Michael Saylor's MicroStrategy has seen its stock price triple this year, making it the largest cryptocurrency stock, surpassing Coinbase. The company announced a plan to sell $21 billion in new shares, a move typically seen as detrimental for shareholders due to dilution of ownership. However, MicroStrategy's shares rose about 1% following the announcement, reflecting strong investor confidence in Saylor's strategy to leverage the proceeds for significant bitcoin purchases. The firm's market capitalization was about $50 billion at the time of the announcement, indicating a potential dilution of approximately one-third yet shareholders are enthusiastic about increased bitcoin holdings per share. This approach, described as an 'accretive dilution strategy', allows MicroStrategy to raise capital flexibly while affirming shareholder value through bitcoin acquisition. The stock sale represents the largest at-the-market equity offering ever recorded, and the acceptance of share dilution at regular prices demonstrates the unique mindset of MicroStrategy investors, who view such moves positively, anticipating growth in the company's bitcoin reserves.

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