The reversal is imminent, not a bear market!

Mstr has bought another 10,000 large pancakes, where did the money come from? I saw someone say it might be using the funds from the $1.44 billion USD reserve announced on December 1. I checked, and it's not actually the case. Currently, Mstr's financing mainly comes from two sources: 1. ATM program continuously issuing: This is MSTR's core equity financing tool, used for flexibly selling stocks to raise funds to purchase BTC or build reserves. As of December 2025, the remaining unused capacity of this program is approximately $13.45 billion (common stock), and over $26 billion in preferred stock and structured product capacity (such as STRK, STRF, STRC, STRD series).

2. Issuance of convertible senior notes: MSTR uses 0% interest convertible bonds as low-cost leverage, which investors can convert into stocks or cash. In February this year, they completed the issuance of $2 billion of 0% convertible senior notes, maturing in 2030, for BTC accumulation.

According to the announcement, Mstr first sold Class A common stock through the ATM on December 1 to establish a $1.44 billion USD reserve for paying preferred stock dividends and debt interest (targeting coverage of at least 12 months, with future expansion to 24 months).

Then, 7 days after December 1, they sold common stock and STRD preferred stock again through the ATM program, netting $963 million for BTC purchases. This part is MicroStrategy's typical “raise funds → immediately buy BTC” operation, with almost all funds converted into Bitcoin.

The previous $1.44 billion USD actually hasn't been touched but remains in the company account as a cash buffer to reduce the risk of being forced to sell stocks or issue new bonds to pay dividends/interest in the future. Mstr likely hopes investors see that even if Bitcoin prices drop significantly, they have enough USD cash to pay dividends and interest without having to sell Bitcoin or significantly dilute common stock. This is part of the initiative to improve capital structure and reduce risk.

Although both amounts come from selling common stock (some also preferred stock) through the ATM, the purposes and fund directions of the two transactions are completely independent, representing two separate operations.

Returning to the discussion about Mstr at the beginning of the month, it seems there is one point that needs correction: the propeller of the Mstr model comes from its bond issuance capacity. Now, the bond issuance capacity and the ability to issue stocks at market price through the ATM should both be present. As long as bonds can be issued and common and preferred stocks can be sold, then this propeller is still in motion. #美国宏观经济数据上链 $BTC