In key regulatory filings, Saylor outlined a new equity-strategy framework tied to MSTR’s market NAV (mNAV): below 2.5× mNAV, Strategy will issue shares tactically (to pay interest/dividends), between 2.5×–4.0× mNAV it will opportunistically issue shares to buy more Bitcoin, and above 4.0× mNAV it will actively issue shares to bulk up the bitcoin stack