Micro strategies have recently increased their holdings in BTC.
At the same time, cash reserves have been raised to 2.19 billion dollars, which comes from the 748 million financing from the issuance of new shares, specifically set aside in a dollar pool to handle dividends and maturing debts.
The key point is timing—just after completing multiple rounds of accumulation, BTC has already retraced by 30% from its October peak.
Currently holding 671,268 BTC, with a market value exceeding 60 billion, mNAV around 1.1, superficially appearing to have a low premium, but in reality, it is actively reducing leverage and risk exposure.
Many people only see the numbers, ignoring the attributes of the funds.
The issuance of new shares means dilution of equity, and the cost of financing is not low. The primary task for this cash is to maintain operations and repay debts, not to infinitely increase positions.
In other words, the amount that can be freely invested in BTC is already very limited.
From a different perspective, this is a common defensive tactic used by leading institutions during periods of volatility.
If the price enters a deep correction, the sentiment can easily trigger retail panic selling, and large amounts of ancient whale transfers to exchanges will appear on-chain.
At this time, retaining a portion of cash is to prevent being forced to sell at a low point during a liquidity dry-up phase while maintaining operations, and it is also waiting for a panic accumulation zone.
What variables exist and what possible changes can be deduced?
Firstly, if BTC stabilizes in the current range, and net inflows on-chain and withdrawal amounts from exchanges increase, MicroStrategy may restart its accumulation when mNAV returns to a comfortable zone, forming a second rise.
Secondly, if the price continues to bottom out and cash consumption accelerates, it will prioritize ensuring a healthy balance sheet, delaying buying actions, and the market buying power will weaken temporarily.
Thirdly, if there is a macro or policy impact that tightens overall liquidity, even defensive cash will be under pressure, and at that time BTC's volatility will be greater, requiring both institutions and retail investors to be patient and weather the storm.
For ordinary players, this signal is not a call to short, but rather a normal behavior of position adjustment.
For friends with relatively ample cash, the current price is undoubtedly not a more suitable betting point in terms of risk-reward ratio.
Understanding this, you won't chase prices in a pullback or panic sell, and you can hold your positions or increase your holdings when others are scared.
