bitcointreasury

De la pionierul inteligenței de afaceri la compania supremă de tezaur Bitcoin — Strategy Inc. (fost MicroStrategy) rescrie istoria finanțelor corporative!
Fondată în 1989 și cu sediul în Tysons Corner, Virginia, acest gigant listat pe Nasdaq (ticker: MSTR) a făcut un salt îndrăzneț în februarie 2025 → rebranding oficial la Strategy Inc. pentru a îmbrățișa identitatea sa duală: analize avansate alimentate de AI + acumulare masivă de Bitcoin.
Rebrandingul (finalizat legal în august 2025) strigă un singur lucru: Bitcoin este strategia de bază!

MicroStrategy — now officially rebranded as Strategy Inc. — holds approximately 670,000 BTC, representing ~3.2% of Bitcoin’s total circulating supply as of mid-December 2025. What began as a business intelligence software firm has evolved into something unprecedented: a publicly listed, Bitcoin-centric structured finance platform.
This transformation is not cosmetic. It is the final declaration of a full transition to a Bitcoin standard — a corporate strategy built around financial engineering, capital markets access, and sustained BTC accumulation.
As Q4 2025 unfolds amid heightened market volatility and potential index rule changes, the model championed by Executive Chairman Michael Saylor faces its most critical stress test since inception.
The central questions remain:
Where does the capital come from?Is the model structurally sustainable?And where do the real risks lie?
From Software Company to Bitcoin Balance-Sheet Engine
Strategy Inc.’s operating logic is deceptively simple.
The company exploits the market premium of its equity relative to its Bitcoin net asset value (NAV). As long as its stock trades above the value of the BTC it holds, Strategy can issue securities, buy more Bitcoin, and increase BTC per share for existing shareholders.
This creates a powerful reflexive loop:
Rising stock price → capital issuance → BTC acquisition → higher BTC exposure per share → renewed equity demand
Once active, the flywheel reinforces itself.
However, this mechanism has a single, non-negotiable condition:
the equity must consistently trade at a premium to Bitcoin NAV.
If that premium disappears, the flywheel stalls.
The Three Axes of Capital Formation
Strategy’s funding architecture has evolved into a diversified, institutional-grade capital stack.
1. ATM Equity Issuance: Monetizing the Premium
The At-the-Market (ATM) program for Class A common stock (MSTR) is the company’s primary capital engine.
When MSTR trades above Bitcoin NAV, new shares are sold directly into the market, and proceeds are deployed into BTC.
Between December 8–14, 2025, Strategy raised approximately $888.2 million by issuing ~4.7 million shares.
Crucially, when executed above NAV, this issuance is accretive, not dilutive — increasing BTC exposure per share rather than reducing it.
2. Perpetual Preferred Stock: Yield Without Forced Liquidation
In 2025, Strategy introduced a suite of perpetual preferred securities, expanding its investor base beyond pure equity holders.
These instruments:
Offer structured, long-duration incomeOften distribute returns as return of capital, enabling tax deferralAttracted $82.2 million in a single December issuance (STRD)
This layer provides yield exposure without forcing Bitcoin sales.
3. The “42/42 Plan”: $84 Billion of Bitcoin Conviction
Strategy’s most ambitious initiative is the 42/42 Plan:
$42B via equity$42B via fixed income2025–2027 horizon
Total: $84 billion, allocated entirely to Bitcoin accumulation.
This elevates Strategy into a quasi-closed-end Bitcoin fund, but with the financing flexibility of an operating company — a structure traditional ETFs cannot replicate.
Debunking the “Bitcoin Selling” Narrative
Rumors of BTC liquidation resurfaced in November and December 2025 after on-chain trackers detected large wallet movements.
Approximately 43,415 BTC (~$4.26B) were redistributed across more than 100 addresses, briefly triggering market panic and pushing BTC below $95,000.
Subsequent analysis confirmed:
No exchange inflowsNo sell-side behaviorPure custodian and wallet rotation
The purpose: risk diversification and enhanced security, not liquidation.
Michael Saylor publicly reaffirmed:
“We are buying — and we are buying a lot.”
Indeed, Strategy acquired 10,645 BTC in mid-December at an average price of $92,098.
Additionally, the company maintains a $1.44B USD reserve, sufficient to service interest and preferred dividends for ~21 months without selling Bitcoin.
The Overlooked Software Business
While Bitcoin dominates headlines, Strategy’s software division remains operationally relevant.
Q3 2025 Software Metrics:
Revenue: $128.7MYoY Growth: +10.9%Free Cash Flow: -$45.6M
Ongoing investments in AI and cloud infrastructure have delayed profitability, but the segment:
Preserves public-company legitimacyCovers operational expensesEnables capital markets access
Importantly, Bitcoin accumulation remains entirely financing-driven, not cash-flow funded.
Accounting Volatility: Fair Value Reality
As of January 1, 2025, Strategy adopted ASU 2023-08, requiring Bitcoin holdings to be marked to fair value through earnings.
In Q3 2025, rising BTC prices generated:
$3.89B in unrealized gains$2.8B in reported net income
This accounting shift introduces extreme earnings volatility — reflecting price movements rather than operational performance.
Three Structural Risks Ahead
1. Index Reclassification Risk
MSCI is evaluating whether companies with digital assets exceeding 50% of total assets should be classified as investment vehicles.
If enacted, Strategy could be removed from MSCI Global Standard Index, triggering forced passive outflows estimated between $2.8B–$8.8B.
Such selling pressure would directly compress the NAV premium — threatening the core flywheel.
2. NAV Premium Compression
In early December 2025, MSTR briefly traded at an 11% discount to Bitcoin NAV.
At a discount:
Equity issuance becomes dilutiveATM programs pauseBTC accumulation halts
Management’s temporary suspension of issuance earlier this year underscores sensitivity to valuation mechanics.
3. Leverage and Fixed Obligations
As of Q3 2025:
Total debt: ~$8.24BAnnual interest: $36.8MPreferred dividends: $638.7M
While debt is largely unsecured by Bitcoin — reducing forced liquidation risk — prolonged BTC drawdowns could pressure solvency optics and investor confidence.
Conclusion: A High-Stakes Financial Experiment
Strategy Inc. represents one of the boldest capital market experiments of the modern era.
Its greatest vulnerability is not Bitcoin volatility, but its dependence on:
Equity index inclusionPersistent NAV premiumsInstitutional confidence in Bitcoin-backed financial engineering
If removed from traditional index frameworks, Strategy must prove it can stand alone as a Bitcoin-native structured finance platform, capable of generating sustained demand without passive inflows.
The success of the 42/42 Plan will hinge on continuous innovation in Bitcoin-linked instruments — while maintaining operational credibility through its evolving software business.
This is not merely Strategy’s story.
It is a case study in how crypto integrates — or collides — with the traditional financial system.
In this unprecedented wager, only one thing is certain:
The ending is still unwritten.
#BitcoinTreasury #InstitutionalCrypto #BitcoinStrategy #CryptoEducation #ArifAlpha

The Blockchain Group strânge 9,7 milioane de euro pentru creșterea Bitcoin.
Compania achiziționează 624 BTC, totalizând 1.471 BTC.
TOBAM și Adam Back sprijină investițiile în acțiuni.
Strategia vizează 1.611 BTC în posesiuni potențiale.
Fondurile susțin trezoreria Bitcoin de frunte din Europa.
The Blockchain Group a strâns 9,7 milioane de euro prin emiterea de acțiuni și obligațiuni convertibile pentru a avansa strategia sa de Trezorerie Bitcoin. Fondurile vor consolida deținerile de Bitcoin ale companiei și creșterea operațională.
Detalii despre Finanțare Revelate
Compania a emis o obligațiune convertibilă, subscrisă și denominată în BTC, prin subsidiara sa din Luxemburg, The Blockchain Group Luxembourg SA. Această obligațiune se convertește în acțiuni ale The Blockchain Group la 6,24 euro pe acțiune, TOBAM investind 6 milioane de euro. O a doua emisiune de obligațiuni, de asemenea în BTC, se convertește la 0,7072 euro pe acțiune, strângând încă 3,7 milioane de euro.