Michael Saylor’s latest aggressive Bitcoin buying has left analysts with more speculation than solid answers.
On December 15, the company bought 10.6K BTC, worth over $980 million. Last week, it bought $962 million worth of Bitcoin.
This translated into approximately $2 billion worth of Bitcoin [BTC] firsts in just two weeks, and Strategy’s cumulative investment in the crypto officially surpassed $50 billion.
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So why go all-in, despite the threat of exclusion from the MSCI index and potential outflows? Why scale up BTC purchases if you can be forced to liquidate them if mNAV drops below 1x?
Analysts said Saylor was positioning himself for something bigger.
Michael Saylor’s new Bitcoin bet
In fact, the accumulation rate of around 10,000 BTC per week indicated a “sense of urgency,” noted one analyst, Peter Duan. He stated,
“MSTR putting $2 billion in common stock on the ATM in two weeks feels less like routine financing and more like a sense of urgency. Something hugely bullish could be coming.”
The risky bet? According to analyst Hermes Lux, it is a Bitcoin bank or structured BTC-backed lending programs with established banks such as JPMorgan.
Lux added,
This is the main reason why Saylor has been buying so heavily over the past two weeks, which will likely continue at >10,000 BTC per week for as long as possible for the rest of the year.”
He concluded,
“The more BTC $MSTR owns, the better it works for the banks, and the more revenue will be generated by Strategy.”
Lux noted that banks are already preparing for this ahead of the passage of the Crypto Market Structure Law in early 2026. According to him, MSTR shares will be the net beneficiary.
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Well, this wasn’t far-fetched. Saylor recently said that lending BTC to banks would be the ‘end game’ and the ‘biggest opportunity’.
“I think the big idea, the big opportunity and the end game is that we will reach a point where major banks will allow you to deposit BTC and give you a 500-700 basis point return for it.”
He floated a similar idea at the Bitcoin MENA conference.
Critics warn against dilution of the MSTR
The recent BTC purchases have been largely funded by the sale of MSTR shares. Before the latest bid, Strategy sold $888 million worth of MSTR stock and $82 million worth of STRD preferred stock to buy BTC.
Some supported the company’s aggressive move to acquire as much BTC as possible during the current correction. However, critics condemned the company for the dilution of MSTR shares.
Bart Mol, an analyst, stated,
“What’s the point of issuing common stock when the mNAV is 1.14 at best? Hoping that we’ve seen the bottom and Bitcoin will rise in the coming months? Meanwhile, normal shareholders are forgotten.”
Source: Strategy
That said, MSTR stock fell 8.14% after the update, closing at $162 on Monday. The drop also followed BTC’s weakening 2% to $85,000.
Final thoughts
- Saylor’s buying spree highlighted how belief-based strategies can reshape both the balance sheet and market expectations.
- Whether this pace signals preparation for a new institutional use case, or simply increases risk, remains uncertain.