to capital markets.

In the end, the market is watching three things: how often MicroStrategy will issue more shares, whether the mNAV premium will hold, and whether a drop in Bitcoin will force greater dilution than expected. For now, Michael Saylor is playing the strategy consistently, but the margin for error is tightening.