While Michael Saylor has amassed a staggering 687,410 Bitcoin for MicroStrategy’s treasury, his ability to continue this buying spree faces serious headwinds. His latest $1.25 billion purchase boosted holdings from 673,783 to 687,410 BTC, following his post-2020 pattern of massive acquisitions. But the funding method tells a troubling story.
Over 90% of this recent buy came through MSTR share dilution. Less than 10% from STRC sales. Not great for shareholders, despite Saylor’s enthusiastic tweets announcing each purchase.
The numbers don’t lie. Diluted shares increased 1.9% (from 345,632 to 352,204), while BTC holdings rose 2.0%. That’s technically 0.1% accretive dilution. Technically. But BTC per share has actually declined since mid-November 2025. So much for Saylor’s promise about 2.5x mNAV dilution.
The market isn’t buying what Saylor’s selling anymore. MSTR has tanked 28% in two months despite continued Bitcoin purchases. Investors with clear investment goals would likely question the wisdom of such concentration in a single volatile asset. The stock crashed to zero premium over its Bitcoin holdings. Zero. Shareholders are watching their Bitcoin-per-share value evaporate through non-accretive dilution.
MicroStrategy’s Bitcoin strategy began in August 2020 as a “treasury reserve strategy.” Since then, purchases like February 2024’s 850 BTC at $43,764 average now worth $92 million show impressive gains. But at what cost?
With an average acquisition price of $75,353 per BTC across the entire 687,410 Bitcoin treasury, Saylor faces mounting pressure. The company slashed earnings guidance by 76%, severely limiting future fundraising options. Saylor’s defense that Bitcoin can offset weak results for unprofitable companies hasn’t convinced skeptical investors. He continues to dismiss legitimate criticism of BTC investments during recent podcast appearances, deflecting blame to non-Bitcoin investors instead.
Can Saylor keep buying? Maybe. Will it benefit shareholders? That’s another question entirely. He’s running out of creative funding methods. The recent purchase relied almost entirely on direct dilution – the least sophisticated approach.
For now, investors await the next Form 8-K filing or Saylor tweet announcing another purchase. But with market cap and enterprise value at or below Bitcoin value, one thing’s clear: Saylor’s buying power isn’t what it used to be.
