MSTR

IncurableCrush

Lost $400k putting 1mm into MSTR at close to BTC ATH then trying MSTR Options then selling for a loss and moving it all to MSTY then sold that dog and put it into MSTW

Defiant_Ice_4860

No. MSTR is a different beast. That is an exponential again, not a power law. Very different. Imposes execution risk regulatory risk and other risks.

Tubby94

So I can accelerate this even more, with more efficiency by buying MSTR.

Zigxy

Uhh so the premise of this article is that there was a “bullish divergence” on March 31st. But by April 2nd MSTR had lost its entire “bounce” and was down 7% from March 31st.

MobilePenguins

I’ll get downvoted by some true crypto diehards but this is why I just use the stock market. MSTR and IBIT for example. Theres nothing to manage, no wallets to get hacked. You sacrifice self custody for well… no self custody! It’s managed by Wall Street for you. Can still buy and sell, can’t get rug pulled by the Nigerian Prince or a sketchy link. No seed phrase to lose.

randallmauel

Im actually getting ready to start accumulating again. BTC, ETH, SOL, AVAX, LINK. Prices look pretty good compared to 6 months ago and I was buying at that time. Now might be a good time to open small positions in HOOD, COIN, and MSTR and begin some accumulating. There should be plenty of time to build decent positions since my budget is limited and I DCA. Im down quite a bit but actually quite confident the coins and stocks I listed will come back strong.

Selmemasts

Sure but Metaplanet raised their holding by 14%. 45k for MSTR is only 6% so there I that

KateR_H0l1day

Buying MSTR is over a $120, but MTPLF is under $2. There’s a big difference for a reason, when MYPLF finally get their Mars and Mercury Preferred’s approved for sale, they’ll quickly move to second place. But they’re never catching Strategy, and the price difference between the two will remain high. However, the percentage price increase could be a different animal altogether 🤷‍♀️

Repulsive_Spite_267

Hey man. I hear ya.  Not everyone is cut out for the responsibility of self ownership. Its one of the main things that puts most people off owning it....and why ETFs are a thing. I wouldn't keep it on kraken. Any exchange is risky.  I wouldn't buy MSTR because that's high risk. An established brokerage would probably be your best bet. Unfortunately im not up to speed on those so you'll need to dyor

baIIern

>One just has to notice that it can be a hedge and get the others together. Pyramid scheme :D Yeah, MSTR started it and some already followed

Subject-Chest-8343

Some big players are staying, like MSTR, but others appear to be capitulating. Like MARA who's selling their bitcoin to go into AI computing. Isn't there usually a capitulation phase before bitcoin starts climbing again ? We might be in it. Personally, I'm steadily stacking bitcoin and MSTR, ASST and 3350 (Metaplanet) stock.

OkFarmer3779

The thing worth watching here is the ATM share issuance pace. Strategy's BTC accumulation is almost entirely funded by selling MSTR equity, when the premium to NAV compresses (which it does in drawdowns), the flywheel slows or stops. At 762K BTC they're already \~3.6% of total supply. The path to 1M BTC in 2026 requires either the premium holding up or new debt issuance. Not impossible, but the marginal buyer premium keeps shrinking as the strategy gets more crowded with imitators like Twenty One Capital.

General-Market5580

Why is MSTR, srry little bit of a new gen here

Ill_Location4524

MSTR

Subject-Chest-8343

I think MSTR is significant. 800k changed hands in the last 30 days, but how much of that is daytrading ? How much of that is for transactions ? Buyer changes fiat for bitcoin, then seller receives bitcoin and changes it back to fiat. If, say, the volume of coins really related to people increasing or decreasing their position for the long term is more like 300k, then MSTR buying like 35k in a month is significant I think.

AttemptKitchen

People saying, where are the institutions and countries/states buying BTC? I only see Strategy and nothing else. They dont get that most institutions, countries and states are buying through MSTR and STRC.

harvested

800K coins changed hands in the last 30 days. MSTR not too significant overall We're locking in about $600m a day of realized losses (people that bought higher, capitulating lower), this is what is needed for bear markets to form a floor. Important to understand what you own.

FuckM0reFromR

Lol we'll see how you feel in 6 months XD And once MSTR cracks, the flood of BTC will be legendary.

L00PYLL0YD

A lot of people saying it will drop lower. UK here so talking GBP. In 2024 it went down to 38K roughly. When it dropped to 5 on fear and greed recently, it dropped to 45-46K. MSTR alone have bought a lot among other companies and countries and people buying for 2 years is shrinking the supply among the usual other lines, such as losses and people burning sending to the genesis block. I don't think it will go much lower, but welcome it, because regardless, DCA accumulation is smart...

YouAreAHugeUser

*please god, let MSTR go delinquent. Please god. Please

jacestrachan

Disagree, we’re in one if the strongest phases of Bitcoin, I don’t see how we aren’t 1mill plus from here in the next decade and MSTR will do MULTIPLES of that

Darkerjev

You aren’t there yet young padowan. There is no “other stuff” I invest all my money into bitcoin or bitcoin derivatives like MSTR, IBIT, STRC, etc. There is only investing in bitcoin. There is no second best.

rs1971

Between actual BTC and MSTR it's about 15% of my net worth at today's prices. It's enough that I'll be set if BTC every really does go to $500k and not so much that I'll be destitute if it goes to zero. I don't intend to ever buy any more of either, regardless of what happens with prices.

Gambler_Addict_Pro

Yield-starving savers? 12% is more than the average SP500! The yields is simply too generous (too good to be true).  I hope it works out since I’m betting on STRC. I’m hoping STRC brings so much Bitcoin to MSTR, that it will push the price back up.

DRX-trade

Hey man, good callouts on the bearish sentiment. MARA deleveraging is a valid point, but single corporate actions often aren't the sole driver for sustained trends. ETF inflows cooling is notable, yet MSTR consistently accumulating shows conviction from other big players, so it's not a total institutional desertion. From a prop trading perspective, we're less focused on headlines and more on the charts and managing risk. Losing the 50-day MA and testing supports is absolutely key. But projecting an absolute $45k based purely on a percentage drop isn't how we define risk. Instead, define your *own* clear invalidation levels for your trades. What specific price action would make your long thesis invalid? Size your positions based on that. The 'altcoin bloodbath' is standard when BTC corrects, so factor that in. Focus on your invalidation and sizing.

HSuke

I was testing you. I had already marked you as a lazy incompetent MSTR and BTC maxi multiple times throughout the year. This was your final test to see if you could actually read critically or if you only read titles. I give up. You're beyond hope.

Subject-Chest-8343

That's what I'm doing. The play here is that MSTR is likely to outperform bitcoin over say 10 years, then you have the option to sell, withdraw tax-free from Roth IRA then buy more bitcoin.

MapIntelligent93

MSTR

canuckaudio

yes MSTR keeps buying it to keep it afloat

HSuke

In this case, they're talking about convertible notes, the same kind that MSTR uses. MARA is also a large Bitcoin reserve.

forsenbois21

Stick to the theory sycle with this you get the idea to look at time not price. and things changed this last sycle Altcoins are no longer secure like every sycle used to be, my guess is that money was stolen or driven into BTC etfs or it's derivates like MSTR and the new to come.

xxTheAIguy

I always wondered that. Why doesnt MSTR pay off the debt?

HSuke

Well, relative to the shit that MSTR is doing their shareholders. MARA surprisingly took a profit on its convertible debt repayments, and did so without diluting shares or selling stock. Complete opposite of MSTR.

HSuke

The reason they have debt is because they're also one of the biggest BTC reserve companies and followed the same model as MSTR to sell convertible debt. Unlike MSTR, they're paying off their debt early, not diluting shares, surprisingly taking a profit on the repayment, and pivoting to AI data centers.

Hfksnfgitndskfjridnf

Gotta love the MSTR bulls. “You guys just don’t understand the genius strategy of Saylor. Issuing perpetual stock with dividend obligations of 11.5% forever is brilliant!” Meanwhile their first tranche of STRC issued has already given back 10.1% of the BTC per share it acquired in less than a year. If MSTR stays at this price for another year, even if they start increasing 30% y/y every year going forward, this initial STRC issuance will be a net negative decision.

Daedalus_Knew

MSTR is a BTC company, they don't have a responsible option that involves selling Bitcoin. That would destroy them.

HSuke

> The company has made it clear they are pivoting toward artificial intelligence and high-performance computing. The big difference between MARA and MSTR is that MARA is acting more like a responsible company that values its shareholders and profits. Meanwhile, MSTR is still diluting and canabalizing its MSTR shares for its premium shares and BTC holdings.

Crypto_tipper

Nah. By just buying on a schedule I’m totally at ease. I actually get a little worried every time MSTR announces a big buy because it means I’m running out of time to accumulate.

Tubby94

I went full send like this but I'm strictly buying MSTR

wkndatbernardus

No, it's only a wash sale if you sell a spot ETF, like IBIT, and then buy the same ETF right away (before 31 days has elapsed). The grey area is whether we can sell a spot ETF, like IBIT, and then buy another spot ETF, like FBTC, without waiting 31 days. Some financial pros say that strategy is not a wash sale because they are different securities, operated by different companies, and some say it is because they both track the exact same asset. Personally, I solved this problem by selling some IBIT at a loss and then purchasing MSTR with the proceeds.

Valyarian

I can see where your coming from, but this would only make sense if MSTR was over leveraged to the point that it was unhealthy for Bitcoin, but it’s actually the opposite, you should any of his recent earnings calls, he point out how he’s created this monstrous acquisition using only 10% leverage, all the rest is of his own financial engineering. I feel bad for people who don’t DYOR because this goes so deep that it’s easily the best that can make you life changing wealth, MSTR dies if Bitcoin goes under 8k for 3 years, if that ever happens, I’d go all in on Bitcoin.

JerkyJunkie

For the most part, you answered your own questions pretty well. Well, I would recommend in. This is not financial advice. Would be to take all the liquid to your currently sitting on. Use it to purchase STRC, put a DRIP on it, and forget about it for six months or so. At the same time take as much as you physically can each pay period, and dollar cost average into self custody bitcoin. At the end of the six months, you should have a pretty large amount based on the original investment in STRC. If you choose to do so you can then cut off the drip, and use the 13% un taxed dividend, monthly to help assist with bills, etc. The STRC will continue to produce 13% monthly. Then you can use much more of your pay period funds to continue to dollar cost averaging at a higher rate into bitcoin. Unless you sell it, the STRC will be there forever producing 13% monthly. Which gives you a good passive base, and allows you time to build up your bitcoin stack, as well as looking into other opportunities like bitcoin proxy trades (MSTR), when it turns around call options will be incredibly lucrative! G-D Bless, and stack sats!

AnyPortInAHurricane

the CRCL scam just imploded, joining the MSTR and BMNR scams as epic tax losses winning!

Lavayo

STRC is just on another level. MSTR bought 7649 BTC a week YTD. That's well above any year before, and 49x more than last bear market (156 a week). If they can keep this up they will hit 1M in August/September or early Q4. Impossible to time that moment, but what's your best guess anyways?

TheKaotiicImpulse

Why not MSTR? Basically amplified Bitcoin stock

Adventurous-Soil528

I’m 100 percent MSTR in Roth and 90 percent SCHB and 10 percent SCHD in the 401k. When I am closer to retirement, I will rotate some of my MSTR into STRC. Next year I am considering opening a bitcoin only Roth IRA with Unchained and making my contributions 100 percent spot bitcoin for the year. I also buy spot btc outside retirement accounts of course. I see nothing wrong with your 100 percent btc exposure in your retirement accounts. I believe bitcoin will do some very interesting things these next 3 halvings and we will be very happy with our decision.

Nice_Category

My Roth is about 65% FBTC. 20% of the remainder is some form of MSTR. The final bit is a typical retirement mix. 

stoplossftw

if MSTR goes bust, that's a positive for BTC in the long run

Darkerjev

Dont believe in the doubters. Do the research and follow your gut. My roth IRA is full MSTR. At peak mstr price, my roth ira was about 100k. Im hurting now though, but im in it for the long term.

F4NT4SYF00TB4LLF4N

BTC is about -45% from its peak. When it comes down, it goes back up. When BTC goes up, MSTR goes up more.

F4NT4SYF00TB4LLF4N

I was 100% FBTC in my Roth. Then I sold it and went 100% MSTR.

la-bella-confusione

with the sole exception of NVDA, MSTR has been the best investment over the past 15 years, so that would be another way to play this strategy (see what I did there?)

Hfksnfgitndskfjridnf

They bought 1,000 BTC and increased BTC per share by 0.0011%. This did absolutely nothing for common stock shareholders, it just made MSTR bigger and made future yield harder to get.

Hfksnfgitndskfjridnf

Collapse or restructuring of MSTR is inevitable. The only question at this point is how long does it continue and how much more capital do they absorb beforehand. Saylor has set himself up for failure. He has pitched his company as producing value through “BTC yield”. Except the math is pretty simple, the more Bitcoin he buys, the harder it is to get additional yield. The more preferred stock he issues, the harder it is to maintain a positive yield. Finally the more overall Bitcoin he owns the more likely the shares are to trade at a discount rather than a premium. All three factors work against MSTR and all can only get worse as time goes on. The first one is pretty obvious, the more Bitcoin they own, the harder it is to get yield because you’re operating off a bigger base. MSTR first started reporting “BTC yield” when they had 226,500 BTC toward the end of 2024. In Q4 2024 they bought 194,180 BTC and generated a “BTC yield” of 48%. In all of 2025 they bought 226,102 BTC, yet only generated a BTC yield of 22.8%. So they bought more BTC but only got half the yield. So far in 2026 they’ve bought 89,599 BTC but their yield has shrunk to 3.4%. If they keep up this pace they’ll buy about 50% more BTC than they did last year but only get about half the BTC yield. And 2027 will be even worse. The second factor is also pretty obvious, the more dividend obligations they take on, the harder it will be to maintain positive yield. At the end of 2024 they have essentially zero interest or dividend obligations, it was only 39 million in total per year. Since launching the preferreds, however, that number has ballooned, they now owe 1.08 Billion in interest and dividend payments per year. Considering MSTR has raised 7 Billion in capital this quarter, dividend obligations represent 3.7% of the capital raised. The more preferreds they issue, the higher that percentage will become. They’ve basically started on a treadmill of doom. The more preferreds they issue, the more capital they must raise every quarter just to maintain the status quo. The market does not have an infinite capacity to supply more and more capital to one enterprise. Finally, the more Bitcoin MSTR owns, the more likely the shares will trade at a discount to the Bitcoin holdings compared to a premium. If investors of MSTR want to reduce their exposure to Bitcoin, all they can do is sell their MSTR shares. MSTR doesn’t then go and sell the Bitcoin, it keeps it. This means that over time, the larger the Bitcoin holdings get, the more likely you are to have shareholders that no longer want exposure to Bitcoin, and the shares will start to trade at a discount because that sell pressure only flows towards the shares and not Bitcoin itself. Trading at a discount will create major problems for MSTR because it impacts their BTC yield significantly. Buying BTC through common stock sales will no longer be accretive but instead will be dilutive. Also selling common stock to pay preferred dividends will reduce yield even more than it would have. Once shares trade at a discount MSTR can only get BTC yield through issuing more preferred stock or by selling Bitcoin to buyback shares. The issue with selling Bitcoin to buyback shares is that it shrinks the company and makes them more prone to bankruptcy. The only reason they can issue preferred stock in the first place is because they are taking the proceeds and investing in Bitcoin with it, hoping the gains in Bitcoin will outpace the dividends. If they start to sell the Bitcoin to buyback shares, well then what’s the asset that’s paying for the preferred dividends? It’s not there anymore. So selling Bitcoin to buyback stock when it’s trading at a discount isn’t really an option. Which means the only way to produce yield is to issue more preferreds. But that ultimately ends up with the same problem. The market will eventually stop buying enough new issued preferreds that covering the dividend will be impossible. So they either have to sell shares trading at a discount or sell the Bitcoin itself. Either way, that’s the end of the BTC yield story, and which point why would anyone buy the shares unless they are getting a steep discount? The company won’t be generating any value and there will be huge costs to carry. Anyone could just buy BTC themselves and avoid those costs…. So that’s exactly what they’ll do. And as more people do that, MSTR will trade at a bigger discount and the preferred dividends will eat further and further into the solvency of MSTR until it collapses or restructures. There really isn’t any other alternative. The only question is how long it takes and how big MSTR gets before it happens.

waitmarks

Like what? What would you be doing as head of MSTR if you had access to all those bitcoin and also a bunch of debt obligations?

DrEtatstician

When MSTR stops instance accumulation otherwise it’s just MSTR coin , it’s loosing appeal

Hfksnfgitndskfjridnf

This guy buys even when it’s not beneficial to common stock holders. MSTR increased their total Bitcoin holdings by .14% with this buy. It increased their Bitcoin per share, their stated metric they are trying to optimize, by .0011%. Yes that’s 2 leading 0s. At that conversion rate they would have to double their total Bitcoin, get to 1.5 million total just to increase their BTC per share by 1%. So my question is, why is he still buying when it’s not benefiting shareholders? It’s because he’s stuck, and he has to constantly buy or risk both BTC and his share price tank. Saylor isn’t optimizing for long term shareholder value creation, he’s desperately trying to prop this up. Every buy he makes with common shares hurts the long term potential value of the company should Bitcoin actually succeed. The 1,000 BTC he bought this week didn’t do anything to help Bitcoin per share, in fact, buying 1,000 BTC just made it more difficult to get BTC yield in the future because they now have a bigger base of BTC. In the long term he is better off not buying anything until he can get better terms. But that’s not what he’s doing.

waitmarks

They sold just MSTR Class A this time. I guess he is done pretending he isn't just diluting his shareholders.

busterbythelake

90% of liquid assets in BTC. 10% cash to cover emergencies and bills. 100% of Roth IRA in MSTR. I chose that amount because there’s no second best and time is on my side. I’m 33 years old. Make sure you hold it in cold storage and run a node.

docherino

MSTR went up 4000% from bottom to top last cycle. BTC only 800%

Josh743

Good point, I think I will put part into MSTR 👍

Josh743

Why do you prefer MSTR?

docherino

Are u from the UK? I would utilise the ISA and buy MSTR instead of bitcoin. Im fully porting MSTR If it bottoms below $100

Appropriate-Pear4726

BTC follows a pretty clear trend. Some of you just have to stop with this cult like mentality and make some money. 66-74 is its current swing. It’s a real easy flip. MSTR is the tax friendly way to make it work. Once MSTR hits $139-140, short it. Depending your risk tolerance close the position when it hits $134-136. You all need to snap out of this emotional trap of holding

docherino

At that point just go 100% MSTR

finnestboy

80% $MSTR 20% BTC No risk no Rari

HSuke

How deep are you in MSTR, and at what price point?

Imagination_Drag

Ummm. $MSTR has been single handedly trying to prop up BTC and has been trying to make it look like a store of value / global macro hedge. With multiple purchases every week over the last couple of months Just go look at their purchase history. They are in a desperate race to prop up the price. If they don’t all of bitcoin goes to $20-30k. If they do prop it up and other buyers start to think it’s bottomed it will recover Quite the interesting game to watch https://www.strategy.com/purchases

xxaripss

zero. anyone who buys MSTR will be rich

neosBentSpoon

It's more important for us to get people using bitcoin as money than getting institutional adoption. All this talk about getting the Fed to approve of it or some companies like MSTR to keep buying and then selling credit instruments on top is antithetical to bitcoin's purpose of being a sound, permissionless money.

Gloomy_Dependent_985

I don’t mean to be over optimistic but what has changed? Iran war will crush short term markets but the us has only one option if they want to continue this futile war, which is to make more money. They just asked for another 200 billion and the war just started. Aside from that MSTR and likely many other treasury companies will have huge inflows. MSTR bought 3 billion in the last 2-3 weeks in a bear market. That only makes the lows higher and the highs higher. Now just imagine when demand for bitcoin rises and fomo sets in. STRC works during a bear market because people want a fixed income instead of seeing their portfolio get wiped. In a bull market MSTR stock being the real titan will be buying far more. I know I keep talking about MSTR but I really think they will have a massive impact imo.

Ace2021

Aside from MSTR obviously, I’m looking at: - XXI - ABTC I think once the bull run hits these companies are going to up significantly.

Classic-Charity-2179

It really depends what "all in" means to you and what's your time preference. Personally I think I can be considered all in, with some MSTR and STRC so same difference, but I have enough to live comfortably with my regular cash flow and I don't need that money for the foreseeable future. So the short or medium term volatility doesn't mean much to me. Even this current winter-ish I'm in the green, so who cares?

CarelessShoe1334

Its all out there in the public domain....After five weeks of outflows, U.S. Spot BTC ETFs just saw over **$2.1 billion in net inflows** in the last 14 days alone. While retail was panic-selling the 'Oil Spike' news, BlackRock and Fidelity were literally absorbing that supply. Also...Look at **Strategy (MSTR)**. They just disclosed buying another **22,337 BTC** this week at an average price of \~$70,194. They aren't waiting for a 'dip' to $50k; they are buying the current $70k floor as fast as they can raise capital...

Nerfi5

Also some MSTR

rawj5561

I got some MSTR today. Still mostly btc tho.

XLinkJoker

BTC/MSTR/VOO, a few other stocks here & there, mostly the MAG7

InvestmentSorry6393

By others I'm assuming the reference is to other crytpos. Yeah I dabble. I have some Solana, and some Eth. When Bitcoin starts ripping I go further down the risk curve to some real shit coins ( but it's only with the goal to convert to stable coin, wait, then convert to BTC when it's down ) I'm pretty much 90% BTC and MSTR

pronebonedetector

Out of that 1 200 000 bitcoins, Strategy (MSTR) alone holds 738 731 bitcoins.

SilverPrivateer

You guys all mock Saylor and MSTR well who else is buying? You guys sure as heck ain't! Should probably say thank you to a MSTR shareholder today for propping up the last shreds of the market, your little altcoins would be down 99% if it wasn't for us (PS: just buy some bitcoin, stop with the memecoin gambling)

lexicon_riot

1. Michael Saylor has institutionalized WSB-level degeneracy to make MSTR the largest holder of Bitcoin, last year was paper Bitcoin summer 2. Lightning Network growth and maturation 3. Ordinals, Metaprotocols, BitVM 4. People want covenants but no covenants yet 5. Core vs. Knots relay policy debate, now with a push for BIP-110 UASF 6. Jack Dorsey, Steak 'n Shake, etc. pushing payments adoption All in all it's been a pretty wild few years. Lots of growth and excitement, but not without its drama and noise. Plenty of crazy tech people are building now lol

Romanizer

You could also split into Strategy (MSTR) and others.

Hfksnfgitndskfjridnf

Or the question is, if MSTR wasn’t buying tens of thousands of coins without regard to price, what would Bitcoin be valued at? 10k? How much market demand is out there just because people are assuming MSTR will always be buying and worst case you just dump on them?

Hfksnfgitndskfjridnf

Somewhere between 2-4 million BTC are assumed lost. That means 16-18 million BTC are accessible, with 1 million left to mine. MSTR is close to 5% of the supply already if there are only 16 million BTC.

Hfksnfgitndskfjridnf

Saylor is the egg man. Price collapse of Bitcoin is inevitable, the only question is how long it takes and how much of the bag belongs to MSTR shareholders. He’s put himself on the treadmill of doom, this week alone he committed to 120 million more in yearly dividends. By the end of the year that will be over 2 Billion a year. MSTR is only raising 20-30 Billion in capital a year so 10% of all future capital raises will go towards dividend payments instead of buying BTC. The more preferreds he issues the worse it gets. Any strategy that only works by exponentially increasing capital raising and needing exponential rise of an underlying asset isn’t a real strategy. It’s a recipe for guaranteed failure.

Magikarpeles

When MSTR fails it's gonna be epic

ReliantToker

​THE "STRAIT OF HORMUZ" DECOUPLING ​While the legacy markets are shivering at the prospect of energy-driven inflation—with the Nikkei and US futures slipping as oil supply through the Strait of Hormuz remains tight—Bitcoin has effectively checked out of that correlation. ​In a massive show of strength, Bitcoin surged nearly 4% to hit $75,921 early today, its highest level since early February. This move is significant because it’s happening against the grain of traditional risk assets. While the S&P 500 and Nasdaq are grappling with the fallout of the US-Iran conflict, Bitcoin is increasingly being treated as a cross-border liquidity bridge and a geopolitical hedge. ​The internal mechanics of the market support this shift. We’ve seen a clear move of assets into long-term custody, even as prices hold this psychologically heavy $75k zone. With Tokyo-listed Metaplanet securing another $255 million to follow the MSTR playbook, the "Corporate HODL" is not just an American phenomenon—it is a global race to capture the last few liquid satoshis before the supply-demand imbalance becomes irreversible.

goawayjoebro

reposting this from that comment section. Saylor himself having ownership of more than 5% of bitcoin is a real concern. However, many large firms (Vanguard, blackrock included) use MSTR as a part of their means of acquiring Bitcoin by proxy. Vanguard has a larger portion of MSTR stock, i think about 11%, Blackrock owns about 5% but has much larger stores of it's own BTC via the BTC ETFs. Blackrock's bitcoin ETFs by volume actually hold more Bitcoin than Saylor's company. Saylor has ~730,000 and Blackrock's total BTC ETF issuance is slightly more than that. What this signals is that there is increasing retail/big firm/tradfi adoption of Bitcoin. Strategy is actively being pried out of Saylor's hands. *Exact figures:* - BlackRock's iShares Bitcoin Trust (IBIT), its primary spot Bitcoin ETF, holds approximately 782,180 BTC as of March 16, 2026. - - MSTR holds 761,068 BTC as of today - Vanguard holds approximately 8.55% of MicroStrategy (MSTR) stock, while BlackRock holds approximately 5.8% - Blackrock AUM = ~14 trillion, Vanguard = ~12 Trillion

goawayjoebro

Saylor himself having ownership of more than 5% of bitcoin is a real concern. However, many large firms (Vanguard, blackrock included) use MSTR as a part of their means of acquiring Bitcoin by proxy. Vanguard has a larger portion of MSTR stock, i think about 11%, Blackrock owns about 5% but has much larger stores of it's own BTC via the BTC ETFs. Blackrock's bitcoin ETFs by volume actually hold more Bitcoin than Saylor's company. Saylor has ~730,000 and Blackrock's total BTC ETF issuance is slightly more than that. What this signals is that there is increasing retail/big firm/tradfi adoption of Bitcoin. Strategy is actively being pried out of Saylor's hands.

ReliantToker

You’re raising a valid point about the "incentive to shape narrative," but calling IBIT the "lazy path" ignores the regulatory and fiduciary reality of 2026. ​Here is the "non-manufactured" breakdown: The Fiduciary Mandate: For the 1,686 institutional owners currently holding IBIT—including pension funds and endowments—direct cold storage isn't just "hard," it’s often legally prohibited by their investment mandates. An ETF isn't the "lazy" choice; for many, it’s the only choice allowed by their board of directors. ​The Collateral Evolution: Unlike 2024, in 2026, Bitcoin is a "Tier 1" asset. Major banks like Wells Fargo and BNY Mellon now recognize IBIT shares as collateral for credit facilities. You can’t easily walk into a legacy bank and get a low-interest loan against a multisig wallet yet, but you can against an ETF. ​The MSTR Distinction: While I agree MSTR is a "monster" for adding tailwinds, it carries its own premium/discount volatility. IBIT offers pure delta exposure without the "Saylor Premium" risk, which currently sits at 1.01x mNAV (a rare reset). ​Is BlackRock making a fee? Of course. Is it "manufactured" to say that $55 billion in AUM represents a massive vote of confidence from the world's largest pools of capital? No, that’s just the math of the "Institutional Superhighway."

NinjaChore

Is someone just guessing a number? Because MSTR just bought 1.57 billion

JuxtaposeLife

The sad reality is that a large share of the pro-IBIT, anti-MSTR narrative online often looks less like genuine analysis and more like manufactured consensus... and you see that here constantly. The reaction to even mild criticism of IBIT is often so disproportionate that it begins to feel less like rational debate and more like narrative defense. That is especially striking because, at a high level, Bitcoin cold storage and MSTR represent two distinct paths of exposure, while IBIT arguably combines some of the disadvantages of both. At best, it is the convenience option (the lazier path) but one that comes with unnecessary headwinds. It also happens to be an enormous cash cow for BlackRock, so it is not difficult to understand why there would be a strong incentive to shape the surrounding narrative. Some of this clearly comes from real people repeating a framework they have not examined very deeply. But much of the rest reads like coordinated amplification masquerading as independent market opinion. That may serve incumbents well, but it does not make the argument any more true. Strategy, notably, does not appear to require that kind of support.

Friendly-Profit-8590

Does MSTR account for any of that or no?

snek-jazz

There are 3150 coins mined by miners per week. In the last two weeks MSTR alone bought around 42,000 bitcoin. That's more than a quarter of what will be mined this year bought in 2 weeks. The question isn't who will buy the miners coins, it's who the hell else is selling 10s of thousands of old coins at ao99 price they could have sold higher than over much of the last 2 years, and how many more old coins are for sale at these prices if MSTR keeps gobbling them up.

snek-jazz

The 11.5% is a variable rate that can come down if demand allows for it. We can consider things that affect that: * faith in MSTR being able to meet their obligations (which is a function of how much bitcoin they have, and the price of bitcoin) * the rates of competing products (which is a function of fed funds rate)

snek-jazz

And the majority of it from STRC ATM, not MSTR common. Amazing week for MSTR.

Calm_Situation_1131

Lol this can't be a serious comment because Saylor already sold about $400m in MSTR stock since starting the BTC strategy.

Calm_Situation_1131

Saylor and his firm literally marked the start of the dotcom crash. MSTR had an "accounting error" that caused the stock to fall 99%. Con artist through and through. He doesn't give af about BTC, just that his stock goes up and he can dump it.

Awkward_Potential_

>there's little structural danger here. MSTR does not custody their own Bitcoin. In fact, they probably use the same custodian as IBIT and many other ETF's. Ummm, that's actually my biggest concern. Strategy should self custody to keep Coinbase from being too large of a custodian.

Cadenca

When you really boil it down, there's little structural danger here. MSTR does not custody their own Bitcoin. In fact, they probably use the same custodian as IBIT and many other ETF's. IE., this is a moot point. Ownership is not centralized either. Those Bitcoin belong to me and hundreds of thousands of shareholders (inb4 someone tries to point out that technically the MSTR equity does not have direct claim to their BTC yadda yadda). The market can easily tolerate MSTR being at least 10% of the market, so that's 2.1 million coins. That's like 3x what they have now. We'll cross that bridge once we get there, but this is hardly the limit.