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Since 2020, Michael Saylor Strategy has been buying over 350 Bitcoin $BTC per day on average.
That is relentless accumulation.
While others trade noise, Strategy keeps stacking $BTC with long term conviction.
#bitcoin #SaylorStrategy #MicroStrategy
That is relentless accumulation.
While others trade noise, Strategy keeps stacking $BTC with long term conviction.
#bitcoin #SaylorStrategy #MicroStrategy
Koome_ke:
hi follow
💥BREAKING:
Michael Saylor’s ‘strategy’ is down over $6 BILLION on its Bitcoin holdings.
$BTC
#SaylorStrategy
Michael Saylor’s ‘strategy’ is down over $6 BILLION on its Bitcoin holdings.
$BTC
#SaylorStrategy
JUST IN: Michael Saylor says 'Strategy' will be buying Bitcoin every quarter.
#NewsAboutCrypto #SaylorStrategy
$BTC
#NewsAboutCrypto #SaylorStrategy
$BTC
Michael Saylor informed CNBC one thing, Strategy plans no Bitcoin sales, even as price baiting carries large paper losses.
Saylor referred to the post as a long term position, but not trade. He opined that credit risk remains minimal unless Bitcoin falls 90 percent and remains long-term. In such pressure, he continues to predict debt refinancing to continue. CEO Phong Le also expressed a comparable opinion, indicating liquidation risk only appears in case Bitcoin is close to $8,000 by 2032.
A financial cushion also was mentioned by Saylor. He stated that the company has approximately two and a half years of cash flow to pay dividends and debt payments. He has included that net leverage is approximately 50 percent of a typical investment grade company.
Buying plans stay the same. Saylor reported that the company spent billions to buy Bitcoin and intends to make a purchase every quarter. On the week between 2 and 8, strategy reported another weekly acquisition of 1,142 $BTC . The unrealized loss is now reported to be approximately at $5.1B with the drop of Bitcoin below the average entry of the company at around 76,056.
He linked the recent swings of $MSTR shares to the pullbacks in Bitcoin, following a dismal four months decline as well as a recent leap of 25 percent in a single day. He further added that MSTR is traded on a high liquidity and options open interest has been placed among the leading in the U.S. markets. According to TradingView information, MSTR was trading at approximately $134.93 and was down 2.38 percent today.
Saylor resisted claims of miner costs of $60,000 floor and an 12 month price call. He indicated that in the coming 4-8 years, Bitcoin will outperform S&P 500 by 2-3 times.
#BTCMiningDifficultyDrop #SaylorStrategy #BTC
Saylor referred to the post as a long term position, but not trade. He opined that credit risk remains minimal unless Bitcoin falls 90 percent and remains long-term. In such pressure, he continues to predict debt refinancing to continue. CEO Phong Le also expressed a comparable opinion, indicating liquidation risk only appears in case Bitcoin is close to $8,000 by 2032.
A financial cushion also was mentioned by Saylor. He stated that the company has approximately two and a half years of cash flow to pay dividends and debt payments. He has included that net leverage is approximately 50 percent of a typical investment grade company.
Buying plans stay the same. Saylor reported that the company spent billions to buy Bitcoin and intends to make a purchase every quarter. On the week between 2 and 8, strategy reported another weekly acquisition of 1,142 $BTC . The unrealized loss is now reported to be approximately at $5.1B with the drop of Bitcoin below the average entry of the company at around 76,056.
He linked the recent swings of $MSTR shares to the pullbacks in Bitcoin, following a dismal four months decline as well as a recent leap of 25 percent in a single day. He further added that MSTR is traded on a high liquidity and options open interest has been placed among the leading in the U.S. markets. According to TradingView information, MSTR was trading at approximately $134.93 and was down 2.38 percent today.
Saylor resisted claims of miner costs of $60,000 floor and an 12 month price call. He indicated that in the coming 4-8 years, Bitcoin will outperform S&P 500 by 2-3 times.
#BTCMiningDifficultyDrop #SaylorStrategy #BTC
🚨 Bitcoin Position Update:
Michael Saylor purchased 1,142 BTC at roughly $78,815, which is above his average cost. His total holdings now stand at 714,644 BTC, acquired for $54.35B.
With Bitcoin currently around $69K, the position is still $5 million in unrealized losses.
$NKN
$GPS
#Bitcoin #BTC #CryptoNews #InstitutionalBuy #SaylorStrategy
Michael Saylor purchased 1,142 BTC at roughly $78,815, which is above his average cost. His total holdings now stand at 714,644 BTC, acquired for $54.35B.
With Bitcoin currently around $69K, the position is still $5 million in unrealized losses.
$NKN
$GPS
#Bitcoin #BTC #CryptoNews #InstitutionalBuy #SaylorStrategy
🟠 Saylor: We will buy Bitcoin forever!
Michael Saylor confirmed that the company @Strategy will continue to buy Bitcoin every quarter,
despite the paper losses on its holdings exceeding 5 billion dollars.
🗣️ He clearly stated:
«We will not sell. We will continue to buy Bitcoin.»
The bet hasn't changed…
even with the fluctuations and temporary losses.
$BTC $USDC #MicroStrategy #SaylorStrategy #bitcoin
Michael Saylor confirmed that the company @Strategy will continue to buy Bitcoin every quarter,
despite the paper losses on its holdings exceeding 5 billion dollars.
🗣️ He clearly stated:
«We will not sell. We will continue to buy Bitcoin.»
The bet hasn't changed…
even with the fluctuations and temporary losses.
$BTC $USDC #MicroStrategy #SaylorStrategy #bitcoin
🚀 SAYLOR BUYS THE DIP AGAIN
🚨 Michael Saylor’s Strategy just added 1,142 BTC worth $90M to its holdings.
While others fear volatility, Saylor sees it as the perfect chance to stack more Bitcoin through smart averaging.
📅 As of 02/08/2026
💰 Total BTC reserves: 714,644 Bitcoin
That’s a long-term conviction in action. 🔥
Support Kevli for more interesting updates 💥
#bitcoin #SaylorStrategy #CryptoNews #BuyTheDip #Write2Earn
$GPS
$FIGHT
$GUN
🚨 Michael Saylor’s Strategy just added 1,142 BTC worth $90M to its holdings.
While others fear volatility, Saylor sees it as the perfect chance to stack more Bitcoin through smart averaging.
📅 As of 02/08/2026
💰 Total BTC reserves: 714,644 Bitcoin
That’s a long-term conviction in action. 🔥
Support Kevli for more interesting updates 💥
#bitcoin #SaylorStrategy #CryptoNews #BuyTheDip #Write2Earn
$GPS
$FIGHT
$GUN
#SaylorStrategy
Sells 616,715 shares and acquires 1,142 bitcoin for 90 million dollars.
Strategy Inc (MSTR) sold 616.715 shares of its Class A common stock through its market offering program between 02.02.2026 and 08.02.2026, generating 89.5 million dollars in net income
The company used the income to acquire 1,142 bitcoin for approximately 90 million dollars, including fees and expenses, at an average purchase price of 78,815 dollars per bitcoin during the same period.
The company's market program includes various types of securities. Strategy had 1,619 million dollars available for issuance and sale of STRF shares, 3,621 million dollars for STRC shares, 20,332 million dollars for STRK shares, 4,015 million dollars for STRD shares, and 7,974 million dollars for MSTR shares under the program.
#RiskAssetsMarketShock
#BitcoinGoogleSearchesSurge
#WhenWillBTCRebound
#WhenWillBTCRebound
$DUSK
Sells 616,715 shares and acquires 1,142 bitcoin for 90 million dollars.
Strategy Inc (MSTR) sold 616.715 shares of its Class A common stock through its market offering program between 02.02.2026 and 08.02.2026, generating 89.5 million dollars in net income
The company used the income to acquire 1,142 bitcoin for approximately 90 million dollars, including fees and expenses, at an average purchase price of 78,815 dollars per bitcoin during the same period.
The company's market program includes various types of securities. Strategy had 1,619 million dollars available for issuance and sale of STRF shares, 3,621 million dollars for STRC shares, 20,332 million dollars for STRK shares, 4,015 million dollars for STRD shares, and 7,974 million dollars for MSTR shares under the program.
#RiskAssetsMarketShock
#BitcoinGoogleSearchesSurge
#WhenWillBTCRebound
#WhenWillBTCRebound
$DUSK
Saylor Hints at Strategy’s Next Move as Bitcoin Trades Near $71,000
$BTC As Bitcoin hovers near the $71,000 level, MicroStrategy co-founder Michael Saylor has once again sparked speculation about the company’s next move. Known for his unwavering conviction in Bitcoin, Saylor’s recent comments suggest that Strategy may be preparing to expand its already massive BTC holdings.
Strategy, the business intelligence firm that has effectively transformed into a Bitcoin treasury company, currently holds one of the largest corporate Bitcoin reserves in the world. Saylor has repeatedly described Bitcoin as “digital property” and the ultimate hedge against inflation, fiat currency debasement, and macroeconomic uncertainty.
With Bitcoin consolidating near a key psychological resistance, Saylor hinted that periods of price stability or short-term weakness often present strategic accumulation opportunities. While he stopped short of confirming a new purchase, his messaging aligns with Strategy’s historical pattern: buying Bitcoin aggressively during market pullbacks or sideways price action.
Market participants are closely watching Strategy’s next steps, especially as institutional interest in Bitcoin continues to grow following the approval of spot Bitcoin ETFs and increasing adoption by traditional financial players. A fresh purchase by Strategy could act as a bullish signal, reinforcing confidence among long-term investors.
However, risks remain. Bitcoin’s price near $71,000 places it close to recent highs, raising concerns about short-term volatility and potential corrections. Critics argue that aggressive accumulation at elevated levels could expose Strategy to increased downside risk if the broader market turns risk-off.
Despite this, Saylor’s stance remains unchanged. He has consistently emphasized a long-term horizon, stating that Strategy measures success not in quarters, but in decades. For Saylor, Bitcoin is not a trade — it’s a generational asset.
As the market waits for confirmation, one thing is clear: whenever Michael Saylor hints at a move, the crypto world listens. Whether Strategy buys more Bitcoin or simply reinforces its long-term commitment, its actions are likely to influence market sentiment in the days ahead.
#BTC走势分析 #Saylor #SaylorStrategy #BTC☀️
Strategy, the business intelligence firm that has effectively transformed into a Bitcoin treasury company, currently holds one of the largest corporate Bitcoin reserves in the world. Saylor has repeatedly described Bitcoin as “digital property” and the ultimate hedge against inflation, fiat currency debasement, and macroeconomic uncertainty.
With Bitcoin consolidating near a key psychological resistance, Saylor hinted that periods of price stability or short-term weakness often present strategic accumulation opportunities. While he stopped short of confirming a new purchase, his messaging aligns with Strategy’s historical pattern: buying Bitcoin aggressively during market pullbacks or sideways price action.
Market participants are closely watching Strategy’s next steps, especially as institutional interest in Bitcoin continues to grow following the approval of spot Bitcoin ETFs and increasing adoption by traditional financial players. A fresh purchase by Strategy could act as a bullish signal, reinforcing confidence among long-term investors.
However, risks remain. Bitcoin’s price near $71,000 places it close to recent highs, raising concerns about short-term volatility and potential corrections. Critics argue that aggressive accumulation at elevated levels could expose Strategy to increased downside risk if the broader market turns risk-off.
Despite this, Saylor’s stance remains unchanged. He has consistently emphasized a long-term horizon, stating that Strategy measures success not in quarters, but in decades. For Saylor, Bitcoin is not a trade — it’s a generational asset.
As the market waits for confirmation, one thing is clear: whenever Michael Saylor hints at a move, the crypto world listens. Whether Strategy buys more Bitcoin or simply reinforces its long-term commitment, its actions are likely to influence market sentiment in the days ahead.
#BTC走势分析 #Saylor #SaylorStrategy #BTC☀️
Saylor Hints at Strategy’s Next Move as Bitcoin Trades Near $71,000
Michael Saylor’s latest post - a simple but loaded “Orange Dots Matter” - is being widely read as another subtle signal pointing to Strategy’s long-term Bitcoin accumulation thesis rather than short-term price noise.
Key takeaways:
Strategy holds 713,502 BTC, one of the largest corporate Bitcoin positions globallyBitcoin is trading around $71,206, valuing Strategy’s BTC holdings at over $50 billionThe focus remains on long-term accumulation, not short-term price movementsSaylor continues to frame Bitcoin as a core balance-sheet asset, not a trading instrument
Michael Saylor’s message goes beyond symbolism when paired with the hard numbers now visible on Strategy’s own dashboard.
According to the latest data, Strategy holds 713,502 BTC, with Bitcoin priced around $71,206. At current levels, that places the firm’s Bitcoin exposure well above $50 billion, underscoring the scale of its long-term conviction. This context gives real weight to Saylor’s “Orange Dots Matter” remark - the dots are no longer just markers of past buys, but a visual record of one of the largest corporate Bitcoin positions ever assembled.
What stands out is that Saylor continues to emphasize quantity over timing. The dashboard does not highlight short-term gains, drawdowns, or trading performance. Instead, it centers on two figures only: total BTC held and the current Bitcoin price. The implication is clear - Strategy’s thesis is not about predicting tops or bottoms, but about steadily increasing Bitcoin ownership as a core balance-sheet asset.
Price action adds context to the hint
At the time of the post, Bitcoin was trading around $71,100, down roughly 0.4% on the day, but still up about 2.5% over the past 24 hours, despite remaining nearly 8% lower on the weekly timeframe. With Bitcoin’s market capitalization hovering near $1.42 trillion, the price sits well above Strategy’s long-term average entry, reinforcing the visual message embedded in the chart.
Taken together, the timing suggests Saylor is once again downplaying short-term hesitation and reinforcing a familiar narrative: volatility fades, accumulation compounds, and the orange dots - not the headlines - tell the real story.
#SaylorStrategy
Key takeaways:
Strategy holds 713,502 BTC, one of the largest corporate Bitcoin positions globallyBitcoin is trading around $71,206, valuing Strategy’s BTC holdings at over $50 billionThe focus remains on long-term accumulation, not short-term price movementsSaylor continues to frame Bitcoin as a core balance-sheet asset, not a trading instrument
Michael Saylor’s message goes beyond symbolism when paired with the hard numbers now visible on Strategy’s own dashboard.
According to the latest data, Strategy holds 713,502 BTC, with Bitcoin priced around $71,206. At current levels, that places the firm’s Bitcoin exposure well above $50 billion, underscoring the scale of its long-term conviction. This context gives real weight to Saylor’s “Orange Dots Matter” remark - the dots are no longer just markers of past buys, but a visual record of one of the largest corporate Bitcoin positions ever assembled.
What stands out is that Saylor continues to emphasize quantity over timing. The dashboard does not highlight short-term gains, drawdowns, or trading performance. Instead, it centers on two figures only: total BTC held and the current Bitcoin price. The implication is clear - Strategy’s thesis is not about predicting tops or bottoms, but about steadily increasing Bitcoin ownership as a core balance-sheet asset.
Price action adds context to the hint
At the time of the post, Bitcoin was trading around $71,100, down roughly 0.4% on the day, but still up about 2.5% over the past 24 hours, despite remaining nearly 8% lower on the weekly timeframe. With Bitcoin’s market capitalization hovering near $1.42 trillion, the price sits well above Strategy’s long-term average entry, reinforcing the visual message embedded in the chart.
Taken together, the timing suggests Saylor is once again downplaying short-term hesitation and reinforcing a familiar narrative: volatility fades, accumulation compounds, and the orange dots - not the headlines - tell the real story.
#SaylorStrategy
🪙 Michael Saylor posted the Bitcoin tracker again, hinting at buying more BTC
#MichaelSaylor
#SaylorStrategy
#SaylorSpeaks
$BTC
#MichaelSaylor
#SaylorStrategy
#SaylorSpeaks
$BTC
Saylor posted Bitcoin tracker with the tag "Orange Dots Matter."
Hinting to buy more Bitcoin tomorrow as Bitcoin is available on discount price. 👍
$BTC #SaylorStrategy
Hinting to buy more Bitcoin tomorrow as Bitcoin is available on discount price. 👍
$BTC #SaylorStrategy
Assets Allocation
Top holding
USDT
83.91%
THE FINAL CAPITULATION
The logic is simple: as long as Michael Saylor remains standing, holding his massive position in MicroStrategy, Bitcoin will not find a real bottom — only fragile bounces, short flights, relief movements that do not consolidate trends.
The market is stuck in this narrow range because there has not yet been a complete purging of institutional over-leverage. Saylor acts as a symbol; he is the largest public buyer. His breakdown — that is, the total forced liquidation of his positions — would represent what is called the final capitulation.
Final capitulation is not the moment when the market forces the last defender to drop the shield.
It is when the largest buyer turns into the largest seller, not by choice, but because the system squeezes him to the limit.
Why does this matter?
Because as long as the largest holder is not wiped off the board, the market remains congested. The true selling pressure — the one that cleans everything, zeroes leverage, and returns liquidity — has not yet occurred. Without this flush, Bitcoin remains in this pattern:
— Long lateralization
— Short spikes that do not hold
— Fragile structure
The market awaits the last candle.
It waits for the final sigh of the giant.
And only after that, historically, does the next macro leg begin.
The theory is harsh, but it makes sense:
if the largest leverage anchor is not removed, there is no room for a new clean and sustainable trend.
The final capitulation is the deep cut before healing.
It is the silent realignment of forces.
Only after it does Bitcoin truly start to breathe again.
$BTC #SaylorStrategy #strategy #Capitulation
The logic is simple: as long as Michael Saylor remains standing, holding his massive position in MicroStrategy, Bitcoin will not find a real bottom — only fragile bounces, short flights, relief movements that do not consolidate trends.
The market is stuck in this narrow range because there has not yet been a complete purging of institutional over-leverage. Saylor acts as a symbol; he is the largest public buyer. His breakdown — that is, the total forced liquidation of his positions — would represent what is called the final capitulation.
Final capitulation is not the moment when the market forces the last defender to drop the shield.
It is when the largest buyer turns into the largest seller, not by choice, but because the system squeezes him to the limit.
Why does this matter?
Because as long as the largest holder is not wiped off the board, the market remains congested. The true selling pressure — the one that cleans everything, zeroes leverage, and returns liquidity — has not yet occurred. Without this flush, Bitcoin remains in this pattern:
— Long lateralization
— Short spikes that do not hold
— Fragile structure
The market awaits the last candle.
It waits for the final sigh of the giant.
And only after that, historically, does the next macro leg begin.
The theory is harsh, but it makes sense:
if the largest leverage anchor is not removed, there is no room for a new clean and sustainable trend.
The final capitulation is the deep cut before healing.
It is the silent realignment of forces.
Only after it does Bitcoin truly start to breathe again.
$BTC #SaylorStrategy #strategy #Capitulation
JC_AS:
Michael Saylor possui aproximadamente 3,4% de btc em circulação, é muito pouco para fazer um revez no mercado.
#SaylorStrategy
MicroStrategy soars 24% after the bitcoin rebound.
Shares of MicroStrategy Incorporated (MSTR) soared 24.0%, marking a violent recovery after plummeting 17% the previous day.
The movement was a direct reflection of the chaos in the cryptocurrency markets, where Bitcoin fell below $67,000 before surpassing $70,000 again within hours.
Investors are treating MicroStrategy like a leveraged Bitcoin ETF, with shares moving 2-3 times faster than the underlying asset due to its enormous treasury fueled by debt.
During the fourth-quarter earnings presentation, CFO Andrew Kang revealed that the company currently holds 713,502 Bitcoin, representing approximately 3.4% of all Bitcoin that will ever exist.
Despite reporting a net loss of $12.6 billion due to the fair value accounting of its cryptocurrencies.
#WhenWillBTCRebound
#BitcoinGoogleSearchesSurge
$DUSK
$BTC
$BANANAS31
MicroStrategy soars 24% after the bitcoin rebound.
Shares of MicroStrategy Incorporated (MSTR) soared 24.0%, marking a violent recovery after plummeting 17% the previous day.
The movement was a direct reflection of the chaos in the cryptocurrency markets, where Bitcoin fell below $67,000 before surpassing $70,000 again within hours.
Investors are treating MicroStrategy like a leveraged Bitcoin ETF, with shares moving 2-3 times faster than the underlying asset due to its enormous treasury fueled by debt.
During the fourth-quarter earnings presentation, CFO Andrew Kang revealed that the company currently holds 713,502 Bitcoin, representing approximately 3.4% of all Bitcoin that will ever exist.
Despite reporting a net loss of $12.6 billion due to the fair value accounting of its cryptocurrencies.
#WhenWillBTCRebound
#BitcoinGoogleSearchesSurge
$DUSK
$BTC
$BANANAS31
From 3.5× Bitcoin Gains to Dilution Danger: The Real Risk Inside MSTR 🔚
⬆️ The wrong mental model
Most investors think like crypto holders (direct ownership = safety), but in stocks, what matters is the number of satoshis per share (satoshis per share or BTC-per-share)
If the company buys additional Bitcoin at a rate of 10% but issues new shares at a rate of 20%, your share decreases despite the increase in total holdings
_ Dilution equals selling Bitcoin indirectly
Since 2020, diluted shares increased from 124.5 million to 364.8 million (growth ~193%), while the Bitcoin share per share grew ~3.5 times (from ~56,600 to ~195,700 satoshis).
But this "magic" depends on selling shares at a large premium (premium) above the Bitcoin value (NAV)
In Q4 2025, holdings rose ~5% but shares ~8%, so BTC-per-share decreased by 2-3% for the first time, despite buying more.
Issuing shares at a discount (less than NAV) = selling Bitcoin at an economic loss.3. The new layer: Perpetual preferred shares (Perpetual Preferred)
In 2025, Strategy issued preferred shares (STRK and STRF) worth ~8.39 billion dollars, with annual dividend obligations ~700+ million dollars (8-10%).
Annual software revenues ~468 million only, meaning a deficit ~232+ million annually.
The solutions: Selling Bitcoin (breaks the HODL promise)
Issuing additional common shares (dilution)
Consuming the cash reserve (~1.44 billion, runs out in ~6 years approximately)
Common shareholders are now paying high yields to preferred investors (senior claims).
_ There is no "liquidation price" but the danger is real
No secured debts or margin that forces immediate sale, but the danger is the slow death spiral: The premium disappears → stock price ≤ NAV
The need to pay dividends and debts → issuing cheap shares
Decline in BTC-per-share → panic → bigger decline → more dilution.
It happened partially in 2022 (the stock reached 0.7× NAV).
_ The three-amplifier system (that breaks down)
Stock performance depends on: Bitcoin price
BTC-per-share growth (accretive issuance)
Expansion/contraction of the premium
In a rising market: the amplifiers compound → big outperformance
In a falling/sideways market: they reverse → catastrophic underperformance
In Q4 2025, the second amplifier broke ⬇️
⬆️ The essential numbers Total Bitcoin growth: 10.1×
Shares growth: 2.9×
BTC-per-share growth: 3.5× (for long-term holders)
Current premium: ~0.94× NAV (below value)
Average Bitcoin cost: ~$76,052 (current price ~$72,000 → losses on recent purchases) ⬇️
⬆️ The ticking debt clock
Convertible debts ~8.2 billion, first maturity June 2028 (30 months).
If Bitcoin does not rise enough: either cash repayment (burns the reserve), refinancing at higher interest, or issuing shares (massive dilution).8. Governance
Saylor controls 68% of the votes with only 6.3% of the economic ownership (Class B shares). His decisions (like issuing more preferred) cannot be challenged. Shareholders have no real voice.9. The four scenarios Roaring bull ($150K+): big outperformance (2-3× Bitcoin performance)
Moderate bull ($100-120K): performance close to Bitcoin with slight drag
Sideways/flat ($60-80K): underperformance 10-20% due to dilution and costs
Bear ($40K-): losses 60-75%+ (historical beta 3-4×)
1_ The comparison and common illusions
Strategy is not a 2× ETF (fixed and transparent). It is variable and discretionary leverage (human-managed), with debt risks, dilution, and concentrated governance
The illusions: "As long as they don't sell Bitcoin = no loss" → dilution reduces your share.
"Debt doesn't matter if Bitcoin rises" → timing and magnitude matter
"Like 2× ETF" → completely different
_ The only important number
Follow BTC-per-share on saylortracker monthly ↩️
It rises → the model works
It is flat → neutral
It falls → dilution dominates (as happened Q4 2025)
The conclusion and advice
Strategy is not "safe Bitcoin" or "tax-improved". It is a high-risk bet on: Fast rise of Bitcoin
Saylor's perfect execution
Continuation of the premium and open markets
It succeeded amazingly 2020-2024 (3.5× growth in BTC-per-share), but the premium collapsed, and the model stopped/broke in 2025
If you want simple 1:1 exposure → buy Bitcoin or spot ETF
If you want leverage → understand that you are sitting at a poker table run by Saylor, and the chairs may decrease even if the pot grows
The decisive question: Does your Bitcoin share increase or decrease over time? 🤔
#Saylor #SaylorStrategy #WhenWillBTCRebound #JPMorganSaysBTCOverGold
Most investors think like crypto holders (direct ownership = safety), but in stocks, what matters is the number of satoshis per share (satoshis per share or BTC-per-share)
If the company buys additional Bitcoin at a rate of 10% but issues new shares at a rate of 20%, your share decreases despite the increase in total holdings
_ Dilution equals selling Bitcoin indirectly
Since 2020, diluted shares increased from 124.5 million to 364.8 million (growth ~193%), while the Bitcoin share per share grew ~3.5 times (from ~56,600 to ~195,700 satoshis).
But this "magic" depends on selling shares at a large premium (premium) above the Bitcoin value (NAV)
In Q4 2025, holdings rose ~5% but shares ~8%, so BTC-per-share decreased by 2-3% for the first time, despite buying more.
Issuing shares at a discount (less than NAV) = selling Bitcoin at an economic loss.3. The new layer: Perpetual preferred shares (Perpetual Preferred)
In 2025, Strategy issued preferred shares (STRK and STRF) worth ~8.39 billion dollars, with annual dividend obligations ~700+ million dollars (8-10%).
Annual software revenues ~468 million only, meaning a deficit ~232+ million annually.
The solutions: Selling Bitcoin (breaks the HODL promise)
Issuing additional common shares (dilution)
Consuming the cash reserve (~1.44 billion, runs out in ~6 years approximately)
Common shareholders are now paying high yields to preferred investors (senior claims).
_ There is no "liquidation price" but the danger is real
No secured debts or margin that forces immediate sale, but the danger is the slow death spiral: The premium disappears → stock price ≤ NAV
The need to pay dividends and debts → issuing cheap shares
Decline in BTC-per-share → panic → bigger decline → more dilution.
It happened partially in 2022 (the stock reached 0.7× NAV).
_ The three-amplifier system (that breaks down)
Stock performance depends on: Bitcoin price
BTC-per-share growth (accretive issuance)
Expansion/contraction of the premium
In a rising market: the amplifiers compound → big outperformance
In a falling/sideways market: they reverse → catastrophic underperformance
In Q4 2025, the second amplifier broke ⬇️
⬆️ The essential numbers Total Bitcoin growth: 10.1×
Shares growth: 2.9×
BTC-per-share growth: 3.5× (for long-term holders)
Current premium: ~0.94× NAV (below value)
Average Bitcoin cost: ~$76,052 (current price ~$72,000 → losses on recent purchases) ⬇️
⬆️ The ticking debt clock
Convertible debts ~8.2 billion, first maturity June 2028 (30 months).
If Bitcoin does not rise enough: either cash repayment (burns the reserve), refinancing at higher interest, or issuing shares (massive dilution).8. Governance
Saylor controls 68% of the votes with only 6.3% of the economic ownership (Class B shares). His decisions (like issuing more preferred) cannot be challenged. Shareholders have no real voice.9. The four scenarios Roaring bull ($150K+): big outperformance (2-3× Bitcoin performance)
Moderate bull ($100-120K): performance close to Bitcoin with slight drag
Sideways/flat ($60-80K): underperformance 10-20% due to dilution and costs
Bear ($40K-): losses 60-75%+ (historical beta 3-4×)
1_ The comparison and common illusions
Strategy is not a 2× ETF (fixed and transparent). It is variable and discretionary leverage (human-managed), with debt risks, dilution, and concentrated governance
The illusions: "As long as they don't sell Bitcoin = no loss" → dilution reduces your share.
"Debt doesn't matter if Bitcoin rises" → timing and magnitude matter
"Like 2× ETF" → completely different
_ The only important number
Follow BTC-per-share on saylortracker monthly ↩️
It rises → the model works
It is flat → neutral
It falls → dilution dominates (as happened Q4 2025)
The conclusion and advice
Strategy is not "safe Bitcoin" or "tax-improved". It is a high-risk bet on: Fast rise of Bitcoin
Saylor's perfect execution
Continuation of the premium and open markets
It succeeded amazingly 2020-2024 (3.5× growth in BTC-per-share), but the premium collapsed, and the model stopped/broke in 2025
If you want simple 1:1 exposure → buy Bitcoin or spot ETF
If you want leverage → understand that you are sitting at a poker table run by Saylor, and the chairs may decrease even if the pot grows
The decisive question: Does your Bitcoin share increase or decrease over time? 🤔
#Saylor #SaylorStrategy #WhenWillBTCRebound #JPMorganSaysBTCOverGold
$BTC BREAKING: Micheal Saylor's $MSTR just pumped 31% in the last 16 hours, adding nearly $10 Billion to its market cap.$CYBER
They are now sitting at -$3.93 billion in unrealized loss on their Bitcoin position.
#Saylor
#SaylorStrategy
#MSTR
#MarketCorrection
#WhenWillBTCRebound
They are now sitting at -$3.93 billion in unrealized loss on their Bitcoin position.
#Saylor
#SaylorStrategy
#MSTR
#MarketCorrection
#WhenWillBTCRebound
Saylor’s MicroStrategy And Tom Lee’s BitMine Has $17.4B In Combined Unrealized Losses On Bitcoin And Ethereum Holdings After Market Crash🤡
DIAMOND HANDS GETTING STRESS TESTED HARD 😅
MSTR: 713,502 BTC Avg: $76,052
BMNR: 4,285,125 ETH Avg: ~$3,849
$MSTR #Saylor #SaylorStrategy
DIAMOND HANDS GETTING STRESS TESTED HARD 😅
MSTR: 713,502 BTC Avg: $76,052
BMNR: 4,285,125 ETH Avg: ~$3,849
$MSTR #Saylor #SaylorStrategy
#SaylorStrategy
The strategy shows a loss of $6.5 billion in BTC, but continues to operate at a premium over the value of its assets
Before the fourth-quarter earnings report tonight, shares fall another 13% while bitcoin retreats to $68,000.
Michael Saylor and his team could continue issuing common shares to acquire more bitcoin, without this measure necessarily being dilutive to shareholders.
Strategy (MSTR), the largest public corporate holder of bitcoin BTC in the world, is experiencing a rapid increase in the losses of its vast holdings.
The company currently holds 713,502 BTC at an average acquisition price of $76,052. With spot bitcoin trading at $68,000, this represents an unrealized loss of nearly $6.5 billion, or approximately 12% relative to that average cost.
$BTC
$BNB
$SOL
The strategy shows a loss of $6.5 billion in BTC, but continues to operate at a premium over the value of its assets
Before the fourth-quarter earnings report tonight, shares fall another 13% while bitcoin retreats to $68,000.
Michael Saylor and his team could continue issuing common shares to acquire more bitcoin, without this measure necessarily being dilutive to shareholders.
Strategy (MSTR), the largest public corporate holder of bitcoin BTC in the world, is experiencing a rapid increase in the losses of its vast holdings.
The company currently holds 713,502 BTC at an average acquisition price of $76,052. With spot bitcoin trading at $68,000, this represents an unrealized loss of nearly $6.5 billion, or approximately 12% relative to that average cost.
$BTC
$BNB
$SOL
🚨BIG BREAKING: 🇺🇸 Michael Saylor Announces Strategy Will Launch Global Effort To Upgrade Bitcoin For Quantum Security And Long Term Network Resilience.
SAYLOR MOVES BITCOIN INTO QUANTUM ERA 👀 🤯
$BTC $ETH $BNB #SaylorStrategy
SAYLOR MOVES BITCOIN INTO QUANTUM ERA 👀 🤯
$BTC $ETH $BNB #SaylorStrategy
JUST IN: Michael Saylor's Strategy currently has an unrealised loss of over $4,500,000,000 on its #bitcoin investments.
#BitcoinDropMarketImpact #SaylorStrategy
$BTC $DCR $FHE
#BitcoinDropMarketImpact #SaylorStrategy
$BTC $DCR $FHE
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