MicroStrategy Acquires 10K+ BTC Amid Potential Bank Partnerships
MicroStrategy CEO Michael Saylor’s recent Bitcoin purchases have intensified analyst speculation about the company’s broader strategy. On December 15, Strategy bought 10,600 BTC, worth over $980 million, following a $962 million acquisition the previous week. In just two weeks, the firm accumulated roughly $2 billion in Bitcoin, bringing its total crypto holdings to over $50 billion.
Analysts See “Urgency” in Accumulation
Analyst Peter Duan highlighted the rapid pace of purchases, noting: “MSTR slamming the ATM with $2B of common shares in two weeks feels less like routine funding and more like a sense of urgency. Something mega bullish might be coming.”
Hermes Lux suggested that the bold moves could be positioning for Bitcoin-backed banking or structured lending programs with major financial institutions like JPMorgan. He explained: “The more BTC $MSTR owns, the better this works for the banks, and the more revenue will be generated by Strategy.” Lux also noted that banks are preparing ahead of potential crypto market structure legislation expected by early 2026. Saylor himself described loaning BTC to banks as the “endgame” and “biggest opportunity,” envisioning yield of 500–700 basis points for deposited Bitcoin.
Concerns Over Stock Dilution
These Bitcoin acquisitions have largely been financed through MSTR stock sales. For the latest $980 million purchase, Strategy sold $888 million of common stock and $82 million of STRD preferred shares. While some analysts support buying BTC during the market correction, others warn of shareholder dilution. Bart Mol questioned: “What’s the point of issuing common stock when mNAV is at best at 1.14? Meanwhile, normal shareholders are getting diluted into oblivion.”
