Michael Saylor Eases Stock-Sale Limits as Bitcoin Premium Falls

Michael Saylor is already easing the funding limits he set just weeks ago, as market swings test his bold new playbook to grow his burgeoning Bitcoin stockpile.

After vowing to curb common share sales and rely instead on an exotic financing program known as the perpetual preferred stock, Strategy Inc. is now making room to issue equity below its previous self-imposed threshold. The shift gives Saylor, the co-founder and chairman of the largest crypto treasury company, more flexibility to keep raising cash and paying bills as his company’s once-rich premium to its Bitcoin holdings shrinks.