Michael Saylor continues to make headlines in the crypto world. The company, now known as Strategy (formerly MicroStrategy), has acquired 168 new bitcoins for nearly $18.8 million at an average price of $112,051 per BTC. While seemingly modest, this move is significant, as it increases their total holdings to 640,418 BTC, valued at over $71 billion at current rates.
Finely Crafted Financing with Perpetual Stocks
These recent purchases were financed through the sale of perpetual preferred stocks: STRK, STRF, and STRD. This financial strategy, part of the colossal funding plan called “42/42,” now amounts to $84 billion, combining share issuances and convertible bonds to boost Bitcoin reserves until 2027.
Each series of stocks serves a distinct purpose:
- STRD, non-convertible with a 10% dividend, offers the riskiest profile.
- STRK, convertible with an 8% dividend, presents potential upside.
- STRF, non-convertible but cumulating at 10%, appeals to cautious investors.
- Lastly, STRC distributes monthly dividends at variable rates to stabilize stock value.
This financial engineering, described by Saylor as an “antifragile infrastructure,” is capable of withstanding a 90% Bitcoin drop for several years without jeopardizing the capital structure.
Overwhelming Dominance in the Bitcoin Treasury Market
Behind Strategy, the ranking of Bitcoin-holding companies highlights a stark contrast: Marathon Digital follows with 53,250 BTC, Twenty One supported by Tether with 43,514 BTC, then Metaplanet (30,823 BTC), and Riot Platforms (24,300 BTC). Even giants like Coinbase and Bullish lag significantly.
Currently, 190 publicly listed companies hold Bitcoin reserves, a record high. However, most are witnessing stock declines since summer peaks, reflecting market nervousness and enduring volatility.
“The Most Important Orange Dot Is Always the Next One”
In line with his evangelical rhetoric, Saylor hinted at this new purchase last Sunday evening:
The most important orange dot is always the next one.
This phrase has become emblematic of a strategy that seems to defy traditional diversification logic. Strategy’s stock closed the week at $289.87, rising by 2.1% on Friday. Yet, it reflects a -10.3% weekly drop and -3.4% year-to-date decrease, compared to a +14.3% gain for Bitcoin.
Despite these disparities, the message remains clear: for Saylor, every market retreat represents a new opportunity to add another “orange dot” to the timeline.
