Michael Saylor has increased the share count of Strategy (formerly MicroStrategy) by more than 4x since 2020. For comparison, the next closest company in that valuation range is Wayfair with only 30% dilution. The business model relied on selling stock at a premium to buy Bitcoin, which increased the Bitcoin-per-share metric. That stopped working recently. Since the summer peak, the stock is down 72% while Bitcoin is down 51%. Selling equity now actually dilutes the Bitcoin holdings per share. To keep the metric up, they switched to issuing preferred stock with 10% dividend rates. The company is now sitting on over $8 billion in debt and has heavy dividend obligations while the business itself generates no cash.