Ran Neuner: MicroStrategy should stop buying BTC until the 'storm' passes

Ran Neuner, host of CNBC's CryptoTrader, has argued that MicroStrategy should halt its Bitcoin purchases until the current market turmoil subsides, responding to CEO Michael Saylor's recent hint at another acquisition. In a post on X, Neuner contended that the funds for the latest purchase did not come from the company's preferred stock (STRC), leading to the dilution of MicroStrategy (MSTR) common stock for the third consecutive week through a capital increase. He pointed out that when MSTR trades below its mNAV—the ratio of its market value to its net asset value—selling stock to buy BTC results in a decrease in the amount of Bitcoin held per share. Neuner suggested Saylor's push to buy more BTC could stem from either an obsession with continuing to buy regardless of the cost or a fixation on meeting targets to satisfy analysts and credit rating agencies.