MicroStrategy, as of early April this year, has held over 810k bitcoins.

The company's goal is to increase its holdings to 1 million by November this year.
Recently, they issued a perpetual preferred stock called STRC, which investors can buy to earn an annualized return of about 11.5%.
Saylor then reinvested the borrowed funds into Bitcoin.
Since the beginning of this year alone, MicroStrategy has purchased over 77k bitcoins through this method, nearly 10 times the total net inflow of all spot Bitcoin ETFs during the same period.
And Saylor continues to accelerate his buying. In March, he bought 22,337 bitcoins in a single week, costing $1.57 billion, setting a company record for the largest weekly Bitcoin purchase.
But risks are gradually becoming apparent.
Currently, MicroStrategy’s average cost basis for Bitcoin is about $75.7k per coin.
At the current price of around $75k, there is still a paper unrealized loss of several billion dollars.
Meanwhile, the preferred stock issued by the company requires paying about $900 million in dividends annually, while its software business generates less than $500 million in revenue.
The funding gap in between can only be filled through continuous financing.
The market is also beginning to reflect this pressure.
MSTR’s stock price has fallen nearly 70% from the high of $543 in November 2024.
This company is essentially no longer a traditional software firm, but a highly leveraged Bitcoin buying machine.
When prices rise, profits are astonishing; when prices fall, the pressure is equally immense.