Michael Saylor Reveals MicroStrategy’s (MSTR) BTC-Backed Credit Market Demand

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.

No Weekly Purchases Amid Index Concerns?

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.

Saylor Counters Critics

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.

What the Move Signals for Bitcoin and MSTR

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.”

What Comes Next

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.