Michael Saylor’s Strategy has doubled down at a moment most traders are stepping back. While Bitcoin slipped below $90,000 and fear took over the market, the company has now added 130 BTC for $11.7 million, pushing its total stack to a staggering 650,000 BTC.
It’s a bold move as a more delicate story unfolds behind the scenes.
A Fresh Buy in a Fear-Soaked Market
Strategy picked up the Bitcoins at an average price of $89,960, locking in a 24.6% YTD BTC yield across its portfolio. The purchase wasn’t entirely a surprise – Saylor had teased it with a simple but telling message on X: “What if we start adding green dots?”
That hint came just days after Strategy paused buying following a big move: 8,178 BTC for $836 million, funded through its STRE offering. Yet the timing matters.
With the Fear & Greed Index sitting at 20, this is accumulation against the current.
A $1.44B Cash Wall Goes Up
Alongside the buy, Strategy announced a $1.44 billion USD reserve designed to protect dividend payments on its preferred stock and cover interest on outstanding debt. The company wants at least 12 months of coverage locked in and eventually 24 months or more.
This reserve was funded through the sale of MSTR shares via its ongoing at-the-market offering.
It ties directly into comments from CEO Phong Le, who recently acknowledged that a Bitcoin sale is possible if liquidity tightens.
For the First Time, a BTC Sale Isn’t Unthinkable
Le laid out the exact conditions:
- MSTR’s stock trades below 1x mNAV, and
- the company can’t raise capital.
If both hit, Bitcoin becomes a liquidity tool.
Why This Moment Matters
Strategy has long been the institutional emblem of “HODL forever.”
Now the narrative gains a new layer: conviction backed by massive reserves, but with a clear kill-switch if the math stops working. In a market already on edge, that threshold becomes a metric the entire crypto sector will be watching.
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