Since 2020, Strategy has transformed into a Bitcoin treasury model under the identity of MicroStrategy, accumulating BTC on a large scale through continuous stock and convertible bond issuance, becoming the largest corporate holder globally; after years of leading a "never sell" strategy, Michael Saylor's company systematically authorized monetization for the first time in June 2026 to address preferred stock dividend pressures.

On the capital path, the company has raised over $17 billion through ATM stock issuance while repurchasing convertible bonds to reduce leverage, and has partially monetized BTC to supplement dollar reserves and pay preferred stock dividends, shifting from pure accumulation to liquidity management and preferred stock support under a "digital credit" framework.

Similar cases can be seen in early mining companies forced to sell BTC to maintain operations during bear markets, and some corporate treasuries shifting from accumulation to partial monetization when prices fall; currently, Strategy is in a transition phase from high-leverage accumulation to balancing credit instruments and reserve buffers.

Essentially, this represents a transfer of pricing power: Bitcoin price fluctuations directly determine corporate profits and losses as well as the flexibility of capital structure, with the mechanism being fair value accounting and the rigidity of preferred stock dividends forcing companies to actively manage liquidity during downturns, weakening the pricing dominance of pure accumulation narratives.

ABAB News · Cognitive Law

Accumulated coin leverage ultimately requires liquidity hedging
Unrealized losses are a real constraint
Rigid dividends compel asset monetization