JUST IN: Michael Saylor's 'Strategy' buys 130 Bitcoin worth $11.7 million. ...

Strategy has acquired 130 BTC for ~$11.7 million at ~$89,960 per bitcoin. As of 11/30/2025, we hodl 650,000 $BTC acquired for ~$48.38 billion at ~$74,436 per bitcoin. $MSTR $STRC $STRK $STRF $STRD $STRE https://t.co/UkWX7PRHms ...

Financial Strategy - MicroStrategy announces the formation of a $1.44 billion USD Reserve [1] - MicroStrategy increases its BTC Reserve to 650,000 BTC [1]

Core Insights - The selloff in the market was triggered by a sudden reversal in Bitcoin's price, which erased all gains made by the digital asset in the previous week [1] Group 1 - The selloff indicates a volatile market environment for cryptocurrencies, particularly Bitcoin [1]

Bitcoin Strategy - CEO Phong Le 表示，如果公司股价跌破净资产价值且所有资本渠道消失，公司才会考虑出售比特币，将其称为数学决策而非政策转变 [1] - 公司将出售比特币视为最后的手段 [1]

Bitcoin & Digital Assets Acceptance - The financial world is increasingly accepting Bitcoin and digital assets, despite initial challenges from credit rating agencies, regulators, and Basel regulations [1] - Institutions that once assigned Bitcoin a value of zero have begun to accept it [1] Market Dynamics & Investment Opportunities - MicroStrategy believes that the free market will allocate capital to Bitcoin if it is truly superior to gold as digital capital [1] - Short-term decisions by index managers, insurers, or banks will not change the long-term trend of Bitcoin adoption, but rather create opportunities for other investors [1] Company Perspective - MicroStrategy believes that inclusion in the S&P 500 is not critical to its long-term success [1]

Core Insights - MicroStrategy CEO Phong Le has acknowledged the possibility of selling the company's 649,870 BTC holdings under specific crisis conditions, marking a significant departure from the previous "never sell" philosophy of Chairman Michael Saylor [1][2][3] Group 1: Company Strategy - The company has confirmed that selling Bitcoin is an option in its strategy toolkit if financial conditions deteriorate, although there are no near-term sales planned [2][3] - The mNAV (market value to Bitcoin holdings ratio) is currently around 0.95x, approaching the 0.9x "danger zone," indicating potential liquidity pressures [4][5] Group 2: Financial Obligations - If mNAV falls below 0.9x, MicroStrategy may be compelled to sell portions of its Bitcoin treasury to meet $750–$800 million in annual preferred share dividend payments [6] - The company previously relied on new equity issuances to cover these costs, but with stock prices down over 60% from their highs, this option is becoming limited [7] Group 3: Market Perception - Analysts suggest that MicroStrategy has transformed into a "leveraged Bitcoin ETF with a software company attached," which could amplify stress during periods of liquidity tightening or increased volatility [8]

Core Viewpoint - Strategy's recent communications have sparked speculation regarding potential changes in its bitcoin strategy, particularly concerning possible stock buybacks or bitcoin sales, as indicated by a shift in the messaging from Executive Chairman Michael Saylor [1][2]. Group 1: Company Strategy and Communications - Michael Saylor has consistently hinted at bitcoin purchases through social media, but a recent post suggesting "green dots" has led to speculation about alternative strategies, including stock buybacks or potential bitcoin sales [1]. - CEO Phong Le stated that the company has no short-term refinancing risk but indicated that if the company's multiple to net asset value falls below 1, it may need to sell bitcoin to fund dividends on its perpetual preferred equity [2]. - Any sale of bitcoin would be significant given Saylor's previous stance that "You do not sell your Bitcoin," highlighting a potential shift in the company's long-term strategy [3]. Group 2: Financial Performance and Market Position - Strategy is the largest publicly traded corporate holder of bitcoin, with nearly 650,000 BTC, but its stock price has declined by 41% year-to-date and is down about 70% from its all-time high [3]. - The decline in stock price has limited the company's ability to raise funds through common stock sales for additional bitcoin purchases, leading to a reliance on preferred share issuance [4]. - Critics have raised concerns about the company's ability to pay preferred dividends without further diluting common stockholders or selling some of its bitcoin holdings [4].

JUST IN: Strategy CEO Phong Le says $BTC would only be sold if the company’s stock falls below net asset value and funding options disappear, calling it a financial decision. https://t.co/HLcB6LaVQy ...

Bitcoin digital asset treasury (DAT) companies have been making headlines in recent weeks, and often for the wrong reasons. A sharp decline in crypto markets and over 40% slump (as of Nov. 27) in the share price of the world's largest corporate holder of bitcoin, Strategy (MSTR), this year, has led some to question the sustainability of these companies. Strategy’s steep underperformance relative to bitcoin (down about 2% this year) in recent months may be due to looming index-inclusion risk rather than c ...