#Strategy拟回购股票涨超12% 【The Myth of "Never Selling Coins" Shattered? "Blatant Bull" MicroStrategy Surges 12%, Plans $1 Billion Stock Buyback!】

Is the biggest "perpetual motion machine" in the crypto world hitting the brakes? On the U.S. stock market, MicroStrategy (Ticker: MSTR, often referred to simply as Strategy in the market), the largest institutional holder of Bitcoin, saw its stock price surge nearly 12% against the market trend.

Triggering this frenzy was the company's board of directors' unprecedented introduction of a brand-new capital management plan—the "Digital Credit Capital Framework." Not only does it include a $1 billion common stock buyback plan, but it also hides a signal that has sent shockwaves through the crypto community!

Core Bombshell: Goodbye to "Only Buying, Never Selling," Allowing the Sale of $1.25 Billion in BTC?

What caught the market's attention most was that Michael Saylor, who once proclaimed he would "forever buy and never sell Bitcoin," made a flexible compromise to the market:

Historic Shift: The new framework explicitly authorizes the company to sell up to $1.25 billion in Bitcoin if necessary, to bolster U.S. dollar cash reserves, pay preferred stock dividends, or fund stock buybacks.

Two-Pronged Buyback: Approval of two separate $1 billion independent buyback plans, one for Class A common stock and the other for digital credit securities (preferred stock), while simultaneously raising the annual dividend rate on preferred stock to 12%.

Seemingly a sell authorization with "bearish pressure," why did the stock price surge 12% instead?

In-Depth Analysis: Why Did Saylor "Change Tactics" at This Moment?
Those who don't understand see it as a shaken faith, but traders who analyze on-chain data and stock/bond metrics know this is Saylor fighting a thrilling "stock price defense battle." The crisis of disappearing premium: Recently, MSTR's modified Net Asset Value (mNAV) unprecedentedly fell below 1. This means MicroStrategy's total enterprise market value was actually lower than the real value of the Bitcoin held in its account! The past model of "using the high premium of stocks to frantically issue bonds and then buy more Bitcoin"—a left-foot-right-foot spiral—has temporarily stalled. After the stock price broke below key support levels, market panic spread. To maintain market confidence and restore the premium, MicroStrategy decisively deployed the most effective nuclear weapon in traditional U.S. stocks: the company jumping in to buy back its own stock. And allowing "selling coins when necessary" provides ample liquidity ammunition for buybacks and interest payments, allaying Wall Street's concerns about its liquidity being locked up.

💡 Next Steps for Arbitrage and Thinking by Crypto Traders

As a seasoned player on Gate.io Square, what trading implications does MSTR's major move have for us?

1. The "Blind Buying" Period for Institutions is Over; Entering "Refined Operations"
MicroStrategy has shifted from "only buying, never selling" to "active capital management." This means the one-sided on-chain buying pressure from MSTR's blind debt issuance will temporarily subside. Future movements of Bitcoin will rely more on global macro liquidity itself, rather than a single institution's financial leverage game.

2. MSTR's Certainty as a "2x Bitcoin Leverage Proxy" Has Strengthened
The $1 billion stock buyback plan essentially provides an "official floor" for MSTR's stock price. For arbitrage traders who like to monitor MSTR during U.S. stock trading hours to predict Bitcoin's moves, or trade MSTR-related derivative ETFs during Asian sessions, the extreme downside risk of MSTR is hedged, making its leverage tool attribute safer and more stable.

3. Potential Selling Pressure is Actually Completely Controllable
Although it says "allows selling $1.25 billion in Bitcoin," the announcement emphasizes this is authorization, not an obligation. Currently, MicroStrategy still has about $2.55 billion in cash reserves on its books, enough to cover interest payments at this stage. This is more like a strategic backup engine; there's no need for excessive panic over so-called "institutional dumping."