MicroStrategy increased its holdings by 10,100 Bitcoins (average price of $104,080) for $1.05 billion from June 9-15, with a projected return of 19.1% by 2025. As of June 15, its total holdings rose to 592,100 BTC, with a total cost of $41.84 billion (average price of $70,666), currently showing an unrealized gain of over $22.9 billion.

Analysis by Qin Ge

Strategic Essence: Continuously validating the closed loop of 'issuing bonds to buy coins → stock price increase → pledged financing'; this round of resource purchases was funded by convertible bonds issued in May (interest rate of 0.625%), leveraging low-cost financing to accelerate position expansion; Key Risk: The asset-liability ratio has risen to 67%, and if Bitcoin falls below $50,000 (a 53% drop from the current price), it will trigger the pledge liquidation line; Market Impact: Holdings account for 3.1% of circulating supply, making it the largest corporate 'Bitcoin bank', with its cost line ($70,700) forming strong psychological support. Retail investors should be cautious of high volatility, while spot holders may consider adding positions in batches around the $70,000 cost line to avoid leveraging during price increases.