Equity dilution and value-added effect: When MicroStrategy issues new shares at a higher valuation to purchase Bitcoin, although it will dilute the proportion of shareholders' holdings, the total amount of Bitcoin it holds will also increase. If the market price of the company's shares at the time of issuance is much higher than the intrinsic value of its Bitcoin holdings, the company will purchase more Bitcoin through financing, thereby increasing the BTC/Share ratio. This effect is particularly evident when the company's shares trade at a high multiple of its Bitcoin holdings.

Bitcoin Multiple Effect: MicroStrategy's stock price is usually expressed as a multiple of its Bitcoin holdings (MSTRMultiple). When MSTR trades at a higher multiple, the ability to obtain more Bitcoin through the issuance of new shares is enhanced, thereby further increasing the number of Bitcoins represented by each share, indirectly increasing the company's value.

This highlights MicroStrategy's unique strategy of leveraging its high stock valuation to accelerate Bitcoin accumulation, creating a self-reinforcing cycle where increased BTC holdings drive up the stock price, which in turn enables the company to acquire even more Bitcoin, effectively supercharging its growth.