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Generally, Yes - there are more shares that have been issued.
If you had 10 shares of a company that had 100 total shares, you would have 10% equity. If the company offered new shares (e.g 20 more shares to have a total of 120 shares in the market), you would have 8% (10/120)
But since he will just buy more bitcoin with it, it doesn't really dilute the other shares right? People who buy these new shares in reality buy bitcoin for MSTR. There will be more shares, but there will also be more bitcoin in the treasury.
No, there will be more shares so the existing shareholders will be diluted by the latest issuance.
Got to love inflating shares in your own company to facilitate buying an asset that can not be inflated.
Mstr is just a bitcoin etf at this point, so that logic makes less sense.
Dilution makes sense for existing investors if their overall value of their holdings has gone up. 10% of a company valued at 10M is worse than 8% of a company valued at 100M.
Does this kind of thing dilutes existing shareholders?