MicroStrategy increased its holdings by 10,100 Bitcoins for $1.05 billion, with an average price of $104,080. Its total holdings have risen to 592,000 BTC, with a cumulative cost of $41.84 billion (average price of $70,666), currently showing a floating profit of over $22.9 billion.

Analysis by Qinge:

Strategic Closed Loop: This round of resource purchase is from the 0.625% convertible bonds issued in May, continuously validating the "bond issuance to buy coins → stock price increase → collateral financing" cycle, with leverage expansion cost being only 1/3 of the spot;

Key Risks: The debt-to-asset ratio has risen to 67%. If Bitcoin falls to $50,000 (a 53% pullback from the current price), it will trigger the collateral liquidation line, leading to a chain selling pressure;

Market Signals: Holding accounts for 3.1% of circulating supply, becoming the largest "Bitcoin bank", with an average price of $70,000 serving as strong psychological support. Retail investors should avoid high leverage; spot holders should consider adding positions in batches at the $70,000 cost line, waiting for sovereign capital (such as the Texas bill) to catalyze.