#SaylorBTCPurchase Quick recap of the new purchase
On May — 2025, MicroStrategy announced it bought another 12,000 BTC for ≈ $800 million (avg. ≈ $66.7 k/BTC). The firm now controls about 238,000 $BTC —over 1% of the entire supply—cementing its spot as the world’s largest corporate holder.
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1. What drives Saylor’s “Bitcoin standard” strategy?
Balance-sheet arbitrage. Saylor repeatedly taps equity & convertible-note markets at low cost, then swaps dollars for $BTC , betting that debasement boosts Bitcoin faster than his debt accrues.
Regulatory tailwinds. Spot-$BTC ETFs (approved Jan 2024) deepened U.S. liquidity and softened institutional stigma, making MicroStrategy’s monster stash look less fringe and more visionary.
A synthetic Bitcoin ETF with leverage. The company’s share price acts like a high-beta proxy on BTC; fresh buys amplify that optionality and keep the narrative hot for equity holders.
2. Why this buy still moves the needle
Metric Before buy After buy % of 21 M cap
BTC held 226 k 238 k 1.13 %
Book cost $10.6 B $11.4 B —
Market value* $15.0 B $15.9 B —
*at $66.7 k/BTC
Even small percentage changes now remove thousands of coins from free float, tightening supply in a market already soaked up by ETF inflows.
3. Risks & criticisms
1. Debt stack: $4.5 B in notes; refinancing hinges on bullish sentiment.
2. Single-asset exposure: 99 + % of treasury in BTC—no hedge if Bitcoin stalls.
3. Accounting quirks: U.S. GAAP still forces impairment charges on downward moves, making earnings volatile and potentially scaring conservative investors.
4. The broader signal
Saylor’s cadence—roughly one big purchase per quarter—acts as a confidence anchor for other corporates debating a treasury pivot. Each announcement rekindles the “digital gold” meme and reminds markets that supply is mathematically capped while demand can grow indefinitely.
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Takeaway: Love or hate the leverage, MicroStrategy just proved (again) it isn’t done stacking sats. For Bitcoin bulls, that’s validation; for skeptics, it’s concentration risk on steroids. Either way, every Saylor buy tightens float and keeps the spotlight squarely on Bitcoin’s finite 21 million-coin ceiling