MicroStrategy revised its at-the-market equity issuance policy on 18 August, rescinding a two-week-old pledge not to sell stock at a price below 2.5 times the company’s net asset value (mNAV) except to service debt interest and preferred dividends. The new guidance allows additional share sales “when otherwise deemed advantageous to the company,” giving management broader discretion at a time when the mNAV premium has narrowed to about 1.6, according to market data cited by Protos. Under the updated framework, MicroStrategy still plans to issue shares aggressively when the premium exceeds 4.0 × mNAV to fund fresh Bitcoin purchases, but it may now tap the market at lower multiples to meet financial obligations or pursue other capital-market objectives. The adjustment comes as Bitcoin trades near $117,000 and after the company signalled interest in expanding its 628,946-coin treasury, currently valued at roughly $74 billion. Founder and chairman Michael Saylor framed the change as increasing “flexibility in executing our capital-markets strategy,” but the reversal has drawn criticism from some investors who viewed the July 31 cap as protection against dilution. MicroStrategy has about $8 billion in debt and pays cash dividends on several series of preferred stock, costs that can be covered by equity issuance when the share price commands a premium to the firm’s Bitcoin holdings.