Strategizing has relaxed stock issuance rules following a historic drop in the Bitcoin premium. The company’s move comes as investor enthusiasm for its equity as a Bitcoin proxy wanes, impacting its financing strategy. 2025 data indicates that the company’s stock price has declined by 22%, while Bitcoin rose by 23%, resulting in a loss of its arbitrage advantage. This shift reflects growing pressure on their preferred method of capital acquisition – selling stock at high premiums to purchase bitcoin at a discount. The updated guidelines enable the company to issue common shares more freely, providing increased flexibility for acquiring funding and maintaining liquidity amid this changing market dynamic. However, this loosening of equity issuance rules has raised questions about the long-term sustainability of their Bitcoin-first treasury model.