$1 Billion BTC Buy Sparks Debate Over Financial Model

While bitcoin hovers around $91,000 after its October peak, Strategy surprises the markets with a massive purchase of over 10,000 BTC. This nearly billion-dollar bet, amid a prolonged downturn, reignites debates on the viability of the “Bitcoin treasury” model. The move fascinates as much as it worries : should it be seen as a strategic conviction or a major financial risk for an already pressured company ?

Relentless accumulation despite growing stock market pressure

Michael Saylor continues to disregard crypto market turmoil. While Strategy’s stock has lost more than 50 % in a year, the company announced acquiring 10,624 BTC for approximately $962.7 million, at an average price of $90,615 per crypto.

This announcement, made directly by Saylor on X, brings the company’s total holdings to 660,624 BTC, at an overall cost of $49.35 billion, with an average acquisition price of $74,696 per bitcoin.

Indeed, these assets are currently valued at nearly $60 billion, representing 22 % unrealized gains. In other words, despite a significant stock decline, Strategy maintains a structurally winning position on its BTC reserves.

In a climate marked by doubts about its solvency, Strategy has taken offensive measures to reassure markets and avoid a negative spiral. Its CEO, Phong Le, responded to concerns about a possible inability to meet its financial commitments, notably dividends. He stated : “there was FUD spreading that we could not meet our dividend obligations, which pushed some to bet against bitcoin”. In response to these fears :

• Strategy raised $1.44 billion to strengthen its treasury ;

• This raise aims to neutralize alarmist discourse on a risk of forced asset sales ;

• The management states it remains fully capable of servicing its debt and dividends, even in case of prolonged stock price decline ;

• This financial stance aims to maintain shareholders’ confidence while continuing BTC accumulation without compromise.

This ongoing accumulation, carried out in a difficult context for the company, sends a clear message: Strategy remains determined to make bitcoin the central pillar of its financial strategy, regardless of stock market turmoil.

Bitcoin, a new digital capital

Alongside this acquisition, Michael Saylor continues a convincing effort with major financial institutions. At Bitcoin MENA in Abu Dhabi, he multiplied meetings with sovereign wealth funds, banks, and family offices to defend a renewed vision of bitcoin.

“My message is very simple : we now have a digital capital. Bitcoin is a digital capital. It is digital gold”, he publicly affirmed, before adding : “on this basis, we have a new asset class called digital credit. Digital credit removes capital volatility and generates yield”.

With these statements, Saylor no longer merely presents bitcoin as a speculative asset but now frames it within a broader logic, that of a digital credit infrastructure with integrated yield.

This approach stands in contrast to recent market figures. In November, inflows into Digital Asset Treasuries (DAT) dropped to $1.32 billion, down 34 % from October.

Yet, Strategy alone accounted for more than 63 % of these inflows, with a previous BTC purchase of $835 million made on November 17. The contrast between the company’s strategy and the general sector dynamics is striking: is it risky stubbornness or visionary anticipation?

With this massive BTC purchase, the company aims to restore confidence. Strategy had unveiled a new anti-panic weapon, but the pressure remains tangible. If the market does not rebound, this strategy could become a burden rather than a lever, exposing its limits in times of prolonged tension.