MicroStrategy has bought again. As BTC stabilizes above $90,000, Michael Saylor is once again raising billions through convertible bonds to pour into the market.

Many people don’t understand: why add positions at the “top”? Actually, this is not speculation at all, but a meticulously designed enterprise-level leverage flywheel.

Debt Flywheel: Using “Cheap Money” to Acquire “Scarce Assets”
MSTR’s logic is extremely ruthless: issuing convertible notes with very low (or near 0%) interest, then immediately converting the cash into BTC at full value.

When BTC prices rise, MSTR’s holdings’ market value skyrockets -> the company’s stock (MSTR) premium increases -> credit limits further expand -> more debt is issued to buy more. As long as BTC’s long-term trend is upward, this is a legitimate, never-ending “asset harvesting machine.”

Supply Squeeze: Consuming “Free Float”
Currently, MSTR’s holdings account for nearly 1.5% - 2% of the total Bitcoin supply.
This is called “absorbing free float” in economics. Since Saylor’s strategy is “buy and hold forever,” each purchase permanently reduces the liquidity available for trading in the market. When Wall Street’s ETFs and major sovereign funds realize this, they find they must pay a huge premium to buy small chunks from retail investors.

Valuation Premium: MSTR = Leveraged BTC Spot
Why do investors buy MSTR instead of directly buying ETFs?
Because MSTR offers “smart leverage.” Through debt optimization, MSTR’s per-share Bitcoin holdings are continuously growing endogenously. For institutions, MSTR is not just a software company; it is currently the only active-managed “Bitcoin treasury” in the world. This certainty, in the macro environment full of geopolitical risks in 2026, is the highest moat.

Mo Yan Summary:
Saylor is not betting on the price; he is betting on the collapse speed of fiat currency.
As long as the global inflation logic remains unchanged, this “debt-backed coin” strategy is the most successful arbitrage of this era. Don’t laugh at him for buying at the top; in five years, looking back, it might just be the halfway point. $BTC