Strategy: Dilution Debate Meets Seasonal Weakness

Strategy (formerly MicroStrategy) is a US-based company that originally operated in the field of business intelligence software but has fundamentally transformed strategically under the leadership of Michael Saylor. Today, the company primarily positions itself as a so-called "Bitcoin Treasury Company", meaning a publicly traded vehicle that raises massive capital to invest in Bitcoin. Since 2020, Strategy has pursued an aggressive accumulation strategy that continuously raises new funds through the issuance of stocks, convertible bonds, or preferred...