saylor

🚨 緊急ニュース: マイクロストラテジーが12月の下落を利用して大規模なビットコイン取得を実施 🚨
2025年12月23日 | 11:51 PM EST | ニューヨーク市、ニューヨーク
マイクロストラテジーは、12月末の最近の価格修正を利用して、法人ビットコイン保有の大幅な拡大を正式に確認しました。 📈🐳💎
$WCT
エグゼクティブチェアマンのマイケル・セイラーの指導の下、同社は利用可能な現金準備金と株式収益を活用して、世界最大の法人BTCホルダーとしての地位を強化しました。 🏛️💰📊

The digital asset climbed to $90K on Monday morning following Strategy’s share offering, which raised $748 million in cash proceeds.

Bitcoin Gains Even As Strategy’s ATM Dilutes Millions
Bitcoin’s quirky price movements have largely defied logic over the past couple of months, and today’s market action was no different. BTC treasury firm Strategy (Nasdaq: MSTR) announced a 4.535 million share offering that yielded $748 million in proceeds, bringing the company’s war chest to $2.19 billion in cash, on top of its existing 671,268 BTC stockpile, worth roughly $60 billion at current prices. The transaction effectively diluted current shareholders, a prima facie bearish move. Why then did bitcoin’s price rise in response?
The sale is a type of transaction called an “at-the-market” offering, or simply ATM. This is where a public company raises additional capital by issuing new shares to the market, typically to fund operations or pay off debt. Strategy’s case falls into the latter category, with the firm’s stated objective being “to support the payment of dividends on its preferred stock and interest on its outstanding indebtedness.”
(MSTR was down slightly on Monday, following the announcement of its $748 million ATM. / Yahoo Finance)
But ATMs generally elicit a negative reaction because they dilute existing shareholders. In fact, MSTR was down slightly on Monday afternoon following the announcement. Strategy investors in particular typically seek a gradually increasing bitcoin-per-share ratio, yet today’s ATM decreases that key metric. The transaction has now raised questions: is Strategy already in financial trouble or is the company simply buttressing its balance sheet in the face of what is increasingly resembling a sustained bear market?
“They just diluted common stock holders to increase the cash on hand to pay preferred stock holders their interest payments coming due,” said Vinny Lingham, co-founder of crypto hedge fund Praxos Capital. “This dilutes BTC/share for common holders. This is so antithetical to the narrative over the past couple of years.”
Lingham’s comment is mostly accurate, but given the headwinds digital asset treasury firms (DATs) are currently facing in light of the recent crypto price collapse, Strategy’s ATM could be viewed as a prudent long-term move that prioritizes financial stability despite the resultant dilution. That perspective may help explain BTC’s upward swing earlier today.
“Building a $2.19B cash reserve strengthens their credit profile and ability to issue future preferred at tighter spreads,” said Douglas Borthwick, CEO of equity management startup Token Cap Stack, in response to Lingham’s comment. “Lower cost of capital = more BTC per dollar of dilution. Playing the long game for accretion, not just servicing current obligations.”
#Binance #wendy #Saylor $BTC

🚨 SAYLOR JUST DESTROYED THE BIGGEST BITCOIN FUD

Today, Strategy announced that it has increased its USD reserve to $2.19 billion.

Here's why this is so important:

Let's first understand the debt structure of Strategy.

Any convertible debt of Strategy won't mature before September 2028.

Also, the interest rate on these debt is merely 0.42%

But there's another side of Strategy debt structure.

Strategy has launched several instruments to increase its BTC accumulation.

The holders of these instruments get paid 8%-11%, which is pretty high.

The 4 instruments Strategy has launched are STRD, STRK, STRC, and STRF.

If calculating the yearly dividend payment from these 4 instruments, it comes around $698.48 million.

The biggest fear was that if BTC continues to drop, Strategy will have to sell their holdings for dividend payments.

Saylor stopped this FUD when he announced a USD reserve of $1.44 billion.

But the market was not fully convinced.

What if BTC doesn't hit a new ATH before 2028?

Now, Strategy doesn't care.

After increasing their USD reserve to $2.19 billion, Strategy could pay the dividend for 3+ years without selling a single BTC.

And historically, BTC has made a new ATH in the halving year.

So if 4-year cycle is intact, Strategy is all good.

If a supercycle happens, Strategy will be even better.

Michael Saylor's bitcoin treasury company, Strategy, did not acquire any additional bitcoin last week, ending a two-week streak of steady accumulation. Instead, the firm added $748 million to its USD reserve, bringing the fund’s total from an initial $1.44 billion cash buffer to $2.19 billion, according to a disclosure filed with the U.S. Securities and Exchange Commission on Monday.
Established in early December as part of Strategy’s new capital structure, the USD reserve is intended to support future dividend payments and provide flexible liquidity as Saylor's DAT expands its hybrid cash-and-bitcoin treasury model. Strategy continues to hold 671,268 BTC, its largest-ever BTC balance, unchanged from the prior week.
The pause marks a brief shift in the firm’s aggressive cadence of BTC acquisitions. Over the last two weeks alone, Strategy purchased more than 21,000 BTC for roughly $1.9 billion, including last week's 10,645 bitcoin buy for about $980 million

Saylor posted the phrase “Green dots ₿eget orange dots” on Sunday, when he typically telegraphs imminent bitcoin purchases. But unlike previous weeks, the update did not precede a new accumulation filing.
The divergence suggests last week’s cash buildup was prioritized over BTC buys, though Strategy’s overarching playbook still centers on long-term acquisition. The firm has repeatedly said that bitcoin remains its primary treasury asset and capital-raising engine, with USD reserves designed to stabilize dividends and operational liquidity.
Last Monday, Strategy announced it had acquired 10,645 BTC for about $980.3 million at an average price of $92,098 per bitcoin — its second consecutive week of five-figure purchases. That pushed its treasury to 671,268 BTC, marking its largest acquisition since the summer and narrowly topping the prior week's 10,624 BTC addition.

The company also remains locked in a dispute with MSCI over a proposed rule that would exclude firms whose digital-asset holdings exceed 50% of total assets from core global equity benchmarks. Strategy has argued the framework would cause "whiplash" in index composition, pushing bitcoin-treasury companies on and off major indexes whenever BTC price volatility shifts their balance-sheet ratios.
In a 12-page submission last week, the firm said MSCI's threshold contradicts the U.S. government's broader digital-asset innovation agenda and would inject unnecessary instability into index methodologies. MSCI maintains that digital-asset treasury firms are more akin to investment vehicles than operating companies, creating classification issues for flagship equity families. A final decision is due Jan. 15 ahead of February's rebalance.
Strategy retained its place in the Nasdaq 100 on Friday despite the mounting scrutiny of its bitcoin-dominant model.
Crypto treasury pressure persists
Bitcoin Treasuries data shows that 192 public companies now hold bitcoin in some capacity, including Marathon Digital, Twenty One, BitMine, Metaplanet, Blockstream founder Adam Back's vehicle, Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Hut 8, and CleanSpark, with holdings ranging from above 53,000 BTC to just over 13,000 BTC.
But despite an accumulation spree seen in 2025, shares of digital asset treasury firms remain under pressure. Many are well below their summer peaks, with market cap-to-net asset value ratios compressed across the cohort.
Strategy's mNAV currently sits just under parity — with its basic mNAV around 0.80 — reflecting the broader sector retracement.
Strategy’s common stock closed at $164.82 on Dec. 19 and remains deeply underwater for the year, down about 43% year to date, compared with bitcoin’s roughly 4–5% decline in 2025, according to The Block's price and stock pages.
#Saylor $BTC