Saylor is getting desperate.

A "$25M repurchase" of $STRC is nothing more than virtue signaling.

It's the same type of move as the small BTC purchases in early June.

Strategy sold another $544M of $MSTR ATM last week, once again diluting the common shareholders.

Bitcoin per share has continued to tank since June 1st. Reminder that in May, this was still the metric they preached as one of their primary value propositions.

They still have billions of dollars worth of convertible debt that needs to be figured out in the next couple of years, because as long as they continue diluting common shareholders in the way they are it's improbable the share price ever appreciates to the point of conversion.

We've seen them sell *some* Bitcoin so far, but the likelihood of seeing larger, more frequent sales only increases as the premium continues to compress.

The unfortunate part is, the next leg lower for the premium will more than likely coincide with a leg lower in BTC.

I don't expect anything as drastic as Strategy collapsing in an FTX type of style, but it's difficult to see a real end in sight to the dilution MSTR shareholders are currently experiencing.

If you're bullish on #Bitcoin, quit trying to outperform it by buying a stock another man can print at anytime he wants and just buy BTC instead.