Michael Saylor has changed the strategic stock sale guidance, allowing Strategy to sell MSTR at lower mNAV levels to continue buying more Bitcoin, despite facing many opposing opinions.
This move has caused the market to divide, but Wall Street analysts still maintain a positive expectation for MSTR stock and long-term growth targets based on the Bitcoin accumulation strategy.
MAIN CONTENT
Saylor changes the guidance for selling MSTR stock to continue buying Bitcoin, regardless of mNAV decreasing.
This move has divided investors and raised concerns about instability in governance direction.
Wall Street analysts remain optimistic about MSTR with a growth potential of over 50% from the Bitcoin accumulation platform.
Why did Michael Saylor change the stock sale guidance for MSTR?
Saylor adjusts the guidance for selling MSTR stock (at the market - ATM), accepting sales even when mNAV falls below 2.5 times, in order to supplement capital to continue accumulating Bitcoin.
Strategy today announced an update to the MSTR ATM stock sale guidance to provide greater flexibility in executing the capital market strategy.
Michael Saylor, Chairman of Strategy, posted on X on August 19, 2025, source: Official X
Previously, at the beginning of August, the company had committed to selling shares only when mNAV was above 2.5 times, meaning MSTR was trading at a large premium compared to the value of the Bitcoin held. However, the new trading allows for sales when mNAV is lower, providing greater flexibility in the capital raising strategy.
According to Saylor, this decision aims to serve the long-term capitalization plan while optimizing the scale of the Bitcoin treasury amidst an unpredictable market. This demonstrates flexibility but also raises discussions about stability in commitments to shareholders.
What is MSTR's mNAV and why does it affect decisions?
mNAV (modified Net Asset Value) reflects the premium or discount at which MSTR shares are trading compared to the company's Bitcoin portfolio value.
Currently, MSTR's mNAV is only 1.59 times, down sharply from a peak of over 3.89 times last November. Selling shares at low mNAV could cause shareholder concerns because additional issuance risks diluting ownership value compared to the underlying asset of the Bitcoin treasury.
Updating the mNAV guidance made me feel uneasy when announced, and now I feel even less confident after this has been reversed. It's not a positive image and doesn't reassure me as a shareholder.
An MSTR investor on Reddit, August 19, 2025, source: Reddit
For large cryptocurrency treasuries, mNAV is an important measure to determine whether stock is trading at a premium compared to assets. Continuous policy changes regarding this index have made some investors hesitant about governance direction.
How has the market reacted to the change in stock sale guidance?
Strategy's rapid change in direction in less than a month has created mixed opinions among investors as well as financial analysts.
For me, updating the mNAV guidance gives an impression of 'unprofessionalism' and raises doubts about stability in corporate governance.
Source: Users on Crypto Twitter, August 19, 2025.
However, some experts and analysts defend the decision, stating that this is a reasonable step to ensure capital strengthens the Bitcoin treasury position against fluctuations and opportunities.
By October, all negative news, worries, and uncertainties will pass, and this move will calm down.
Jeff Walton, an analyst supporting MSTR, speaks on X, August 19, 2025.
Evidence shows that despite the debate, MSTR shares still receive positive ratings from many major analytical organizations.
What is remarkable about Strategy's plan to buy more Bitcoin?
After the guidance update, Strategy continued to buy an additional 430 Bitcoins (worth 51.4 million USD), raising total holdings to 629,376 Bitcoins (approximately 74 billion USD).
The recent Bitcoin purchase is not surprising, as Saylor had previously hinted at the possibility of further purchases on social media.
Source: Analysis on Bitcoin Treasuries, August 2025.
Despite the decrease in mNAV, continuing to buy Bitcoin contributes to increasing the total amount of cryptocurrency treasury, maintaining a leading position among the largest Bitcoin-holding enterprises globally. This strategy reinforces confidence for investors who believe in the long term and the value of accumulation.
How has MSTR stock fluctuated in response to the latest news?
In the context of Bitcoin price corrections, MSTR has dropped over 20% from the peak of 457 USD to the support level of 360 USD, reflecting the stock's sensitivity to the value of underlying assets.
However, TD Cowen maintains a positive rating (bullish rating) with a price target of 680 USD following the latest Bitcoin purchase. Additionally, there are up to 10 other Wall Street analysts also recommending a buy (buy rating), forecasting a potential increase of over 50% from the current price.
Analyst Recommendations Price Target Timing TD Cowen Buy 680 USD 8/2025 10 other organizations (according to Marketbeat) Buy +50% from current 8/2025
This is an indication that, despite short-term worries about the short-term direction and dilution, financial experts highly value long-term potential based on MSTR's Bitcoin treasury.
What is the long-term outlook for MSTR according to financial experts?
Analysts expect that if Bitcoin continues to rise in the medium and long term, the value of MSTR's treasury assets will pull the stock price up, despite short-term volatility.
The confidence of experts is reflected in strong hold and buy recommendations, based on key factors: the largest Bitcoin accumulation strategy among publicly listed companies, consistency and decisiveness in financial strategy, and the ability to leverage the digital asset market.
Frequently Asked Questions
What is mNAV and why is it important to MSTR shareholders?
mNAV is the ratio that reflects the premium/discount level when MSTR shares trade compared to the value of the Bitcoin treasury the company holds, helping shareholders to reasonably price before new issuance.
Why are investors concerned about selling shares at low mNAV?
Selling shares at low mNAV could dilute existing shareholders' interests, reduce premiums, and undermine confidence in the management's long-term strategy.
What does buying more Bitcoin mean for Strategy?
Continuing to buy Bitcoin helps Strategy maintain a large treasury position, leverage long-term price increase opportunities, and strengthen trust with the group of investors supporting the accumulation strategy.
How do Wall Street analysts view MSTR?
Many organizations maintain a buy recommendation for MSTR, anticipating a price increase of 50% or more, based on the strategy of holding a large amount of Bitcoin and a special market position.
Do MSTR stocks fluctuate along with Bitcoin prices?
Bitcoin price volatility often directly affects MSTR stock price due to the large proportion of Bitcoin treasury assets in the company's asset structure.
Is Saylor still committed to the long-term Bitcoin strategy?
Saylor continuously reaffirms his focus on accumulating Bitcoin, despite short-term controversies, asserting a long-term direction with digital assets.
Is the change in stock sale guidance still controversial?
The controversy mainly lies in the short term, while in the long term, experts still believe in the potential for Bitcoin accumulation and the flexible financial strategy of Strategy.
Source: https://tintucbitcoin.com/mstr-gay-tranh-cai-giu-muc-tieu-680-usd/
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