Strategy Holds nearly 680,000 Bitcoins, but its financing model is quietly shifting. From zero-interest convertible bonds in 2024 to high-cost preferred stock and dilutive stock issuance in 2026, the Bitcoin content per share is being diluted. This article breaks down the actual impact of this structural change on BTC prices—importantly, its buying will shift from continuous to intermittent.

Strategy Executive Chairman Michael Saylor | DAS 2025 New York Summit, Photography: Mike Lawrence for Blockworks

Strategy Has re-emerged as a visible treasury buyer in the Bitcoin market, but the financing backdrop has changed significantly compared to 2024-2025.

At the end of December last year, Strategy completed a round of financing, but almost did not deploy the funds into Bitcoin. From December 29 to 31, the company sold 1,255,911 shares of MSTR, netting $195.9 million, but only bought 3 Bitcoins. Entering January, deployment was restarted: from January 1 to 4, another 735,000 shares were sold, netting $116.3 million, and 1,283 Bitcoins were bought at an average price of $90,391 per coin, costing $116 million, thus raising the total position to 673,783 coins.

A more critical signal lies in the change in the financing structure. From 2024 to early 2025, Strategy financed at low cost through convertible bonds—cash coupons were only 0.625% to 2.25%, and subsequently issued multiple zero-coupon convertible bonds. This approach works best when MSTR is trading at a premium to Bitcoin NAV (mNAV > 1), as the value of equity options is inherently attractive.

Looking at the longer time frame, the marginal buying in 2025 is basically two horses running: spot ETF and Strategy. From the cumulative increase chart, Strategy spent a considerable amount of time throughout the year on the same scale as ETF fund inflows, meaning its impact on price at certain stages can be comparable to that of the ETF group.

The conditions in 2026 are obviously weaker. As mNAV narrows, financing methods turn to preferred stocks with costs reaching double digits and ATM common stock issuance with dilution effects, making it difficult for Strategy to continue large-scale purchases without worsening the Bitcoin content per share. Strategy remains a barometer of market sentiment, but its buying pressure will be more moderate and intermittent, with ETF fund flows and overall cryptocurrency market risk appetite becoming more reliable price determining forces.#比特币回落至63000美元附近 $BTC