What happened to MicroStrategy’s six-week Bitcoin buying streak?
The pause comes as MSTR faces rising pressure over potential MSCI index exclusion, a deep Bitcoin pullback, and renewed criticism of its balance-sheet strategy. Yet Michael Saylor responded by highlighting a very different data point: exploding demand for Bitcoin-backed credit.
For the first time since October 6, Saylor didn’t share his usual Sunday teaser or Monday morning confirmation of a fresh BTC buy. That silence lands as MicroStrategy holds 649,870 BTC worth roughly $56 billion, with an average cost of $74,433 per coin.
MSTR shares sit about 70% below their all-time high, and the stock’s multiple to net asset value is barely above 1 – the lowest of this cycle.
The company is also navigating the risk of MSCI’s January 2026 digital-asset rules, which could push out firms with more than 50% crypto exposure. With MicroStrategy at 77%, forced index outflows are a real concern.
As critics resurfaced talk of excessive leverage and liquidity stress, Saylor posted a chart titled “Bitcoin-Backed Credit Weekly Volume” – paired with his familiar, pointed caption: “probably nothing.”
The chart shows weekly issuance of Strategy Inc.’s instruments – STRD, STRF, STRK, and STRC – climbing from $3-4 million in mid-September to nearly $20 million by late November. The floating-rate STRC instrument dominated the surge, clearing more than $10.5 million in the final week.
Saylor’s point is blunt: a shrinking credit market doesn’t produce numbers like these.
The growth suggests that institutions are increasingly comfortable using Bitcoin as collateral, even with BTC down more than 30% from its $126,198 high.
It also challenges claims that MicroStrategy is under strain. The company still carries only ~15% leverage, and it raised $20 billion this year through these preferred-share instruments.
Saylor remains unapologetic about volatility, calling it “vitality” in a recent interview with CoinDCX.
“If Bitcoin wasn’t volatile, it probably wouldn’t be high performance,” he said, later adding: “Volatility is Satoshi’s gift to the faithful.”
The market now waits to see whether MicroStrategy resumes its weekly buys.
Currently, Bitcoin trades around $85,757, while MSTR shares ticked 1.6% higher early Monday.
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