#美联储回购协议计划 Has MicroStrategy changed its strategy? The purchase plan for December has changed.

MicroStrategy ( MSTR )'s recent actions have attracted market attention. Reviewing the data reveals that in the first two weeks of December, they were still on a buying spree—during the week of December 8-14 alone, they purchased 10,645 BTC, totaling approximately 21,290 BTC in the first two weeks.
The turning point occurred on December 15. On that day, MSTR announced the establishment of a "dollar reserve" fund, with the initial amount used to cover preferred stock dividends and debt. In the following week (15th to 21st), they netted $747.8 million through stock financing, and the dollar reserve was expanded to $2.19 billion—however, this time they did not purchase a single Bitcoin, breaking the previous pattern of buying every week.
How can this change be understood? There are several speculations in the market: one is to control financing costs, after all, the timing of stock issuance needs to be selected carefully; two, they might be waiting for a cheaper BTC price; three, it is a response to the market situation - Bitcoin has already fallen about 30% from its high in October. It is still difficult to say which reason is dominant, but this shift from "buy buy buy" to "slowing down" is indeed worth paying attention to in the subsequent trends.
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