La compra de Michael Saylor de $1.000 millones de bitcoins y la dinámica de supervivencia de MicroStrategy

In late 2025, MicroStrategy (MSTR) executed one of the most audacious corporate Bitcoin purchases in history, acquiring 10,624 BTC for $962.7 million, bringing its total holdings to 660,624 BTC valued at $60 billion according to the company's announcement. This move, spearheaded by co-founder Michael Saylor, underscores a strategy that has evolved from a bold experiment to a high-stakes gamble. As the company navigates a volatile macroeconomic landscape and intensifying competition in the Bitcoin treasury sector, the structural pressures and strategic necessity behind Saylor's accumulation spree demand closer scrutiny.

Structural Pressures: Debt, Leverage, and Volatility

MicroStrategy's Bitcoin strategy is underpinned by a capital structure that blends "intelligent leverage" with aggressive equity issuance. As of September 2025, the company carried $8.2 billion in convertible debt at an effective interest rate of 0.92%, while targeting a leverage ratio of 20-30% to fund its Bitcoin purchases. This debt-heavy approach has allowed MicroStrategy to scale its holdings rapidly but exposes it to significant risks. For instance, if Bitcoin's price dips below $85,000-a level that would trigger a net asset value (NAV) shortfall-the company could face pressure to sell its Bitcoin reserves to service obligations.

The establishment of a $1.44 billion USD reserve to cover dividend and interest payments reflects an attempt to mitigate these risks. However, this buffer may prove insufficient if Bitcoin's price remains volatile. In Q3 2025, the company's market cap briefly fell below the NAV of its Bitcoin holdings, raising concerns about leverage sustainability. Analysts have warned that MicroStrategy's balance sheet is increasingly dependent on Bitcoin's performance, with its enterprise value-to-bitcoin ratio at 1.13-a precarious position in a market prone to sharp corrections.

Strategic Necessity: Long-Term Conviction vs. Short-Term Realities

Saylor's rationale for continued Bitcoin accumulation hinges on a dual narrative: Bitcoin as a superior store of value and MicroStrategy's ambition to become the "world's leading issuer of Digital Credit." The company's FY2025 guidance projects a Bitcoin yield range of 22-26%, achievable through disciplined equity issuance and preferred stock offerings. This math-driven approach contrasts with Saylor's earlier absolutist stance of "never selling" Bitcoin, now tempered by conditional flexibility. For example, the company has acknowledged selling Bitcoin if its market cap falls below its NAV-a deviation that signals a pragmatic shift in strategy.

The strategic necessity of Bitcoin accumulation is also driven by competitive dynamics. While Q4 2025 saw a 65% decline in corporate Bitcoin treasury activity compared to Q3, MicroStrategy and peers like American Bitcoin Corp continue to selectively accumulate. Saylor's vision of Bitcoin surpassing gold by 2035 aligns with a broader industry trend of institutional adoption, but the company's dominance is increasingly challenged by miners acquiring Bitcoin at lower costs through mining operations according to industry reports.

The MSCI Conundrum and Market Sentiment

A critical external pressure for MicroStrategy is its ongoing battle with MSCI over potential exclusion from major indices. A $2.8 billion passive outflow from index-tracking investors could destabilize the stock, which trades at an 18% premium to its Bitcoin-backed NAV. This risk highlights the fragility of investor confidence, which remains tied to Bitcoin's price performance and the company's ability to execute its dual business model. While MicroStrategy's core software revenue grew 10.9% year-on-year in Q3 2025, analysts remain skeptical about its long-term viability, arguing that product innovation is overshadowed by its crypto-centric strategy.

Conclusion: A High-Stakes Gamble

Michael Saylor's $1 billion Bitcoin buy is both a testament to his conviction in digital assets and a reflection of MicroStrategy's precarious survival dynamics. The company's structural pressures-debt, leverage, and market volatility-contrast with its strategic necessity to maintain Bitcoin dominance and navigate a shifting competitive landscape. As 2025 draws to a close, the question remains: Can MicroStrategy's aggressive accumulation strategy outpace the risks of its own making, or will the structural cracks widen under Bitcoin's next bear market? For now, Saylor's gamble continues, with the market watching closely.