microstrategy

L'affermazione di Michael Saylor secondo cui Strategy (ex MicroStrategy) non affronta alcun rischio di liquidazione fino a quando il Bitcoin non scende a $8,000 si basa sull'unica architettura del debito dell'azienda e su significativi buffer di liquidità. A partire da febbraio 2026, l'azienda sostiene di poter sopravvivere a una volatilità estrema perché le sue partecipazioni in Bitcoin non sono impegnate come garanzia immediata per il suo debito principale.
Come viene calcolata la soglia di $8,000
La cifra di $8,000 rappresenta il livello di "stress test" in cui il debito netto totale di Strategy sarebbe approssimativamente uguale al valore di mercato delle sue partecipazioni in Bitcoin.

MicroStrategy has built its identity around one bold move: accumulating massive amounts of Bitcoin. Under the leadership of Michael Saylor, the company transformed from a traditional software firm into what many now call a corporate Bitcoin holding vehicle.

But with Bitcoin recently trading below MicroStrategy’s average purchase price, the company’s BTC position is currently **underwater** 📉.

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## 🧾 What “Underwater” Actually Means

Being underwater simply means the current market price of Bitcoin is **below the company’s average cost basis**.

MicroStrategy holds hundreds of thousands of BTC, acquired over several years at varying prices. Its average purchase price sits above current market levels, meaning the firm is sitting on **unrealized losses** — on paper, not realized through selling.

Important distinction:
💡 These are accounting losses, not forced liquidations.
The company has not sold its core holdings.

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## 📊 Why This Matters

MicroStrategy’s stock (MSTR) moves almost like a **leveraged Bitcoin ETF**. When BTC rises, MSTR often outperforms. When BTC falls, the stock can drop harder.

Key dynamics to understand:

### 1️⃣ Volatility Multiplier

MSTR amplifies Bitcoin’s moves. That makes it attractive in bull cycles but painful in drawdowns.

### 2️⃣ Capital Strategy

The company has used convertible notes and equity offerings to finance Bitcoin purchases. That strategy works beautifully in strong markets but creates pressure when sentiment cools.

### 3️⃣ Accounting Swings

Bitcoin’s price fluctuations now directly impact earnings reports due to mark-to-market accounting rules. That increases headline volatility.

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## 🔎 The Bigger Picture

Despite being underwater, MicroStrategy has **continued accumulating Bitcoin** during dips. That signals conviction rather than retreat.

From a macro perspective:

* Bitcoin remains cyclical.
* Institutional adoption continues developing.
* Supply dynamics (including halvings) historically tighten over time.

MicroStrategy is essentially making a long-duration macro bet that Bitcoin’s long-term trajectory outweighs short-term drawdowns.

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## 🚀 Potential Going Forward

If Bitcoin reclaims levels above MicroStrategy’s average cost basis:

* Unrealized losses flip to gains.
* Balance sheet optics improve.
* Stock momentum could accelerate sharply.

If Bitcoin weakens further:

* Paper losses expand.
* Stock volatility increases.
* Sentiment pressure builds.

This is a **high-conviction, high-volatility strategy**.

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## 🧠 My Take as a Trader

This isn’t reckless — it’s aggressive positioning.

MicroStrategy is no longer just a software company. It’s effectively a Bitcoin proxy with corporate structure wrapped around it.

As a trader, I see it this way:

* 📌 In bull markets → explosive upside.
* 📌 In sideways markets → choppy.
* 📌 In bear phases → amplified downside risk.

Right now, the underwater narrative sounds dramatic, but in crypto cycles, this is normal volatility. The key question isn’t whether it’s underwater today — it’s whether Bitcoin’s long-term thesis holds.

For disciplined traders, this is a volatility instrument. For long-term believers, it’s a conviction play.

Either way, risk management is not optional. 🔐📊

$BTC
#MicroStrategy

Ehi, ragazzi! Il CEO di MicroStrategy Phong Le ha lanciato una grande novità ieri sera su Bloomberg! Quel tipo di gioco da ricchi che "stampava folle di azioni per acquistare criptovalute" è stato aggiornato a "armi finanziarie di precisione"!
In parole semplici, MicroStrategy ora utilizzerà la "magia" per acquistare criptovalute!

💡 Cos'è il finanziamento tramite azioni privilegiate? Ecco tre punti per capirlo:
Rifiutiamo il grande vento in poppa delle azioni! Gli azionisti storici non verranno più diluiti 🛡️
Una volta ogni volta che acquistavi criptovalute,
era come se una macchina per stampare denaro spruzzasse azioni, i titoli in mano agli azionisti storici diventavano "sottili", che dolore. Ora emettono azioni privilegiate ($STRC), questa cosa è come un "prestito di alto livello", specificamente per prendere in prestito denaro dai grandi investitori, ma senza dover dare loro diritti di voto. Così si mantiene il prezzo delle azioni e si ottiene il denaro per acquistare criptovalute!