Just past mid-August, Michael Saylor threw a "bombshell" into the crypto circle—his helm of Strategy (formerly MicroStrategy, which everyone is more accustomed to calling MSTR) announced: a new acquisition of 3,081 bitcoins, costing approximately $357 million!
After this operation, MSTR's total Bitcoin holdings soared to 632,457 coins, and more importantly—officially exceeding 3% of BTC's total supply! It's worth noting that just at the beginning of August, Saylor mentioned a "goal of acquiring 3%-7% of BTC's supply," and now, in just half a month, they've secured the 3% milestone, which has left many fans astonished by this execution.
Where does the money come from? Selling MSTR stock to cash out $310 million! Fans are arguing over "dilution" vs "strategy."
What deserves more attention is the "source of funds" for this round of currency accumulation—according to the filing submitted to the SEC by Strategy, the company quietly sold 875,301 shares of MSTR common stock in the past 7 days, cashing out exactly $310 million, almost all of which was used to buy BTC.
This operation perfectly aligns with Saylor's recent "ATM market acquisition" strategy—even when MSTR's "per share net asset premium (mNAV)" fell below 2.5 times, he still insisted on "selling stock to buy cryptocurrency." But fans are in an uproar:
Opposition: "Isn't this diluting shareholder equity? Selling company stock to buy BTC, what if BTC drops, and both the stock and cryptocurrency suffer losses?"
Supporters: "This is Saylor's old tactic! Using MSTR's liquidity to exchange for scarce BTC, in the long run, as BTC rises, MSTR's stock price will eventually follow—this is a precise strategic layout!"
Good news: Is MSTR's push for the S&P 500 promising? Analysts say "it's long overdue!"
Controversy aside, MSTR's "profile" is still rising. Well-known MSTR analyst Jeff Walton recently called out to fans: "MSTR should have been included in the S&P 500 a long time ago!"
The reasons he provided are very solid:
Liquidity maximized: MSTR is now the "14th largest publicly traded stock in the U.S. by trading volume," with trading activity higher than many S&P component stocks.
Strong market capitalization: MSTR currently has a market capitalization of $97.6 billion, ranking 106th among U.S. publicly traded companies.
Candidate qualification secured: It has been on the S&P 500 Index's "candidate list" for 39 consecutive days.
However, the SEC has not yet officially announced when MSTR will be included in the index, and many fans are already waiting to see if "the day MSTR enters the S&P 500 will lead BTC to surge again."
Risk warning: BTC down 10%, MSTR down 20%! Stock price falls below key support for the year.
But behind the celebration, risk signals are also flashing—recently BTC corrected, and MSTR's stock price dropped even more severely!
Here's what happened: A few days ago, BTC dropped from $124,000 to $110,000, a decline of just over 10%, and as a result, MSTR's stock price plummeted from $457 to $325, a drop of nearly 20%, exactly double that of BTC!
In fact, this isn't surprising—fans who understand the industry know that MSTR, holding nearly 630,000 BTC, is essentially making a "2x leveraged bet on BTC," with its volatility always exceeding that of BTC. However, the more dangerous situation this time is that MSTR's stock price has fallen below the 200-day simple moving average (SMA), which is a "lifeline" it hasn't lost for the entire year of 2025!
What fans are most worried about now is: If BTC drops below $110,000 again, can MSTR's $325 support hold?
