michaelsaylor

Every cycle, someone asks the same question.
When does Michael Saylor sell his Bitcoin?
And if he ever does, is that the top?
It sounds logical. Most people think in simple terms. Buy at 50k. Sell at 70k. Lock in profit. Move on.
That is not the game being played at MicroStrategy.
Saylor is not trading Bitcoin. He is structuring around it.
And that difference changes everything.
Let’s start with the numbers.
MicroStrategy has accumulated 714,644 BTC at an average price of about $76,056 per coin. That is roughly $54.3 billion deployed into Bitcoin over time.
At a Bitcoin price near $66,000, the total value of that stack sits around $47 billion.
On paper, that means the position is underwater by about $7 billion relative to cost.
Most retail investors would panic at that line alone.
But the balance sheet tells a deeper story.
MicroStrategy financed much of its Bitcoin accumulation using a mix of convertible debt, preferred stock, and equity issuance. Fixed obligations from those instruments total roughly $15.7 billion.
The key word is fixed.
Bitcoin moves. The debt does not.
That is the engine.
At $66,000 Bitcoin, the math looks like this:
Bitcoin value: about $47.2 billion.
Fixed obligations: about $15.7 billion.
Residual equity value: roughly $31.5 billion.
Now imagine Bitcoin rises to $100,000. That is about a 51 percent move from $66,000.
The Bitcoin stack would then be worth around $71.5 billion.
The debt stays at $15.7 billion.
Equity becomes roughly $55.8 billion.
That is a $24.3 billion increase in equity value.
On $31.5 billion of starting equity, that represents about a 77 percent gain.
Bitcoin goes up 51 percent.
Equity goes up 77 percent.
That difference is leverage created by structure, not margin trading.
This is where many observers miss the point.
Saylor does not need to sell Bitcoin to benefit from its appreciation. The appreciation flows through the balance sheet and magnifies equity.
And here is where the strategy gets even more interesting.
MicroStrategy’s stock often trades at a premium to its net Bitcoin value.
In simple terms, if you subtract the $15.7 billion in obligations from the Bitcoin holdings, you might calculate a net value of about $31.5 billion at current prices.
But if the stock market values the company at $40 billion, that extra $8.5 billion is premium.
Why would investors pay that?
Because they are not just buying today’s Bitcoin. They are betting on continued accumulation. They are betting on long-term conviction. They are betting that the company will keep finding ways to increase its Bitcoin holdings per share.
That premium is fuel.
If shares trade above net asset value, MicroStrategy can issue new shares at those higher prices. Investors provide capital. The company uses that capital to buy more Bitcoin.
As long as issuance happens above net value, it is accretive to existing shareholders.
More Bitcoin gets added.
The narrative strengthens.
The stock often responds.
And the cycle can repeat.
This is not guaranteed. It depends on market confidence. But when it works, it creates a powerful flywheel.
Now let’s talk about how Saylor personally benefits without selling Bitcoin.
His wealth is largely tied to company stock.
If he wants liquidity, he can sell shares. He can borrow against shares. He can use shares as collateral.
The Bitcoin stays untouched.
From a branding and strategic perspective, that matters.
Selling Bitcoin would trigger taxes, reduce holdings, and potentially damage the long-term story. The core message has always been simple: accumulate and hold.
That consistency reinforces investor belief.
But none of this is risk-free.
Right now, at around $66,000 per Bitcoin, the position is below its average cost of $76,056.
That means the company is carrying an unrealized loss relative to purchase price.
More importantly, the fixed obligations are not optional.
Between convertible notes and preferred stock, the company faces around $779 million per year in interest and dividend commitments.
That servicing cost must be managed regardless of Bitcoin’s short-term price.
Let’s stress test the model.
If Bitcoin falls to $50,000, the total value of 714,644 BTC drops to roughly $35.7 billion.
Subtract $15.7 billion in obligations, and equity falls to around $20 billion.
From $31.5 billion in equity at $66,000 Bitcoin, that is an $11.5 billion decline.
In percentage terms, equity would take a far bigger hit than Bitcoin itself.
That is the flip side of leverage.
Upside is amplified.
So is downside.
In that scenario, the stock would likely react aggressively. A 60 to 70 percent drop would not be unrealistic in a severe downturn. The premium to net asset value could disappear or even turn into a discount.
And that changes everything.
If shares trade below net value, issuing new equity becomes dilutive. Raising capital becomes harder. The accumulation engine slows.
That is when the strategy feels heavy instead of brilliant.
So when people ask, “When does he sell?” they are framing the wrong question.
The better question is: Can the structure survive volatility?
Because this strategy is not about timing tops. It is about enduring cycles.
If Bitcoin trends higher over years, the model compounds in a powerful way.
If Bitcoin collapses and stays depressed for an extended period, the balance sheet strain becomes intense.
There is very little middle ground.
For traders, this matters.
MicroStrategy stock behaves like leveraged Bitcoin plus sentiment. It can outperform in strong rallies and underperform sharply in corrections.
If you are trading it, you are trading both price and narrative.
If you are investing in it, you are accepting amplified exposure to Bitcoin through a corporate wrapper.
And if you are analyzing it, you should monitor a few key signals.
Bitcoin price relative to average cost.
The gap between stock market value and net Bitcoin value.
Debt maturities and preferred stock terms.
Annual servicing costs versus available liquidity.
Those are the pressure points.
In simple terms, MicroStrategy has turned Bitcoin into a corporate treasury strategy and a capital markets machine.
It does not rely on selling coins to realize gains.
It relies on structure.
Structure creates leverage.
Leverage creates amplified outcomes.
That is the reality.
If Bitcoin’s long-term trajectory is up, this model can look visionary.
If Bitcoin enters a prolonged bear market, the same model becomes extremely aggressive.
There is no magic here.
Just fixed obligations, a volatile asset, and market confidence.
Understanding that is far more useful than asking when Saylor sells.
Because the real bet was never about selling.
It was about building a machine that benefits from not selling at all.
#MichaelSaylor #bitcoin $MSTR $BTC

喂，兄弟們！微策略執行長 Phong Le 昨晚在彭博社放了個大招！ 以前那種「狂印股票買幣」的土豪玩法，現在直接升級成「精準制導」的金融核武！
簡單說，MicroStrategy 現在要用「魔法」來買幣了！

💡 什麼是 優先股融資？三點白話看懂：
拒絕 股權大風吹！老股東不用再被稀釋了 🛡️
以前每買一次幣，$MSTR 就像印鈔機狂噴股票，老股東手上的籌碼就變「薄」了，心裡苦啊。現在改發優先股 ( $STRC )，這東西像是一種「高級借條」，專門跟超級大戶借錢，但又不用給他們投票權。既保住了股價，又拿到了買幣的錢！Saylor：計畫通！😎「大戶收割機」啟動！11.25% 利率香不香？💰
這款 $STRC 目標就是穩死在 $100，每年還給你 11.25% 的月結股息！ 這對那些想賺穩定收益又不敢 all in 加密貨幣的「大戶」來說，簡直是降維打擊！MSTR 這招，是把全世界的閒錢都吸過來，供養比特幣，絕了！熊市也能「強行充值」！不再看市場臉色 🛒
以前 $BTC 崩盤，MSTR 股價跟著跪，想印股票募資都沒人要，尷尬癌都犯了。現在有了價格穩定在 $100 的「優先股」，哪怕市場再 FUD，MSTR 手裡依然有源源不斷的子彈，這才是真正的「跌多少買多少」！不愧是 Saylor，把「左腳踩右腳上天」玩到極致！

📌 總結：Saylor 不是在買幣，他是在蓋「比特幣央行」！
這不是要收手，這是武器升級！透過「可轉債 + 優先股 + + 現金流 + 普通股」這套組合拳，微策略已經把自己武裝成一個不論牛熊都能自動吸幣的「黑洞」！ 根本是個行走的 BTC 印鈔機！

📊 微策略核心數據清單：
➤ BTC 總持倉： 71.4 萬枚（大概快把中本聰擠下去了，牛逼！）
➤ 終極目標： 420 億美金 買幣大計（這就是 Saylor 的「21/21 計劃」！）
➤ 融資矩陣： 可轉債 + 優先股 + 現金流 + 普通股（ 彈藥充足，充值永不停止！）

🔥 大哥還在瘋狂加倉，你被洗下車了嗎？是時候信仰充值了！🚀

#MSTR  #MicroStrategy #MichaelSaylor #BTC #CryptoNews  

Trong thế giới tiền mã hóa, MicroStrategy của #MichaelSaylor từ lâu đã trở thành biểu tượng cho niềm tin sắt đá vào Bitcoin. Tuy nhiên, khi thị trường bước vào những giai đoạn rung lắc, câu hỏi về rủi ro nợ nần của công ty này lại một lần nữa được hâm nóng. Chuyện là vậy đó, để hiểu rõ liệu MicroStrategy có thực sự "bất tử" hay không, anh em cần nhìn sâu vào cấu trúc tài chính và những tuyên bố mới nhất của Saylor.
Bảng cân đối kế toán: Sức mạnh từ sự chênh lệch tài sản và nợ
Hiện tại, MicroStrategy đang nắm giữ con số kỷ lục 714.644 BTC. Với mức định giá thị trường khoảng 49 tỷ USD, số tài sản này đang áp đảo hoàn toàn khoản nợ hơn 8 tỷ USD của công ty. Chuyện là vậy đó, tỷ lệ tài sản gấp hơn 6 lần nợ giúp Saylor có một biên độ an toàn cực kỳ lớn.
CEO Michael Saylor khẳng định rằng rủi ro tín dụng hiện tại là gần như không có. Thậm chí, ngay cả khi Bitcoin giảm tới 90%, công ty vẫn có đủ thời gian và công cụ để xoay sở. Điều này đến từ việc họ đã chuẩn bị sẵn lượng tiền mặt đủ để chi trả cổ tức và các nghĩa vụ nợ trong vòng 2,5 năm tới mà không cần phải thực hiện bất kỳ lệnh chuyển nhượng BTC nào. $BTC
Chiến lược tái cấp vốn: "Vũ khí" bí mật của Michael Saylor
Nhiều anh em lo lắng về việc khi nào nợ đến hạn sẽ phải bán BTC để trả. Chuyện là vậy đó, nhưng tư duy của Saylor rất khác: Tái cấp vốn. Thay vì trả nợ bằng tài sản, họ sẽ vay khoản nợ mới để trả nợ cũ và gia hạn thêm thời gian.
Saylor tin rằng các ngân hàng sẽ tiếp tục hỗ trợ và đồng hành vì họ nhìn thấy giá trị lâu dài của Bitcoin đằng sau sự biến động. Tuy nhiên, điều này cũng đi kèm một giả định quan trọng: điều kiện tín dụng trên thị trường tài chính không được quá thắt chặt. Chuyện là vậy đó, nếu lãi suất tăng quá cao hoặc thanh khoản thị trường đóng băng, việc tái cấp vốn sẽ trở nên khó khăn và đắt đỏ hơn nhiều.
Kịch bản "Thiên nga đen": Bitcoin về 8.000 USD
Dù rất lạc quan, Saylor cũng thừa nhận nếu Bitcoin rơi về mốc 8.000 USD và đi ngang trong nhiều năm, chiến lược hiện tại sẽ cần được đánh giá lại toàn diện. Chuyện là vậy đó, đây là mức giá mà biên an toàn của họ bị xâm phạm nghiêm trọng.

Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), has reiterated that the company will continue purchasing Bitcoin “forever,” despite reporting more than $5 billion in unrealized losses from prior BTC acquisitions.
Over the past week, Strategy deployed an additional $90 million to acquire Bitcoin during an 8% market pullback. The purchase added 1,142 BTC to its balance sheet, bringing total holdings to approximately 714,644 BTC — currently valued at around $49 billion based on market prices.
However, with Bitcoin trading near $68,829, Strategy’s aggregate holdings are presently about $5.1 billion below the company’s average acquisition cost. The most recent purchase was executed at an average price of roughly $78,815 per BTC, meaning the latest tranche is also temporarily underwater, with a current market value of approximately $79.3 million versus the $90 million spent.
“We Will Not Sell”
In a recent interview with CNBC, Saylor dismissed concerns about volatility and reaffirmed the company’s long-term conviction.
“We will not sell. We will buy Bitcoin. I expect we will buy Bitcoin every quarter, forever.”
Bitcoin is currently down roughly 45% from its all-time high of $126,080 recorded in October. The drawdown has sparked renewed debate over whether Strategy — which controls an estimated 3.4% of Bitcoin’s total supply — could face pressure to liquidate assets to service debt or pay dividends.
Saylor rejected those concerns, calling them “unfounded.” According to him, the company maintains sufficient liquidity to cover debt obligations and dividend payments for approximately 2.5 years.
In December, Strategy announced the creation of a $1.44 billion USD Reserve designed specifically to support dividend payments without selling Bitcoin. The company has also strengthened its cash position through additional common stock issuances.
Risk Management and Extreme Scenarios
Addressing worst-case scenarios, Saylor stated that even in the event of a severe market downturn, the company has contingency plans in place.
“If Bitcoin drops 90% over the next four years, we would refinance our debt and extend maturities,” he said. “At $68,000 today, the price would need to fall to around $8,000 before we would even consider such measures — and even then, refinancing remains an option.”
He also dismissed the possibility of Bitcoin going to zero, emphasizing that the company’s strategy is based on long-term conviction rather than short-term price action.
Market Sentiment Remains Cautious
On prediction platform Myriad, traders currently estimate roughly a 28% probability that Strategy will sell Bitcoin before the end of 2026 — down 7 percentage points from the previous week as Bitcoin rebounded from lows near $60,000.
Meanwhile, Strategy’s stock (MSTR), often described by Saylor as “leveraged Bitcoin exposure,” fell approximately 2.7% in Tuesday’s trading session and is down nearly 66% over the past six months. Shares are currently trading around $134.58.
A High-Conviction Treasury Model
Strategy remains the largest corporate holder of Bitcoin globally, positioning its balance sheet as a long-term BTC treasury vehicle. The company continues to frame its approach not as short-term speculation, but as a structural shift toward Bitcoin as a primary reserve asset.
Whether this high-conviction strategy proves visionary or risky will ultimately depend on Bitcoin’s long-term trajectory — but for now, Saylor’s message is clear: accumulation continues, regardless of volatility.
This article is for informational purposes only and reflects a market overview. It is not financial advice. Investors should conduct their own research and assess risk before making any investment decisions.
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#BTC #MichaelSaylor #strategy