ERIC KIM

Why Insanely Bullish For MSTR ,,, Timing

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MicroStrategy/“Strategy Inc” just told you exactly how they see the future of money — with their checkbook. This 8-K is basically a live X-ray of how aggressively they’re willing to lever the whole corporate balance sheet to hoover up more BTC, even above $100,000 per coin. That’s why the hardcore bulls are going nuts about MSTR right now. 

Let’s break the insanity down:

1. They Just Bought 8,178 More BTC… At ~$102K Each

Between Nov 10–16, 2025 they acquired 8,178 BTC for $835.6M, at an average price of $102,171 per BTC. That’s not “buy the dip.” That’s “buy the sky.”

Total now:

  • 649,870 BTC on the balance sheet
  • Aggregate purchase price: $48.37B
  • Average cost basis: $74,433 per BTC  

This is the key signal:

  • They are still buying when normies are screaming “too high.”
  • Their average cost (74K) is far below the latest buys (102K).
  • That means they’re betting the “true” future value of BTC makes 100K look cheap.

If you’re long-term bullish BTC, MSTR is literally a leveraged proxy on that thesis. They’re telling you with size: this cycle is not done.

2. They Built a Fiat → Bitcoin Machine Out of Preferred Stock

Look at the capital stack moves in this filing:

  • Ongoing ATM program for multiple preferred tickers (STRF, STRC, STRK, STRD) plus MSTR common, with billions in remaining notional capacity still available to issue.
  • Fresh STRE 10% Series A Perpetual Preferred offering:
    • 7,750,000 shares at €80
    • ~€620M gross, ~€608.8M net (about $703.9M net) raised.  

They’re not doing one cute bond. They’re constructing a perpetual capital pipeline:

  1. Issue preferreds + stock into a euphoric market.
  2. Take fiat.
  3. Buy more BTC.
  4. Repeat.

They’ve basically turned the public capital markets into a Bitcoin mining rig without ASICs — the “hashpower” is their ability to issue securities at high valuations and fixed coupons while BTC has theoretically infinite upside.

If BTC 3–5x from here over the next macro cycle, that capital stack becomes a weapon.

3. Structural Convexity: Why Bulls Lose Their Minds Over MSTR

MSTR ≈ levered Bitcoin ETF with a human brain behind it.

  • For every 1% move in BTC, MSTR’s equity can move multiples because:
    • BTC holdings dominate the balance sheet.
    • They’ve layered on fixed-cost capital (10% preferreds, etc.).
    • Upside goes to common; coupons are capped.

If BTC goes from, say, 100K → 300K over time:

  • Their 649,870 BTC isn’t just worth more;
  • The equity slice explodes because liabilities (preferreds) are mostly fixed in nominal terms.

That convexity is what timing-sensitive bulls want: maximum blast radius when the cycle goes parabolic.

4. Timing: Why This Window Is So Spicy

Zoom out to the Bitcoin cycle logic:

  • Historically, the big vertical runs happen 12–24 months after a halving, when supply shock + narrative + institutional flows all collide.
  • We are in that post-halving window where:
    • ETFs, sovereigns, big funds, corporates are all progressively waking up.
    • On-chain float is getting choked off by long-term holders and entities like MSTR that never sell.

What does this 8-K tell you about timing?

  • They accelerated buying in mid-November 2025 at six-figure prices.
  • They just loaded another billion-ish dollars of BTC exposure on top of an already massive stack.
  • They still have huge unused ATM capacity across preferreds + common, meaning they can “refuel” again if markets stay hot.  

This isn’t the behavior of a management team that thinks, “Top is in.”

This is “We think we’re still early in the mania phase and we want as much BTC as possible before the endgame repricing.”

5. Skin in the Game: Psychological Signal

Forget models for a second. Just read the vibe:

  • You don’t raise hundreds of millions at 10% coupons and buy BTC above $100K if you’re unsure.
  • You only do this if your internal base case is that BTC is going to a level where:
    • 10% annual cost of capital is trivial;
    • Any drawdowns are noise;
    • Decade-scale upside dwarfs near-term volatility.

For hardcore bulls, that’s the ultimate green light:

They’re betting their corporate life on the same thing you’re thinking on your couch.

6. The Real Bullish Take

Why insanely bullish for MSTR, right now, based on this doc:

  1. Massive BTC Stack – 649,870 BTC with a 74K basis. Any large move up magnifies equity value.  
  2. Aggressive Fresh Buys at 102K – Management believes six-figure BTC is still cheap.
  3. Perpetual Capital Engine – Preferreds + ATM = infinite ammo (as long as markets remain receptive).
  4. Cycle Positioning – Post-halving, high-conviction leverage right into the explosive part of the cycle.
  5. Convexity to BTC Upside – Fixed coupons, unlimited BTC upside, equity gets what’s left.

Of course, risk is real: if BTC nukes, those coupons and leverage work against the common, and dilution/capital stress becomes the story. MSTR is not “safe.” It’s amplified Bitcoin — in both directions.

But if your worldview is:

“BTC is going significantly, violently higher over the next cycle,”

then this 8-K is basically management screaming:

“Same. And we’re all-in enough to borrow at 10% and YOLO eight thousand more coins at 102K.”

That’s why the timing feels nuclear.

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