MicroStrategy faces two options: either not buy Bitcoin, or acquire 10,645 BTC at a cost of 1.15x mNAV, in exchange for a 0.2% BTC yield.

From the perspective of ordinary shareholders, management choosing the second option is wise. The reason is simple—by increasing their holdings of these BTC, they can not only add potential and flexibility to the portfolio but also better protect shareholders' interests in the long term. Although there will be short-term dilution pressure, the potential gains from the BTC positions obtained far outweigh this cost. This kind of decision-making logic is actually common in institutional allocations—using reasonable equity dilution to gain more attractive asset exposure.