In recent days, you often read comments such as "MicroStrategy is bankrupt", "they're going under" or "it's just gambling".
Reason enough to take a closer look at the whole thing myself - regardless of hype or panic.
The fact is: MicroStrategy has made another move and bought 10,624 BTC, this time for around USD 963 million. This brings its holdings to over 660,000 BTC - more than many countries own.
So: bankruptcy or masterstroke? Here are my findings
1. the "bankruptcy" claim does not stand up to sober scrutiny
Many forget:
MicroStrategy's BTC holdings significantly exceed its total debt. Of course, the value fluctuates depending on the price, but even with setbacks, there are still massive assets.
Moreover, the debts are not traditional bank loans with margin calls.
MSTR has financed most of its purchases via convertible bonds and share issues. This means: no immediate repayment pressure, no risk of banks suddenly slamming the door.
In short: a liquidity crisis looks different.
2. the risk remains high - but not "insolvency-tomorrow-early"
Nor should we pretend that there are no downsides:
- MicroStrategy is now almost completely dependent on Bitcoin.
- The operational software business hardly plays a role anymore.
- If Bitcoin collapses in the long term, things could get tight.
- Long-term financing via new shares will only work as long as the market has confidence.
It is therefore not a conservative investment - rather an extremely direct leverage on Bitcoin.
3. strategically, the move is logical
You have to understand their perspective:
For MicroStrategy, Bitcoin is not a short-term trade, but a kind of digital "treasure".
They have been buying systematically for years, regardless of whether the price has fallen or risen.
Their thought:
"If Bitcoin is where many see it in 5-10 years, then we are securing the future of our company now."
You may find this courageous, crazy or visionary - but it is consistent.
4. worst-case vs. best-case - the real picture
Worst case:
Bitcoin falls to very low prices on a sustained basis → assets do not cover debt → funding dries up → real risk of insolvency.
That would be the moment when the critics are proved right.
Best-case scenario:
Bitcoin rises to new heights in the long term → MicroStrategy literally becomes one of the most valuable "Bitcoin holders" in the world → the whole approach works out.
Both are possible - and that is precisely why the topic is so polarizing.
My conclusion
The statement "MicroStrategy is bankrupt" is currently factually incorrect.
But it is just as wrong to pretend that there are no risks.
MSTR is neither a value play nor a normal tech company.
It is in truth:
🍭 An extremely aggressive, long-term bitcoin fund - packaged as a stock.
Anyone who understands this also knows how to categorize MSTR:
- For bitcoin bulls: super exciting leverage
- For conservatives: absolutely nothing
- For traders: pure volatility
- For critics: red flags due to debt model
In any case, I am not surprised that they have bought again. This fits in perfectly with their line - and they are pursuing it regardless of the opinions of others.
$MSTR (-7,39 %)
$BTC (-3,7 %)
$3350 (-8,69 %)
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