MSTR

dmitryaus

People did the same to buy MSTR at $400.

drslovak

You have nothing to add to any conversation other than you own MSTR and bitcoin from 2020

drslovak

you lyin pos. another pandemic "investor" about to be taken to the woodshed. jacestrachan•[1mo ago](https://www.reddit.com/r/MSTR/comments/1q6hqkd/comment/ny7on2p/) Just say you bought in at the top last year lol. I’ve been in since 2020 not worried at all

Robb-san

This is like a weekly purchase amount for MSTR - nothing burger.

IgotnoideawhatIsay

I’m 60% down on my MSTR stocks. When will the pain end?

Few-Beginning-6478

Like half of the left column is from MSTR and the FUND/ETF column is for exposure to (mostly) individual investors in the BTC sphere.

baIIern

MSTR looks like Bitcoin chart, but they are diluting their own stock supply to buy Bitcoin. When shit hits the fan, your stock will be hit harder than BTC

Disastrous_Rent_6500

I just buy crypto stocks to be honest, not BNMR or MSTR tho

xarips

Dunno why you wouldnt just buy MSTR instead tbh

lehope

The fact that you know that MSTR is leveraged Bitcoin and you still think of buying it leads us more or less to the question if you should buy Bitcoin with leverage. Sorry, I oversimplified it. Apart from that, you consider throwing your money in a Ponzi scheme. It might work, you never know, but I would not recommend it.

UnderpaidBIGtime

Below MSTR average?

Every_Hunt_160

You can package it however you like but the fact is MSTR is already 60% down this year and Bitcoin ain't even halfway there in normal bear cycles (currently -40-45% down from ATH, in most bear markets BTC goes 75-80% down)

FurlessSasquatch

The 401k concept is the best rational I can find that's a great point. I shouldn't say all MSTR buys are as good as a clogged toilet maybe 95%

revzjohnson

MSTR is a ticking time bomb, and BTC is close behind it.

Additional-Carpet-78

Yeah if I posted this in WallStreetBets they would be biased towards MSTR. Last I checked there isn’t a “BTC or MSTR” subreddit so I chose this one. Yes I know about the 4 year cycle theory because I read about it, how does that make my question illegitimate? People love arguing on this website so much lol

ResponsibilityOk1037

MSTR is just in a death spiral.

magus-21

> You didnt really educate anybody, or even really open up the opportunity for a conversation/debate? Interesting. Yes, people active on this sub are particularly calcified in their opinions. >You also completely disregarded their question and specifically because its on Reddit. Their question presented a false dichotomy: MSTR or BTC. The correct answer is neither. The fact that it's on Reddit is irrelevant. The point is that he wanted to "invest" in something he knew nothing about. That's bad investment behavior, regardless of where it happens.

magus-21

> This is my first time on this subreddit and all I did was ask a question And I'm saying you're not asking anything you don't already know. You know that leveraged plays are riskier. If you weren't already ready to take that risk, then you're asking for encouragement. And if you were ready to take that risk, then you're just asking for confirmation. Either way, you want to invest in MSTR. You're just working up the nerve to do it. So if you won't listen to sense, then just go for it.

DuckHunter4779

I would watch some of the more recent Michael Saylor interviews/speeches or the most recent earnings call for MSTR. He does a good job explaining the differences and what type of investor should own what. For example, his bitcoin MENA speech.

Zigxy

Every $100 worth of MSTR stock you buy reflects roughly: $114 worth of BTC $5 in Cash $20 of Debt $20 of Preferred Shares (basically Debt) $1 worth of equity in a small software business. Also, this company pays out $2 per year to (mostly) their preferred shareholders. Note that this number is climbing fairly quickly as the company shifts to issuing large amounts of preferred stock.

Mother_Bonus5719

Doesnt the guy who runs MSTR say just buy bitcoin?

OptimalPlantIntoRock

MSTR? “Amplified Bitcoin”? No. If you really want exposure to BTC without the storage component just look at the ETFs.

Additional-Carpet-78

Thanks, I was kind of looking for people's opinions on Bitcoin vs MSTR, not whether or not crypto in general is a scam or not. Why are you even on this subreddit lol

magus-21

> Considering on putting 10% of my portfolio into crypto slowly. I already own VTI. Just wanted to get this community's opinion on Microstrategy instead of paying fees for BTC ETFs And I repeat: VTI and chill. MSTR is already part of the market. You're already "exposed" to crypto, as it were. If this is a gamble play, then put whatever you think you're willing to lose. But if it's an actual investment play, I'd say you're already invested at the correct amount.

skr_replicator

If MSTR is more like longing BTC, then you're going to be much safer just holding BTC. Especially since now it's starting to look like this 4 year cycle's bullrun might really be over for now, which means BTC might go as much as another -50% down within the next 1-2 years.

Captain_Planet

There was some use in terms of capital gains tax but other than that I see nothing. The thing is, I've been here for longer than Saylor, I was in a loss after buying the 2013 Peak, the difference is it was my money so I could sit on a loss, I'm the one who feels the pain and holds on. With MSTR it is different, I just can't see how it won't all fall down like a house of cards if the price goes too low. If you buy MSTR then you must believe in Bitcoin long term, so if that is the case I don't see why you wouldn't just buy Bitcoin, then no matter what it is yours. With MSTR you have to trust it is all not just BS.

FurlessSasquatch

Your daily reminder. MSTR is about as useful as a clogged toilet. Most logical people who want access to BTC would just buy BTC themselves. Then you have this special group of people who would rather pay Saylor to do it for them

SnooChickens7147

Comparing MicroStrategy to a hedge fund or a land bank is a classic case of apples-to-oranges financial gymnastics. In 2026, that comparison doesn't just fall flat—it highlights exactly why the MSTR "infinite money glitch" is in trouble. A hedge fund has an "end of term" where they return capital. Saylor has explicitly said his term is "forever." \* If MSTR investors decide to "get out" because of underperformance, the stock price crashes. Because MSTR relies on a high stock price (premium) to buy more BTC "accretively," a mass exit doesn't just lower the price—it breaks the engine. ### 2. Hedge Funds Have Performance Fees; MSTR Has Dilution In a hedge fund, the manager gets paid if the assets grow. In the "MSTR Fund," Saylor grows the total Bitcoin pile by diluting you. In 2025 alone, MSTR was the largest equity issuer in the U.S., raising over $25 billion by printing new shares. If a hedge fund manager said, "I increased our gold holdings by 10%, but I had to issue 15% more shares to do it," they’d be fired. That isn't "yield"; it's a negative-sum treadmill. Land banks and hedge funds often hold non-cash-flowing assets, but they don't usually pay 11.25% dividends on preferred shares (like MSTR's STRC) to do it. Saylor is now paying "junk bond" interest rates to hold a stagnant asset. A hedge fund with 11% overhead and 0% growth is a fund that is dying in real-time.

KateR_H0l1day

If you look at the metrics short term lagging it’s a disaster, but on the reverse side of that is the very famous quote of buy when there’s blood in the streets! If people pay attention, they’d know that last buy included almost 50% funds from STRC. If you then look at recent trends, MSRT is dipping while STRC/STRF is increasing, which is exactly why they offered the different preferred’s. There won’t be the volatility of MSTR, coupled with the steady income from the preferred’s, attracting a different type of “investor” to the MSTR gamblers. This whole different model offering is predicated on how much they expect to make from BTC over the coming years. They’re giving up a percentage of “expected returns” so they can buy more BTC without loan guarantees and risk. It can be considered a win/win, BUT only if you believe in BTC long term as the underlying asset. It’s not as though they’re hiding what they believe, they tell you at every opportunity, the trick is all about whether you believe them, and in BTC or not. To me it’s quite simple really, and I’m a true believer in buying when there’s blood in the streets, but that’s just me 🤷‍♀️

Friendly-Profit-8590

Idk. 10-15 years ago bitcoin was worth how much? I get the negativity around it but if btc’s macro trend continues MSTR will be just fine. Suppose we’ll see though.

Jaykalope

He just said a few days ago that Strategy will “equitize the debt”. That means MSTR shareholders get fucked.

GPThought

saylor is playing a completely different game than retail. hes running a btc accumulation machine funded by diluting MSTR shareholders and as long as btc eventually goes up the whole thing prints. the 5.7B paper loss doesnt matter to a guy whos never gonna sell. honestly its either the greatest trade in history or the biggest corporate blowup -- and im leaning towards the former

SnooChickens7147

For years, MSTR traded at a massive premium to its Bitcoin holdings, allowing Saylor to print money and buy more BTC without hurting shareholders. In February 2026, that premium has vanished. MSTR is currently trading at a discount to its Net Asset Value (NAV) (around 0.87x). Every share he issues now actually *destroys* value for existing holders. Saylor is sitting on $8.2 billion in total debt, with a significant chunk ($6 billion) in convertible notes. With his average purchase price at $76,027 and BTC struggling near $68k, he is roughly $5.7 billion underwater. Saylor has tied the knot so tight that he’s no longer a CEO; he’s a passenger. If Bitcoin doesn't hit $150k+ soon to outpace his cost of capital and debt, MSTR is headed for a massive restructuring that will leave retail "diamond hands" holding a very empty bag.

AutoModerator

Post is by: Mission-Stomach-3751 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1r88qix/microstrategy_adds_more_btc_despite_a_57b_paper/ MicroStrategy just added another 2,486 BTC, spending $168.4M last week. Their average cost is now around $76,027. With BTC near $68K, that puts them roughly $5.7B in unrealized loss. Most retail traders panic at numbers like that. Instead, MSTR raised capital: • $90.5M via common stock • $78.4M via preferred shares And used it to buy more BTC. They now hold 717,131 BTC. Whether you agree with the strategy or not, this isn’t emotional trading. It’s a long-term capital allocation decision based on supply dynamics and conviction in Bitcoin as a treasury asset. The real question isn’t whether they’re down. It’s what they believe happens next. What’s your take — smart accumulation or overexposure? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

Former_Island_4730

Now I see where you’re confused. STRC price is kept at $100 by Strategy adjusting the yield. It started at 10%, but that wasn’t enough to compensate the market, so the price dropped and the yield had to be increased. It’s now sitting at 11.25%. Saylor obviously touts this as a positive (because he’s a huckster), but in reality it’s the market telling him that his “digital credit” is equivalent to a junk bond. So when the yield on X shares outstanding rises from 10% to 11.25%, the amount of cash MSTR needs to pay goes up. If the price of BTC tanks more, the market will view STRC as an even more risky investment. The yield will rise more, and so will the cash requirements.

should-happen-2025

1- To actually own it (any other way you got a IOU) 2- To pump the price (using ETF, MSTR, or leaving it on exchanges allows for paper btc games which makes it harder for price to skyrocket I think more ppl need to think about point #2, I feel like it's greatly under-discussed

_SlipperySalmon_

Isn't businesses almost exclusively MSTR?

Due_Conflict6428

Supply crunch will definitely come into play soon. Almost 8% owned by MSTR and IBIT alone, no idea how much will be left with the other ETFs and whales accumulating.

bottlethecat

Most of the “businesses” section is probably MSTR and co. Not exactly the people you want to be on the same side of a trade with

MedianIsAnAverage

For companies, yes, I agree, MSTR has too much of a headstart, and the ones who could catch up are the conglomerates like Google and Microsoft that have their fingers in a hundred different markets and wouldn't dare put more than a small percentage of their balance sheet into BTC However, there are still nation-states, sovereign wealth funds and the like, not to mention the vast undercurrents of private equity that continue to gobble up big brand names and we don't even know how deep that pool of money is

jmomentum

Yes, i always get hit with the comparison when stating the fact that MSTR is the only single entity with 700K+ bitcoin and because of their debt games can seem to purchase bitcoin into perpetuity. I'm not entirely sure that is a good thing.

jmomentum

One minor company yes. I mean it's futile to pretend there will be anything close to MSTR. It's literally impossible

ThreeTonChonker

Every post about Saylor there’s at least 6-8 bot comments all bringing up FUD about MSTR within minutes of the thread being posted. Most threads in this sub get a couple comments at most. It’s fascinating watching this propaganda campaign.

VoDoka

I don't think that, that's my question. 700.000 BTC x 8000$ is around 6 billion USD which is the outstanding debt of MSTR? Is that the basis for the claim he doesn't have a real problem till BTC is $8000?

Urc0mp

BTC will not go back to its original purpose and even if MSTR failed I'd bet well continue to see more leveraged plays as long as bitcoin don't die.

bbatardo

People are talking about if Strategy will survive way more than how screwed any MSTR investors will be regardless. Strategy may survive, but the shares you paid a premium for won't.

Wsemenske

The everyone else is the people who bought MSTR. Why are people so stupid to think Saylor is the only person buying?

FousHikes

Personally Saylor and MSTR make me nervous. Why should anyone want to invest in an asset where some weird dude and his company hold more than any other single entity?  I don't think he's good for BTC. They have enough already. 

waitmarks

They issued 785,354 shares of STRC and 660,000 shares of MSTR. Link to the 8k filing: [https://www.sec.gov/ix?doc=/Archives/edgar/data/0001050446/000119312526053105/mstr-20260105.htm](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001050446/000119312526053105/mstr-20260105.htm)

KateR_H0l1day

It depends on how they’re measuring to get their numbers! For example, you can easily say/see Strategy as a Business or ETF in the numbers and IBIT, & the BTC-TC’s etc in the ETF’s. However, those are just holding companies for retail, and retail defines when to sell, where retail sells MSTR & Strategy retains its BTC holdings. Whereas, IBIT etc. have to sell BTC to fund the retail sellers, so interpret the numbers how you will.

PsyOmega

MSTR is an institutional investor class holder.

jmomentum

What 'institutions' are we talking about here? I only see MSTR as the only entity with an insurmountable stockpile and nobody else will ever be close.

jmomentum

This is the glaring siren to me. Why isn't anyone else copying the Saylor 'playbook'? Is it because he has such an insurmountable lead that they are disincentivized to essentially pump MSTR with large bitcoin purchases? I also see this as a potential problem for Bitcoin. And not for all the MSTR solvency FUD. Quite the opposite.

PrestondeTipp

Yup. There's really no big buyer left. If BTC pumps weekday, it's MSTR If BTC pumps on Sunday, it's Tether Other than these occasional pumps, it's all downhill

letsdrinktothat

That's because the BTC price matters a lot less than the MSTR premium to NAV in that regard. It's the premium that allows them to raise funds to buy more bitcoin. When the premium disappears, issuing new shares becomes dilutive, and convertible bonds become less attractive. So they're going to buy when the premium is high, regardless of price.

Alarming_Copy_4117

contribute a little to a S&P500 index fund until they are 20 and that 8-14%+ per year growth will be a really nice gift ontop of the crypto exposure. You may also like BTC stocks such as MSTR, IBIT, and some of the Ethereum stocks that stake for profit such as BMNR

nafnaf0

MSTR's most recent corporate bond offering they did have to include a 2.25% annual coupon rate. MSTR's corperate bonds are probably one of the most telling future indicators of BTC's long term trajectory. If they get into a situation that they can't sell their 'zero coupon' convertible bonds anymore that would be very telling. Also if the price on their current bonds tanks to the point the yields get to the 10%+ range that would be very telling. They are currently trading for around junk values (5% to 6%). Look at MSTR 0.0% 12/01/2029.

ThrowRA-hamburger

at this point saylor could probably tweet "100>99" and we'd all just nod like yeah makes sense. dude's basically turned MSTR into a bitcoin ETF with extra steps

Salvisurfer

The largest portion on his wealth is in MSTR shares

NothingxGood

Is MSTR a positive force for Bitcoin or a negative one? Do you see MSTR being successful along with Bitcoin, or believe it will fail while BTC continues to succeed?

StonyIzPWN

I moved 80 percent of my emergency fund to STRC. It's doing way better than my MSTR dca at the moment.

Tikiterps

Look at their post history, literally thousands of bear MSTR BTC posts.

ShittingOutPosts

How does the preferred equity get liquidated? Or is MSTR taking out loans against something to acquire more BTC? I thought it was all preferred equity and share selling. I’m probably wrong though.

clintstorres

Yes bitcoin could go up but MSTR will always underperform Bitcoin and what is the point of owning something that under preforms the underlying asset?

Shaykh_Hadi

Bitcoin ETNs (in the UK), MSTR, STRC

K4RL4-92

This is exactly my thought. Putin has warned the US plans to use Bitcoin to debase the dollar and erase its debt. US government can't simply pull a new executive order 6102, as they did in 1933 with Gold, so they are using MSTR as a proxy to buy as many BTC as they can. That is why Saylor is always smug, he knows the US government will "eminent domain" all MSTR bitcoins with its infinite liquidity. Now, those who know history knows what will come after that, and those will certainly be holding their coins in self-custody.

bimbobandit2016

MSTR has been trading like leveraged BTC without the liquidation risk

jspartanlee

Because 1 BTC is just too expensive. With MSTR you can buy parts of a Bitcoin!

SilverPrivateer

Are there still any bitcoiners left or is it all altcoiners? As a bitcoiner through MSTR, want to say that I'm really happy to be contributing to keeping the price up through weekly buys that people like me enable.

Socalwarrior485

Every company in the US already do this for all cash and cash equivalents. In other words, all currencies. It’s called mark to market. Even MSTR had to do this with their BTC

staywoakes1

And if it does eventuate MSTR becomes the most valuable company in the world

Kesilisms

MSTR is a bargain right now

MonsieurGump

Have a plan and stick to it. Mine was “be all out by the end of December 25 and buy back starting in October 26. I think MSTR WILL go to 40 a share but survive!

mandressta

Thanks! You wouldn't start buying, even if we see a lower low around say 50-55k before that? I have wondered if MSTR will survive myself

MonsieurGump

The lowest point will be in there somewhere. I also reckon I can get somewhere near double the amount of BTC I sold. After that I shall be stacking fiat until 6 months before the halving. “Why?” I hear you ask. Well because 6 months before the halving that fiat goes into MSTR “call” options (if MSTR has survived) and I make a nifty profit which I then sink into more BTC until a year after the halving and the peak of the 2029 bull run.

chuckrabbit

I was replying to a guy who clearly was not including debt in his NAV calculation. I was correcting him since he said MSTR was below NAV. I know how NAV works.

Zestyclose-Menu-7253

MSTR

chuckrabbit

Do you want to do the math and tell me how MSTR is discount to NAV considering that they are below their cost basis? Please elaborate for me. They have $17B worth of debt (I’m including the preferred shares). Maybe look at their own website where they show mNAV of 1.2. https://www.strategy.com Also the constant dilution, which you don’t get when you buy BTC “directly.” Do you own research please

watch-nerd

That just makes the takeover even cheaper if MSTR crashes.

InvestmentSorry6393

I'm still wondering how much of this sell off is self fulfilling based on the four year cycle. Like everyone knows about the cycle and decided to front run it by selling in Sept and October. I was planning on cashing out in December because I thought we would get a big pump in October -November ..... Nope, straight down. Now I'm bag holding again for another crypto winter. I really hope this wasn't the last cycle because I will ride Bitcoin and MSTR to zero before I sell at a loss.

Anonymous_Lurker_1

Personally, I plan to HODL long term. I'm thinking another 10 years. I'll see where we are then. You might want to check your ISA rules. I believe if you're holding actual BTC, ISA's aren't eligible after April, and you won't get the same benefits as you do currently. I held IB1T on T212 too and sold around Christmas time. I think T212 will just automatically cash in the value and you have to open an IFISA instead. I am still considering IB1T again though. Keep what I have in cold storage, and let T212 manage my keys. Against the BTC ethos, I know, but I want to cover all bases. I do think MSTR is worth having too - though I haven't got any currently. When I did have some MSTR, I held a few others too that performed well whilst BTC was around ATH - check out GLXY, HIVE, RIOT and MARA. I simplified my stocks into an All World ETF and a few individuals with small allocations, but I am thinking of lump buying some of the above again. When BTC rips, BTC-related stocks rip more (though they drop more than BTC drops too).

L00PYLL0YD

Hopefully when we sell, even if we are in theory taxed on all the holdings, if the gains are that good over a long period, I won't care! Also holding MSTR, all being well and ISA rules don't change too much, I may never have to sell raw BTC!

Competitive_Deal1003

Go LONG in BTC. Do not go in MSTR. They have prettied up their words, and says STRC are mechanics that going to offer more and more stock offerings. There is a reason why Strategy Inc is able to pay wages including a 8M salary and 800k salary with no sales. I wont be suprised that thry will share the same fate as PGI just yesterday, if they are following the same schematics but with the stock market. Own the assest not the ads to the papers ststing thry can create Matter out of thin air by calling itself an Amplier. If stock acted like sound waves ( i know a different amplifier) eveeyone is always in the green or grey.

kg360

I made money on crypto years ago and I have to say this time, why would it go back up? There has been this endless cycle of speculation, but we still haven’t reached mass adoption, companies (MSTR) using leverage to buy even more, etc. And all for what? What is bitcoin doing for them? Price go up, price go down, but nothing is different this time. No reasonable person is using bitcoin instead of a bank, buying things with bitcoin, or selling things for bitcoin. A bubble happens when leverage is coupled with mania. There are ENTIRE COMPANIES whose sole business strategy is to use leverage to fuel mania. Everyone talks about the AI bubble, but AI provides at least some value. Nobody talks about the AI bubble…

watch-nerd

MSTR is now trading at a discount to NAV. If the gap widens enough, aren't they a hostile takeover target? Why would anyone loan Saylor money instead of just raising funds to takeover the company, instead? New owners declare bankruptcy, stockholders get crushed, dividends cut, bondholders are offered pennies on the dollar, new owner keeps some fraction of the BTC.

dweeegs

MSTR’s mNAV never dropped below their bitcoin value. Their market cap did. They include the debt and all the preferreds and other goodies when they use the mNAV term. They issue when mNAV > 1 and that’s why they’ve kept shitting out shares I’m not saying that’s the right or wrong, but it’s weird that the author used the very specific mNAV term instead of just NAV, because their definition is wrong if they go for mNAV

Accomplished-Row2428

Apparently ‘asst’ is a good buy they also have a STRC equivalent too. But I’m going to stick to the biggest and baddest kid on the block and buy MSTR personally after I hit my btc target. Also ASST isn’t available on my brokerage account I want to use.

PrestondeTipp

The weekday buying pressure is MSTR The weekend buying pressure is Tether  That's it. That's liquidity. Those 2 players are the eggmen

Competitive_Deal1003

Not with how MSTR is handling it lol. Got banned in that reddit for stating articles. Didnt give me time to post proof after they said they were going to remove my post for lack of evidence.  in fairness i did reference links. and old post has the same links i have reference. Its nice to know rhat their MOD team like to do cover up before a rug pull ;D

watch-nerd

You don't have a Bitcoin stack. You have MSTR shares.

watch-nerd

When did you buy MSTR?

teh_herper

MSTR puts are free money

harvested

STRC is back at $100 Market ain't worried about MSTR credit risk, but everyone else is.

SilverPrivateer

I don't want stablecoin yields unless they are backed on STRIFE/STRIDE etc so they are part of the MSTR bitcoin ecosystem. Us MSTRers are sharks. And coinbase is going to get crushed.

smellyfingernail

>MSTR gtfo

SilverPrivateer

As a bitcoiner via MSTR, I stand against coinbase. They want to do high % interest stablecoins which goes against the products owned by my bitcoin investment. If someone wants 10% yield they can buy Strife from saylor and help me increase my bitcoin holdings per share.

rgnet1

Or… people wise up, move their bitcoin off exchanges, amplify the risk on leveraged short derivatives, and bitcoin’s price recovers. Then MSTR’s fortune reverses with bitcoin.

clintstorres

Yes, debt is restructured all the time because companies financial health changes up and down. This is specifically referring to if MSTRs financial health worsens, by a lot. Even if Bitcoin doesn’t crash. I can hardly see debt holders willing to just roll over the debt at the same terms which means they either offer insane convertible terms or have to pay insane terms. For example they’re out of the money 2029 0% convertible bonds have an effective yield of 22%! And that is with bitcoin at 70k. Every time he raises the dividend on STRC it lowers the value of the other debt instruments because it lowers the chance those get paid back. This shit is over man. Might not be next week or next year and might not be a crash but a slow bleed. And the hilarious part is that of all the “treasury companies” MSTR is in the best shape.

bdjc_ink

‘Till today. Sure out of powder now. Less I get in on credit for my first time ever. I’d rather just allocate some of my 401k to MSTR.

Expensive-Tea-4194

People are selling because bears make plenty of good points about Bitcoin.  I'm heavily invested in MSTR. Wish I wasn't.