Looking at MicroStrategy's recent moves, there's a real tension between aggressive Bitcoin accumulation and shareholder dilution concerns. The strategy of issuing new shares to fund BTC purchases might boost holdings, but it's water-ing down ownership stakes for existing shareholders. The numbers tell an interesting story—as the company piles into more Bitcoin, the equity base keeps expanding. For long-term holders, this raises questions: does the upside from Bitcoin appreciation outpace the dilution costs? It's a classic growth-at-what-cost scenario playing out in real time.