Microstrategy Incorporated, recently renowned as a strategy, is the largest corporate owner on the public in Bitcoin public, with 528,17 BTC bought at an average price of $ 67,458, with a total cost of acquisition of $ 35.63 billion.
In April 2025, its Bitcoin holdings worth around $ 41.3 billion, with the most recent purchase of $ 2,048 BTC for $ 1.92 billion on March 30 at $ 86,969 per BTC. Bitcoin is now the main active ingredient in the Treasury of the Strategy, and its BTC performance – a key performance indicator measuring Bitcoin by Action – Rose 11% YTD during the first quarter, targeting 15% per year at 2027.
Dry microstrategy deposit
The dry deposits in recent times indicate the volatility that comes with the bitcoin model of the strategy. During the first quarter of 2025, the company underwent an unrealized loss of $ 5.91 billion caused by a drop in price to $ 77,351, which was offset by a tax service of $ 1.69 billion.
The company’s capital structure includes 8.65 billion dollars raised in equity and debt since 2020, to finance continuous acquisitions of Bitcoin. The culmination was the collection of $ 2 billion in February 2025 using convertible zero coupon tickets which are due in 2030. The strategy also made public a privileged action offer (STRK) during the fourth quarter 2024 and collected $ 584 million.
Despite volatility, the overall Bitcoin of the company’s hold is still in profit with an unrealized gain of 14.62%. Its software segment is still lagging behind, signaling $ 120.7 million in income from the fourth quarter of 2024, down 3% in annual shift and not producing positive operating cash flows. The company depends considerably on the financing of its operations and the acquisitions of Bitcoin, after having made a division of shares 10 per 1 in July 2024 to increase the availability of shares.
The risk of liquidation is currently contained. With 8.2 billion dollars in unsuitable loans and no guaranteed loan for Bitcoin, the strategy could potentially reimburse all its debts by selling 15% of its BTC at current market prices.
Bitcoin through actions
Executive President Michael Saylor 46.8% of voting shares guarantees the continuation of the Bitcoin-First strategy, and he claims that even a drop in the price of Bitcoin would not lead to a sale.
The strategy for converting equity and debt of the strategy – the fund -based fund conversion strategy, the use of actions and the issue of tickets to buy BTC has been called “Infinite Money Glitch.” The strategy buys an additional bitcoin by issuing actions and tickets to a bonus, which leads to the increase in BTC and MSTR stocks.
This model is based on the faith of investors and the sustained appreciation of Bitcoin. Any prolonged drop in Bitcoin prices can test its capacity to increase capital or serve its obligations.
Critics highlight the risks of centralization, possible tax burdens out of $ 18 billion in unrealized gains and the regulatory attention of organizations such as dry. At the same time, the action of the company was leap of 336% in 2024, although it dropped by 55%, going from $ 543 in November to $ 250 in February 2025.
In summary, the aggressive approach to Bitcoin of the strategy continues to provide yields but with a high risk of exposure to market volatility, debt risk and regulatory problems. Its success will depend on the long -term trend of Bitcoin and the stubborn support of Saylor to the Mantra “Never Sell”.
