What happened to MicroStrategy’s six-week Bitcoin buying streak?
The hiatus comes as MSTR faces increasing pressure over possible removal from the MSCI index, a sharp decline in Bitcoin, and new criticism of its balance sheet strategy. However, Michael Saylor responded by highlighting an entirely different data point: exploding demand for Bitcoin-backed credit.
No weekly purchases amid index concerns?
For the first time since October 6, Saylor did not share his usual Sunday teaser or Monday morning confirmation of new BTC purchases. That silence ends as MicroStrategy holds 649,870 BTC worth approximately $56 billion, with an average cost per coin of $74,433.
MSTR stock is about 70% below its all-time high, and its price-to-book multiple is just barely above this cycle’s low of 1.
The company is also addressing the risks of MSCI’s January 2026 digital asset regulation, which could exclude companies with more than 50% cryptocurrency exposure. With MicroStrategy’s ratio at 77%, forced index drain is a major concern.
Saylor rebuts critics
As criticism of over-leverage and liquidity stress resurfaced, Thaler posted a chart titled “Weekly Trading Volume of Bitcoin-Backed Credit,” with the familiar pointed caption, “Probably nothing.”
This chart shows weekly issuance of Strategy Inc.’s financial products (STRD, STRF, STRK, STRC) increasing from $3-4 million in mid-September to nearly $20 million in late November. Floating rate STRC products dominated the surge, with more than $10.5 million settled in the final week.
Mr. Thaler’s point is frank: a contraction in the credit market would not produce such numbers.
What does this move imply for Bitcoin and MSTR?
This growth suggests that financial institutions are becoming increasingly comfortable using Bitcoin as collateral, even though BTC has fallen more than 30% from a high of $126,198.
It also disputes claims that MicroStrategy is under strain. The company remains only about 15% leveraged and raised $20 billion this year through these preferred stock products.
In a recent interview with CoinDCX, Thaler was unapologetic about volatility, calling it “vitality.”
“If Bitcoin wasn’t volatile, it probably wouldn’t have performed as well.” he said, later adding: “Volatility is Satoshi’s gift to his followers.”
what happens next
The market is currently waiting to see if MicroStrategy will resume weekly buying.
Bitcoin is currently trading at around $85,757, with MSTR stock up 1.6% early Monday.
