Lots of different takes, my take: he increases the btc you hold per share when he “dilutes”. Basically you buy the share (at a premium to btc holdings) expecting him to increase the effective btc you hold by issuing debt and shares. To me the question is whether the premium is worth it, ie paying 2x the btc you would expect at least a 2x increase in btc per share over the next few months/years.
Discussion
Thank you for the well articulated comment. Yes, the dilution is used to buy ₿ so there’ll question is, will Saylor be able to continue buying and will the ₿ on balance catch up with the premium we are currently paying for.
If Bitcoin’s price would 5X or 10X in 2025, and the shares haven’t all been created, I guess we could close that gap already in that year.