microstrategy bought 134,000 btc per month at peak. december they bought 3,887. now sitting on $1.44b usd instead of converting to bitcoin for first time in company history. mnav below 1.0 means selling 650,000 btc becomes mathematically justified per their ceo. the bid is gone ...

Core Insights - Strategy, the world's largest corporate holder of Bitcoin, has established a $1.44 billion liquidity reserve to prepare for a potential bear market, indicating a shift in its financial strategy [1][4] - The reserve aims to cover dividend payments and interest obligations for at least 12 months, with a goal of extending this coverage to 24 months or more [2] - The company is transitioning to a dual-reserve treasury model, combining long-term Bitcoin exposure with short-term dollar liquidity to mitigate risks during market stress [3] Financial Performance - Strategy's Bitcoin accumulation has significantly slowed, with monthly purchases dropping from 134,000 BTC at the peak in 2024 to just 9,100 BTC in November 2025, and only 135 BTC added so far this month [4] - Despite the slowdown, the company made a substantial purchase of 8,178 BTC for approximately $835.5 million on November 17, increasing total holdings to about 650,000 BTC [5] - The company's stock, trading under the ticker MSTR, has a basic market capitalization of around $54 billion and an enterprise value near $69 billion, with market net asset value metrics indicating the stock trades close to the value of its Bitcoin holdings [5] Strategic Adjustments - The CEO has stated that Bitcoin sales would only be considered if the company's shares fall below net asset value and access to new financing is restricted, emphasizing that such sales would be a last resort [6]

Core Viewpoint - MicroStrategy (MSTR) has faced significant challenges, with its stock price halving from over $450 to around $155.61, reflecting a loss of investor confidence in its strategy of financing through stock issuance to invest in Bitcoin [1][3] Group 1: Company Performance and Strategy - MSTR's stock price has a high correlation of 0.97 with Bitcoin, and during the recent market turmoil, MSTR's stock fell over 50%, significantly underperforming Bitcoin's 31% decline [1] - The company's adjusted net asset value (mNAV) has dropped to 1.15, only 15% above the value of its Bitcoin holdings, nearing a critical threshold of 1.0, which poses risks for future stock issuance and could lead to severe dilution [3] - MSTR has issued a substantial amount of convertible bonds and high-yield preferred stock to support its Bitcoin investment strategy, with annual preferred stock dividend payments reaching $750 million to $800 million, leading to unsustainable financial pressure [4] Group 2: Market Dynamics and Competitors - The recent Bitcoin liquidation has severely impacted MSTR's asset value, making it difficult to sell assets without causing market panic, while the company has established a cash reserve of $1.44 billion to alleviate concerns about liquidating Bitcoin [4] - XBIT, a decentralized exchange, has gained traction as investors shift from related stocks to direct digital asset investments, highlighting its advantages in providing a stable trading environment amid market volatility [2][4] - The market is witnessing a shift towards decentralized platforms like XBIT, which offer transparency and risk management, contrasting with MSTR's reliance on a single asset and high leverage [9] Group 3: Future Outlook - MSTR faces three potential paths: a conservative approach focusing on reducing leverage and maintaining cash reserves, an optimistic scenario relying on external market recovery, or a risky strategy of increasing debt through high-yield preferred stock [6] - The company has significantly lowered its financial forecasts, setting Bitcoin's year-end target price between $85,000 and $110,000, and projecting a wide range of potential net income from a loss of $5.5 billion to a profit of $6.3 billion, indicating extreme uncertainty about its future [7] - The ongoing Bitcoin liquidation serves as a test for the risk management capabilities of digital asset-related companies, with MSTR's challenges stemming from its over-reliance on a single asset and aggressive strategies [9]

数据显示，自11月21日以来，Strategy的股价已下跌约20%，该公司市值如今已接近其所持比特币市 值。摩根大通最新指出，Strategy被剔除出主流指数的负面影响已基本体现在其股价中。该行表 示："我们认为，若MSCI决定剔除Strategy，对其股价和比特币的下行影响将有限，因为该风险已被超 额定价。反之，若1月15日MSCI作出有利决定，Strategy和比特币都可能强势反弹至10月10日前的水 平。" 智通财经APP获悉，摩根大通指出，Strategy(MSTR.US)的股价已充分反映被MSCI等主流指数剔除的风 险，指数编制公司MSCI即将公布的决定反而可能成为该股股价的上涨催化剂，即使该股被剔除仍会引 发被动资金外流。 据悉，MSCI正考虑将持有比特币或其他数字资产作为库藏资产的公司排除在其指数之外，并已就此事 征求投资界意见。MSCI表示："MSCI提议，将数字资产持仓占总资产50%及以上的公司，从MSCI全球 可投资市场指数系列中剔除。"此次意见征询期将持续至12月31日，最终决定将于2026年1月15日前公 布。 Strategy首席执行官Phong Le周二表示，已启动与MSCI的"沟 ...

Strategy Inc (NASDAQ:MSTR) is one of the stocks on Jim Cramer’s radar. Cramer highlighted the company’s debt to buy Bitcoin. He stated: “I want you to understand that Bitcoin has a peculiar, almost unknown hold, maybe I should say choke hold, on much of the market because as I painstakingly detailed in this weekend’s investing club think piece, if you add up all the crypto derivatives, it makes up a surprisingly substantial chunk of the entire stock market. Unlike equities, there’s a bet the farm aspect t ...

RT Wendy O (@CryptoWendyO)BREAKING: Michael Saylor's MicroStrategy to DUMP 650K Bitcoin in 3-Year Crypto Apocalypse? Insane $57B Holdings at Risk! https://t.co/ShzaIGhvAY ...

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Jim Cramer's newest critique centers on a familiar theme: investors expecting Michael Saylor to openly reveal what Strategy (NASDAQ:MSTR) plans to do next. What Happened: In an X post on Dec. 2, Cramer argued that Saylor operates more like a "master poker player" — someone who's survived enough crises to earn "nine lives," and who understands the power of misdirection. Don’t Miss: If there was a new fund bac ...

Market Trend & Bear Market Preparation - CryptoQuant research indicates a bear market started in early November [1] - The research expects BTC to trade in the $70 thousand–$55 thousand range next year if the bear market persists [1] Liquidity & Risk Management - MicroStrategy (MSTR) established a ~$1.44 billion USD reserve this week [1] - The reserve is intended to cover preferred dividends and debt interest, signaling bear-market preparation [1] - The USD reserve serves as a liquidity risk-management tool, built up when mNAV>1 [1] - At ~$92.7 thousand BTC, MicroStrategy can sustain operations and dividends for 3+ years [1] - BTC sales are considered only as a last resort [1]

Group 1 - Renowned investor Ross Gerber criticized Strategy Inc.'s model of holding Bitcoin, suggesting a similar model for gold purchasing [1][2] - Gerber proposed a public company that would buy gold, allowing investors to purchase shares at a "1.5x premium" to the gold's value, paralleling Strategy's shares trading at a premium to its Bitcoin value [2][3] - Gerber expressed skepticism about the sustainability of leveraged exposure in both gold and Bitcoin, indicating that the business model may not be viable [4][5] Group 2 - Strategy Inc., led by Michael Saylor, announced a $1.44 billion buffer to cover dividends and interest without relying on Bitcoin sales during downturns, reflecting concerns about its business model [5][6] - The company currently holds 650,000 BTC at an average price of $74,436, with Saylor admitting the possibility of selling Bitcoin if shares trade at a discount to its underlying holdings [6] - Market expert Jim Cramer suggested that Saylor might be attempting to "engineer a squeeze of a lifetime," countering his own claims about the company's resilience during significant drawdowns [7]

Market Overview - The cryptocurrency market is experiencing a significant sell-off, with Bitcoin trading 26% below its October all-time high and Ethereum down 38% [2] - Bitcoin's current price is $92,962.55, reflecting a 13.47% decline over the past 30 days, while Ethereum is priced at $3,059.35, down 17.57% in the same period [3] Notable Investors - Michael Saylor's Strategy Inc. has purchased 8,795 BTC in the last 30 days, totaling $817 million, and holds 650,000 BTC valued at $60.45 billion, making it the largest corporate holder of Bitcoin [4] - El Salvador has acquired 1,122.19 BTC worth $104.24 million for its national reserves, including a notable purchase of 1,090 BTC in one day [5] - Strive Inc., founded by Vivek Ramaswamy, has bought 1,567 BTC in the last month, increasing its total to 7,525 BTC valued at nearly $700 million [6] Ethereum Accumulation - Bitmine Immersion Technologies Inc. has aggressively increased its Ethereum holdings, purchasing 331,064 ETH in the last 30 days, bringing its total to 3.72 million ETH valued at almost $11 billion [8] Legislative Interest - Senator David McCormick disclosed purchasing shares of the Bitwise Bitcoin ETF ahead of Thanksgiving, indicating growing interest from lawmakers in cryptocurrency investments [9]