MicroStrategy Buys $250M in Bitcoin, Calling the Crypto ‘Superior to Cash’

[Donneski]

In a new development, I found an interesting news in Business Insider where it was headlined "Michael Saylor defends bitcoin's plunge by comparing it to Apple's 'valley of despair,' which preceded a huge rebound"

Despite the ongoing dip, he’s leaning into the “tech icon” comparison again and signaling confidence in a rebound.

Now, given the skepticism we've been discussing under this thread lately about his timing and proclamations, this only sharpens their bigger question: Is Saylor genuinely ahead of the curve or is this yet another layer of bullish branding during a downturn by the MicroStrategy founder?

[tiCeR]

In a new development, I found an interesting news in Business Insider where it was headlined "Michael Saylor defends bitcoin's plunge by comparing it to Apple's 'valley of despair,' which preceded a huge rebound"

Despite the ongoing dip, he’s leaning into the “tech icon” comparison again and signaling confidence in a rebound.

Now, given the skepticism we've been discussing under this thread lately about his timing and proclamations, this only sharpens their bigger question: Is Saylor genuinely ahead of the curve or is this yet another layer of bullish branding during a downturn by the MicroStrategy founder?

Michael Saylor has only one way to go because if you were to take that headline and turn it into the opposite, it wouldn't be all that great for Strategy.

"Michael Saylor does not think a rebound is coming..." wouldn't exactly be what his shareholders want to hear from him.

While I am still convinced of bitcoin having a great future, Michael Saylor is probably the most biased source of information you can find these days. He'd exploit any possible comparison now, whether that be Apple's "valley of despair" or anything else, his main task as the CEO of the company with the biggest BTC holdings in the world is straight forward, he has to say whatever is needed to not lose investor trust. I am not disagreeing with him, I just believe that these headlines aren't actually worth being a headline because what else would you expect from him.

[Ambatman]

Like saylor dismissed quantum computing risk? Well, an adamant investor will treat quantum computer risk as a FUD. I will like to know what some technical users of this forum have to say about this. I am definitely raising a topic for this.

Threads about Quantum risk is all over the forum and you don't have to create another.
Edited
You already did.
Quantum is a risk that isn't exclusively on Bitcoin. It's FUD that make many make it a Bitcoin only problem.

Is Saylor genuinely ahead of the curve or is this yet another layer of bullish branding during a downturn by the MicroStrategy founder?

Ahead of what curve? Is either a this or a that
Even if he is correct doesn't mean he's ahead of the curve
Is speculation was just correct. Nothing special.

[fillippone]

Like saylor dismissed quantum computing risk? Well, an adamant investor will treat quantum computer risk as a FUD. I will like to know what some technical users of this forum have to say about this. I am definitely raising a topic for this.

Threads about Quantum risk is all over the forum and you don't have to create another.
Edited
You already did.
Quantum is a risk that isn't exclusively on Bitcoin. It's FUD that make many make it a Bitcoin only problem.

Is Saylor genuinely ahead of the curve or is this yet another layer of bullish branding during a downturn by the MicroStrategy founder?

Ahead of what curve? Is either a this or a that
Even if he is correct doesn't mean he's ahead of the curve
Is speculation was just correct. Nothing special.

I think, like every other Bitcoin "hero" we had in the past, he went a little bit too far.
He had a good and sensible idea, using MicroStrategy to "smuggle" bitcoin to those who couldn't buy it, but then, when the ETF arrived, this idea couldn't keep working. So he had to reinvent a lot of narratives.
He's undoubtedly smart, but I think he has already done what he could for Bitcoin. Not expecting much from him.

[The Sceptical Chymist]

What he should be doing is answering questions about his company, not about Bitcoin, especially why he has a -10% return on Bitcoin when the CAGR is 35%, a CAGR very close to the one on which he bases his model.

Hear, hear.  And I'm not agreeing with you in order to bash him for being a bitcoin zealot but because he does have shareholders MSTR is accountable to and he ought to be addressing them; that said, I don't know what he has or hasn't been communicating with them.  He isn't the CEO but the Chairman of the Board (or Executive Chairman...not sure if the same) and as such I don't know what his duties are supposed to include.

But blah blah blah, I'd love to tune into one of their annual shareholders meetings.  Has anyone here done that?

[fillippone]

Hear, hear.  And I'm not agreeing with you in order to bash him for being a bitcoin zealot but because he does have shareholders MSTR is accountable to and he ought to be addressing them; that said, I don't know what he has or hasn't been communicating with them.  He isn't the CEO but the Chairman of the Board (or Executive Chairman...not sure if the same) and as such I don't know what his duties are supposed to include.

Just remember that he is not the CEO of the company, but still retains more than 70% of the voting power (mmhhh, I might have to check on the exact figure, it might be slightly less now after all those ATMs). However, Strategy is basically his private toy. Saylor can do whatever he wants.

[Free Market Capitalist]

Hear, hear.  And I'm not agreeing with you in order to bash him for being a bitcoin zealot but because he does have shareholders MSTR is accountable to and he ought to be addressing them; that said, I don't know what he has or hasn't been communicating with them. 

The shareholders' meeting is held annually, and Strategy shareholders are typically bullish on both Bitcoin and the company itself. I don't know if there will be any rebellious shareholders in 2026 who might ask tough questions.

But blah blah blah, I'd love to tune into one of their annual shareholders meetings.  Has anyone here done that?

As far as I know, the meeting is held online behind closed doors, and you have to be a shareholder to access it. I don't know if there is a minimum share requirement, as is usually the case. Although I don't know if they publish the video recording afterwards.

[coinrifft]

Hear, hear.  And I'm not agreeing with you in order to bash him for being a bitcoin zealot but because he does have shareholders MSTR is accountable to and he ought to be addressing them; that said, I don't know what he has or hasn't been communicating with them.  He isn't the CEO but the Chairman of the Board (or Executive Chairman...not sure if the same) and as such I don't know what his duties are supposed to include.

Just remember that he is not the CEO of the company, but still retains more than 70% of the voting power (mmhhh, I might have to check on the exact figure, it might be slightly less now after all those ATMs). However, Strategy is basically his private toy. Saylor can do whatever he wants.

I try to look at how much Saylor's voting power because I thought that 70% is really big numbers, and this is what I found:

As of November 2024, Saylor owns 19,998,580 shares (Class B common stock), about 9.9% of the total outstanding shares, and has approximately 45% of the voting power. This increase in shares is mainly due to a MSTR stock split on August 8th 2024 at a 10:1 ratio for both class A and B shares

https://en.wikipedia.org/wiki/Michael_J._Saylor

So let's say around ~50% or around that ball-park number. And speaking of their board of members and senior executives.



https://capital.com/en-int/analysis/microstrategy-shareholder-who-owns-most-mstr-stock

And here is the CEO, echoing what Saylor has been preaching

[Free Market Capitalist]

By the way, fillippone, do you remember us talking about shorting MSTR? Look at this:

Strategy becomes the most shorted stock as Bitcoin price soars near $70,000

I believe that as the share price has been falling, considerably more than the price of Bitcoin, and people have found out that there are people who have made a fortune shorting the stock, the most famous of whom is probably Jim Chanos, there is a FOMO happening that I don't know how it will end. Right now, I'm not so sure that it's a good time to short MSTR, as the mNAV is much tighter and when the masses get involved in a speculative move, they usually end up losing.

It will depend a lot on how the price of Bitcoin goes, though.

[Donneski]

I think, like every other Bitcoin "hero" we had in the past, he went a little bit too far.

The thing is Bitcoin does have a way of humbling its loudest champions. The ecosystem eventually decentralizes the spotlight.

...So he had to reinvent a lot of narratives.

Possibly. Though I wonder if what looks like reinvention is simply adaptation to a new market structure. The ETF changed the game... messaging had to evolve with it.

[Ambatman]

Just remember that he is not the CEO of the company, but still retains more than 70% of the voting power (mmhhh, I might have to check on the exact figure, it might be slightly less now after all those ATMs). However, Strategy is basically his private toy. Saylor can do whatever he wants.

It's funny how it isn't up to that level
It's around 45% voting power as at early 2025 and should have reduce a little as a result of dilution
But should be around that range.
He owns around 9% of the shares but majority a class B which grants 10 votes per share
Hence owning almost half of the voting power.
Most of their shares are own by institutions .


Also as an ex CEO he still remains the Executive Chairman.

[fillippone]

I did a little math:




He still has 35% of Voting Rights, down from the 70% he had at the time of writing this thread.
This is the effect of dilution of shares issued over the time.
He lost the majority of voting rights, so he theoretically could be ousted.

[Free Market Capitalist]

I did a little math:




He still has 35% of Voting Rights, down from the 70% he had at the time of writing this thread.
This is the effect of dilution of shares issued over the time.
He lost the majority of voting rights, so he theoretically could be ousted.

Almost impossible in practice. Publicly traded companies are controlled with much less than that. For example, Bezos controls Amazon with less than 10% of the shares. I remember commenting on this in this same thread in the past.

[fillippone]

Almost impossible in practice. Publicly traded companies are controlled with much less than that. For example, Bezos controls Amazon with less than 10% of the shares. I remember commenting on this in this same thread in the past.

Well, I do agree, public traded companies have a way less relevant relative majority control. I was anyway surprised how much Saylor accepted to be diluted while issuing shares. I would have tought about him raising the CLASSB shares to 20x voting power. But didn’t happen, as far as I know (it would have been difficult to miss it).

[nikola22]

meanwhile Strategy increased Stretch Dividend Rate by 25 bps to 11.5% for March 2026:



https://x.com/saylor/status/2027911708770242669

[Donneski]

I would have tought about him raising the CLASSB shares to 20x voting power...

Structurally, that would have consolidated his control but it would have also made MicroStrategy look more founder-dominated at a time when it was repeatedly tapping capital markets.

Given how aggressively they were issuing shares and debt, preserving credibility with institutional investors might have mattered more than tightening personal control. A 20x move could have protected him internally but potentially raised governance red flags externally.

In that sense, dilution may not have been weakness, just a different priority.

[Free Market Capitalist]

meanwhile Strategy increased Stretch Dividend Rate by 25 bps to 11.5% for March 2026:

In my opinion, STRC's dividend is starting to look scammy. I said some time ago that Saylor will even offer a 20% dividend if he has a -20% return on the asset on which he intends to base it, and he is well on his way to doing so. Currently 11.5% dividend while he has -13.30% on the underlying asset.

In other contexts, a product like this would already have the regulator breathing down their necks, but I think Saylor is well connected with the Trump administration.

[nikola22]

In my opinion, STRC's dividend is starting to look scammy. I said some time ago that Saylor will even offer a 20% dividend if he has a -20% return on the asset on which he intends to base it, and he is well on his way to doing so. Currently 11.5% dividend while he has -13.30% on the underlying asset.

In other contexts, a product like this would already have the regulator breathing down their necks, but I think Saylor is well connected with the Trump administration.

probably now he sees some kind of window of opportunities. as an option, he's confident in future Fed rate cuts, a relatively quick end to the Iran conflict and the accompanying optimism on the markets.

he wants to attract more funds for Bitcoin purchases by increasing stock returns. I agree that this seems somewhat risky but then again, look at the world now - just living is risky. maybe Saylor thinks Bitcoin is very undervalued right now and takes these steps to secure more funding. in the coming weeks we will find out how such steps will work out.

[nikola22]

Strategy has acquired 3,015 BTC for ~$204.1 million at ~$67,700 per bitcoin. As of 3/1/2026, company holds 720,737 $BTC acquired for ~$54.77 billion at ~$75,985 per bitcoin.



https://x.com/saylor/status/2028455962181574791

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR, and perpetual Stretch preferred stock, STRC.

Last week, Strategy sold 1,730,563 MSTR shares for approximately $229.9 million. As of March 1, $7.6 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 71,590 STRC shares for approximately $7.1 million, with $3.5 billion worth of STRK shares remaining available for issuance and sale under that program.

https://www.theblock.co/post/391718/michael-saylor-strategy-buys-more-bitcoin-mstr-strc

as we can see, STRC sales aren't that great. maybe increased dividend rate by 25 bps to 11.5% will help with sales. the effect will likely be noticeable within the next couple of weeks.

[Ambatman]

In my opinion, STRC's dividend is starting to look scammy. I said some time ago that Saylor will even offer a 20% dividend if he has a -20% return on the asset on which he intends to base it, and he is well on his way to doing so. Currently 11.5% dividend while he has -13.30% on the underlying asset.

In other contexts, a product like this would already have the regulator breathing down their necks, but I think Saylor is well connected with the Trump administration.

He stated before that they would increase if it falls below par
But the issue people are having is that it closed on Par and not below
So there was no need to raise it.
It's obvious he's desperate to generate more funds and buy Bitcoin Now that's relatively cheap
With the hope that the crisis around
Could help push the price.
At the end a gamble and huge cost to common shareholders.