MicroStrategy's Bitcoin Frenzy: Tactical Move or Desperate Gamble?

Recently, MicroStrategy's latest Bitcoin accumulation has attracted a lot of attention. What is Saylor really up to? Is it a masterful timing of the market, or is he forced into a desperate hold?

Frankly speaking, MicroStrategy has long run out of options. Continuing to buy Bitcoin puts pressure on its stock price; stopping purchases could make the market even harsher. The core of this dilemma lies behind the numbers.

Looking at its holding growth trajectory reveals that obsession. In 2020, it held around 20,000 Bitcoins, which was just a testing phase. But by 2024 to 2025, the curve nearly skyrockets—jumping from hundreds of thousands to now 672,497 coins. Over just a little more than a year, this company has pushed leverage to the limit.

Market insiders know that this pace of accumulation aligns with potential supply shortages following the halving cycle. The question is, what is backing this nearly gambler-like strategy? Is it an increasingly strained capital chain?

From the growth curve to the capital structure, every number tells the same story: this tech company has completely transformed into a Bitcoin arbitrage machine. It’s no longer a company making money from technology or products, but one driven by leverage and asset appreciation to boost its stock price.

How fragile is this model? As soon as Bitcoin’s price adjusts, the entire structure could start to wobble. This isn’t investing; it’s dancing on a tightrope.