Michael Saylor’s latest aggressive Bitcoin purchases have left analysts with more speculation than solid answers.
On the 15th of December, the firm bought 10.6K BTC, worth over $980 million. Last week, it acquired $962 million in Bitcoin.
This translated to approximately $2 billion in Bitcoin [BTC] scoops in just two weeks, and Strategy’s cumulative investment in the crypto officially crossed $50 billion.
So, why go all in despite the pending threat of MSCI index exclusion and potential outflows? Why scale BTC buys if you can be forced to liquidate them if mNAV slips below 1x?
According to analysts, Saylor was positioning for something bigger.
Michael Saylor’s new Bitcoin bet
In fact, the pace of accumulation of about 10K BTC per week signalled a “sense of urgency,” noted one analyst, Peter Duan. He posed,
“MSTR slamming the ATM with $2B of common shares in two weeks feels less like routine funding and more like a sense of urgency. Something mega bullish might be coming.”
The bold bet? A Bitcoin bank or structured BTC-backed lending programs with established banks like JPMorgan, according to analyst Hermes Lux.
Lux added,
This is the main reason Saylor is so heavily buying these past two weeks, which will likely continue through the remainder of the year at >10k BTC per week for as long as possible.”
He concluded,
“The more BTC $MSTR owns, the better this works for the banks, and the more revenue will be generated by Strategy.”
Lux noted that banks are already preparing for this ahead of the passage of the crypto market structure bill by early 2026. According to him, the MSTR stock will be the net beneficiary.
Well, this was not far-fetched. Saylor recently said that loaning BTC to banks would be the ‘endgame’ and the ‘biggest opportunity.’
“I think the big idea, big opportunity and end-game is that we will reach a point where major banks will allow you to deposit the BTC and they’ll give you 500-700 basis points of yield against it.”
He floated a similar idea during the Bitcoin MENA conference.
Critics warn of MSTR dilution
The recent BTC purchases have been largely funded by the sale of MSTR stock. In fact, for the latest bid, Strategy sold $888 million worth of MSTR shares and $82 million of STRD preferred stocks to buy BTC.
Some supported the firm’s aggressive move to acquire as much BTC as possible during the current correction. However, critics slammed the firm for the MSTR stock dilution.
Bart Mol, an analyst, posed,
“What’s the point of issuing common stock when mNAV is at best at 1.14? Hoping we’ve seen the bottom and Bitcoin rises in the coming months? Meanwhile, normal shareholders are getting diluted into oblivion.”
That said, MSTR stock dropped 8.14% after the update at closed at $162 on Monday. The decline also followed BTC’s weakening by 2% to $85k.
Final Thoughts
- Saylor’s buying spree highlighted how conviction-driven strategies can reshape both balance sheets and market expectations.
- Whether this pace signals preparation for a new institutional use case, or simply amplifies risk, remains uncertain.
