Strategy’s latest stock sale to buy more Bitcoin has put investor nerves on edge, as numbers and timing raise fresh doubts about shareholder dilution and the company’s funding choices.

Strategy: Rapid Shift In Equity Policy

Based on reports, Strategy changed its public guidance on August 18 and then, within days, moved to issue a large amount of new stock.

CryptoQuant analyst JA Maartunn traced the pattern: no fresh issuance on Aug. 3, roughly $18 million on Aug. 10, about $51 million on Aug. 17 — then close to $360 million raised in a single week after the guidance change.

That sharp jump in new capital has drawn scrutiny from market watchers who worry the company is leaning on share issuance to keep buying Bitcoin.

The new rules link stock sales to something called market net as

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