This is a good message for everyone, especially those who don't understand how this works. The point I was making here is that people often throw around the word “dilution” without properly qualifying it. Typically, when a company issues more shares of its own stock, it decreases both the percentage of ownership stake represented by each common share and the value per share. In @Strategy’s case, when they issue more shares to buy Bitcoin, they are still decreasing the percentage of ownership stake represented by each common share. However, each share is also worth more money because they are acquiring Bitcoin at a discount using their shares that trade at a premium to NAV (greater than 1x mNAV). When the company issues shares specifically to pay dividends or service other debt, then it is true economic depreciation.