#微策略再砸12.8亿美元增持BTC

Institutions' "buying the dip" appetite is astonishing! MicroStrategy has once again started its "buying spree" mode. Last week, it raised approximately 18,000 more bitcoins through stock issuance and refinancing. This truly exemplifies the maxim "be greedy when others are fearful" to the extreme, even to the point where one might suspect that their KPI is buying Bitcoin. So, does MicroStrategy's increased holdings indicate that the market has bottomed out?

🔍What kind of company is MicroStrategy?

In the wave of global business intelligence (BI) and digital finance, MicroStrategy (NASDAQ: MSTR) has always been a name that cannot be ignored. Founded in 1989, this company started from an office in Virginia, USA. Over more than thirty years of development, it has become a leading independent publicly traded analytics and business intelligence firm worldwide. Moreover, due to its bold bet on Bitcoin, it has become an iconic enterprise in the cryptocurrency field. In 2020, MicroStrategy made a decision that shocked global capital markets: to incorporate Bitcoin into its long-term strategy, initiating a four-year "Bitcoin buying plan." Starting with its first purchase of 21,454 bitcoins in 2020, MicroStrategy embarked on a "buying on dips" approach. As of February 2026, the company has invested about $54.52 billion and holds 717,131 bitcoins, accounting for approximately 3.4% of the total global supply. This strategy has brought huge returns: during the Bitcoin price surge in 2024, MicroStrategy's market value skyrocketed 40 times, making it a "phenomenal stock" in the US stock market. However, the high volatility of cryptocurrencies also poses significant risks—by February 2026, due to market sell-offs, the company's stock price had fallen nearly 80% from its peak in November 2024, with unrealized losses exceeding $10 billion. Currently, MicroStrategy's financial health is highly tied to Bitcoin's price, and its stock has become an important channel for investors to indirectly invest in Bitcoin.

💰Is a bottom-fishing dollar-cost averaging rather than market stabilization

Therefore, from the company's development history, it is clear that MicroStrategy has deeply linked Bitcoin with its financial situation. Its relentless dip-buying resembles a corporate dollar-cost averaging strategy on Bitcoin—except it’s not using "its own money." The company regularly raises funds from the capital markets, and all proceeds are used to buy Bitcoin, following a "never sell" strategy. Rising Bitcoin prices boost the company's net asset value, attracting more investors to buy its stock, creating a positive cycle of "financing—buying coins—raising valuation—refinancing." By consolidating the faith of global Bitcoin believers, MicroStrategy buys Bitcoin to profit and shares some of those profits with "retail investors" through dividends and stock price appreciation. In this sense, MicroStrategy has, to some extent, become a Bitcoin fund.

📈Confidence in the "long-term bull market" of Bitcoin

So, what makes MicroStrategy daring enough to bind itself to Bitcoin and keep leveraging to "buy in"? I believe it’s more about recognizing Bitcoin’s long-term value. Bitcoin’s total supply is fixed, mining difficulty is gradually increasing, and new coin issuance is slowing down. This scarcity makes it potentially anti-inflationary in the long run. As more countries recognize and engage in the cryptocurrency space, Bitcoin, as the leading asset, also has a solid "long-term bull market" fundamental. Historical data shows that if you extend the K-line to annual units, Bitcoin will trend upward over the long term. Therefore, entering at a relatively low point is reasonable, and it’s not necessary to worry whether that point is the absolute bottom. For MicroStrategy, 59,900 or 70,000 might both be acceptable prices. While we are still watching the market and calculating gains or losses of a few thousand points, MicroStrategy is already looking at one or even five years ahead.

🔨Potential Risks: The "Death Spiral" Under High Leverage

Although MicroStrategy’s increased holdings seem optimistic, its high-leverage business model also harbors significant risks. If Bitcoin’s price continues to fall to unpredictable levels, massive losses could trap MicroStrategy in financial trouble. Investors losing confidence might sell off their shares, causing the stock price to decline. Once the market value-to-net asset value ratio (mNAV) drops below 1.0, MicroStrategy might be forced to sell part of its holdings to meet obligations. This "forced sale" could trigger a self-reinforcing "death spiral," where selling accelerates the price decline, leading to more selling.

💪Lessons for Us: Returning to the Original Intention of Long-term Holding

Perhaps everyone entering the crypto space initially believes in long-term investment without losing money. But relentless monitoring, news watching, makes us want to buy high and sell low, chasing both gains and losses, gradually turning into the short-term gamblers we once despised. Many say that when the next bull market arrives, MicroStrategy will be the biggest winner. But do we have that courage and resolve? Regardless of the timing, "buying on dips and holding long-term" may indeed be the true answer for Bitcoin investment.