#Strategy加仓BTC MicroStrategy is making a big move again. From early January to mid-month, they invested about $1.25 billion to buy Bitcoin—an average cost of $91,519 per coin, acquiring a total of 13,627 BTC. To find a comparable scale, you'd have to go back to July last year. Now, their total holdings have soared to 687,410 coins, worth over $62 billion.

They've been increasing their position for several consecutive weeks, which clearly isn't just for fun. Michael Saylor's "Bitcoin as digital gold" theory continues to guide their operations. But what does all this really mean?

First, look at the paper gains—since entering in 2020, MicroStrategy's average cost is only $75,353, and their unrealized gains have already exceeded $10 billion. Each large purchase tends to happen during market volatility or pullbacks. Buying at over $91k shows how confident they are in Bitcoin's long-term trend. Short-term price fluctuations are no big deal to them; their focus is on the next few years or even a decade.

Interestingly, how are they financing this? The funds mainly come from issuing common stock and perpetual preferred shares (STRC). Recently, STRC broke above $100, hitting a new high since November last year. This indicates the market recognizes their "Bitcoin + leverage financing" approach. Essentially, Saylor's team is continuously buying BTC through equity financing, creating a positive feedback loop—stock price rises → better financing → more BTC purchases → assets become more valuable → stock price continues to climb.

In the industry context, many companies and funds are reducing holdings or holding back at high levels, but MicroStrategy is adding to their position. This is no longer just a personal belief but a signal of asset allocation at the corporate level. Traditional finance is slowly accepting Bitcoin as a "reserve asset," and MicroStrategy is somewhat leading by example.

But claiming there are no risks is nonsense. MSTR's stock price is highly correlated with BTC, and during recent market corrections, MSTR's decline has often been sharper than BTC's. Plus, they rely on issuing shares and preferred stock to keep buying, with annual interest and dividends costing around $700-800 million. They recently set up a $1.4 billion reserve fund to prevent liquidity crises, but if Bitcoin enters a prolonged bear market, cash flow pressures could become intense.

This approach isn't something retail investors can easily imitate. MicroStrategy benefits from the company's financing channels and long-term strategic vision, while ordinary investors should probably stick to dollar-cost averaging with small positions.

What do you think about this wave? Is MicroStrategy truly confident in Bitcoin's future, or are they betting on an even bigger gamble? How much certainty do you still have about Bitcoin's long-term trend? Share your thoughts in the comments—where do you see BTC in 2026?