BULLISH 📈 : MicroStrategy plans $22.2B raise to buy 1 million BTC by 2026
MicroStrategy sets a 1M Bitcoin target by end‑2026. Needs ~239k more coins, ~$22.2B.
Saylor signals continued buying. “The Orange March Continues,” he wrote on X on Mar 22 link. Cointelegraph also flagged ongoing treasury accumulation and recent drawdown link.
Funding shifts to STRC preferreds. The firm leaned on “Stretch” perpetual preferreds with an 11.5% dividend, plus ATM equity. But MicroStrategy reportedly paused new STRC raises last week amid capital frictions link.
By the numbers:
- Target: 1,000,000 BTC by Dec 2026 link.
- Remaining to buy: ~238,932 BTC, ~$22.2B link.
- Pace needed: about $540M weekly through 2026 link.
- Current stack: 761,068 BTC per recent filings link.
- Average cost: ~$75,696 per BTC; spot near ~$68,100 leaves the position ~10% underwater link.
Structure and risks. Preferreds create perpetual dividend drag on cash flow. Sustainability depends on refinancing capacity and asset appreciation link. Earlier large buys used convertible notes; the 2026 scale pushes toward equity‑like instruments link.
Execution edge. The firm buys on mandate, not ETF flows. It also benefits when MSTR trades above BTC NAV, enabling ATM issuance and coin purchases at market link.
Social signals persist. The corporate account also teased STRC‑funded buys on Mar 20 link.