Strategy has redrawn the lines for when it will issue new MSTR shares, repurchase stock, or buy more Bitcoin—explicitly tying those decisions to its self-defined “mNAV” multiple and publishing price guardrails that anchor investor expectations. “Strategy today announced an update to its MSTR Equity ATM Guidance to provide greater flexibility in executing our capital markets strategy,” Michael Saylor wrote on X as he released a slide titled “MSTR Equity Guidance.”

The New Bitcoin Playbook By Saylor

The new framework segments actions by where the stock trades versus “mNAV,” which Strategy footnotes as the company’s enterprise value divided by its Bitcoin NAV. It also provides “implied MSTR price” signposts, stated as the share prices that would correspond to each mNAV band “all else bein

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