MicroStrategy just increased the scale of zero-coupon convertible notes to $2.6 billion (SEC document confirms), and some funds are directly betting on Bitcoin! This move can be called the ultimate carnival of 'corporate-level leveraged gamblers' — betting on BTC with Wall Street's money, winners go to clubs, losers go to sea.
1. Data speaks: BTC holdings have exceeded 550,000 coins, the cost price hides dangers.
Explosive holding scale: As of May 2025, MicroStrategy's total holdings reached 555,450 BTC (accounting for 2.64% of circulating supply), with a market value exceeding $38.9 billion at the current price of $70,000.
Cost price inversion risk: The average holding cost is about $62,428, but the average purchase price has skyrocketed to $97,837 in the past six months — if BTC falls below $60,000, new positions will directly suffer a loss of over 30%!
Leverage is maxed out: In this $2.6 billion financing, over 70% is used to buy BTC (about 38,000 coins), combined with the previously issued $7 billion convertible bonds, the debt leverage has been amplified to the limit.
Personal opinion: On the surface, it's 'faith recharge', but in reality, it's licking blood on the blade. Corporate balance sheets are deeply tied to BTC prices, and a crash will trigger a chain liquidation.
2. Conflict escalation: Regulatory scrutiny intensifies, leverage strategies face soul-searching.
Regulatory thunderstorm warning: The U.S. SEC has recently frequently warned about the 'risks of corporate BTC holdings', lawmakers are pushing bills to restrict institutional holdings, compliance has become the number one landmine.
The curse of leveraged backlash: During the bear market in 2022, MicroStrategy suffered a loss of over $1 billion, and now the debt size has doubled; if BTC pulls back by 50%, a double whammy of stock and bond will be inevitable.
Insufficient profit generation: The company's main software business continues to be weak, cash flow relies entirely on bond issuance for survival — essentially gambling that 'BTC appreciation > financing costs'.
Emotional impact: Saylor says 'Every day is a good day to buy BTC', but his actions tell a different story — low-price private placements, high-price bond issuance, retail investors have become the fuel for holding the bag.
Bull markets are born in fear and die in leverage — don't be the last one holding the bag.
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