MICROSTRATEGY’S "BIGGER ORANGE": SAYLOR HINTS AT RECORD-BREAKING $1.25B+ BTC BUY

In a move that signals unyielding conviction despite heavy market turbulence, Michael Saylor has hinted that Strategy Inc. (formerly MicroStrategy) is preparing for its largest Bitcoin acquisition yet. Following a massive $1.25 billion purchase of 13,627 BTC just last week, Saylor’s latest social media teaser, “Bigger Orange,” suggests a follow-up buy that would dwarf previous entries. If executed, this move would propel the firm’s total holdings past the monumental 700,000 BTC threshold. However, this aggressive accumulation comes at a steep cost; the company’s stock has plummeted 50% over the last year, and its once-towering net asset value (mNAV) premium has evaporated, forcing the firm to pivot toward aggressive equity dilution to fund its digital gold rush. I. The 700,000 BTC Milestone: Chasing Satoshi’s Shadow Should Strategy Inc. complete a purchase larger than its previous $1.25 billion tranche, it will solidify its status in a league of its own. Surpassing 700,000 Bitcoin would place the firm’s treasury second only to BlackRock’s IBIT ETF and the legendary 1.1 million BTC attributed to Satoshi Nakamoto. By systematically absorbing such a significant percentage of the circulating supply, Saylor is effectively turning the company into a leveraged Bitcoin proxy, albeit one that is increasingly coming under fire from traditional Wall Street analysts concerned about the long-term sustainability of the model. II. Premium Collapse: The End of the “Easy Leverage” Era? For years, Strategy Inc. utilized its market-to-net-asset-value (mNAV) premium as a “magic money tree” to fund acquisitions. However, as spot Bitcoin ETFs have become the preferred vehicle for institutional exposure, that premium has collapsed to approximately 1.0x. With the stock price down 50%, the company can no longer rely on market euphoria to bridge its balance sheet. Instead, it has resorted to massive capital raises totaling $25 billion in the past year alone through the sale of common stock and the issuance of new preferred shares. This “equity-for-BTC” swap is keeping the treasury growing, but it is also raising red flags about shareholder dilution. III. Wall Street’s Warning: The “Bitcoin Yield” Problem Institutional skepticism is mounting, as evidenced by TD Cowen’s recent decision to slash its price target for Strategy shares from $500 to $440. Analysts are particularly focused on a metric known as “Bitcoin Yield,” which measures the amount of Bitcoin exposure an investor gets per share. Because the company is issuing so much new equity to fund its purchases, the “Yield” for existing shareholders is effectively being diluted. While some analysts argue that Saylor has built a “structural moat” that banks cannot replicate, the widening gap between the company’s Bitcoin holdings and its stock performance is creating a high-stakes test of investor patience. IV. Essential Financial Disclaimer This analysis is for informational and educational purposes only and does not constitute financial, investment, or legal advice. Reports of a new Bitcoin acquisition exceeding $1.25 billion are based on social media signals and market interpretations as of January 2026 and have not been finalized in official SEC filings at the time of writing. Investing in Strategy Inc. involves significant risks, including 50% stock price volatility and the potential for severe shareholder dilution through continuous equity issuance. Bitcoin is a highly volatile asset, and a significant downturn could jeopardize the firm’s leveraged treasury strategy. Always conduct your own exhaustive research (DYOR) and consult with a licensed financial professional before making any investment decisions.

Do you think Michael Saylor’s “Bigger Orange” strategy is a masterstroke of treasury management or a dangerous game of shareholder dilution?