The story behind MicroStrategy's $3.38 billion Bitcoin purchase: Revealing major changes in financing structure

TokenSherpa · 2026-01-21T20:20:10+00:00

MicroStrategy recently purchased Bitcoin for $3.38 billion and shifted its financing method from convertible bonds to perpetual preferred stock. This strategy alleviated the pressure to liquidate Bitcoin during the bear market, provided a more stable source of funding, and enhanced its ability to plan for the long term.

TokenSherpa

2026-01-21 20:20:10

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【Crypto World】MicroStrategy’s recent moves are quite interesting—spending $3.38 billion to buy Bitcoin aggressively, while quietly changing their financing strategy. They used to rely on convertible bonds for funding, but now they are shifting to perpetual preferred stocks like STRC. This seemingly simple adjustment actually contains hidden complexities.

What is the biggest advantage of perpetual preferred stocks? They never mature. What does this mean? The company no longer has to worry about being forced to liquidate Bitcoin in a bear market to repay debts. The financing costs also stabilize, significantly reducing borrowing pressure.

Analyst Dylan LeClair pointed out sharply that this combination of strategies provides MicroStrategy with a more reliable source of funds. In simple terms, it gives their Bitcoin bottom-fishing plan a “security blanket”—ample funds, controlled pace, and the ability to continue adding positions without worrying about market fluctuations. This financial innovation truly changes the game for the long-term strategic capabilities of the target company.

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ChainMaskedRider

· 20h ago

mstr's move is brilliant; perpetual preferred shares are about locking in Bitcoin and being forced to cut losses when it doesn't fall. That's true long-termism.

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AirdropHunter9000

· 20h ago

Awesome, now MicroStrategy has directly equipped itself with a "bear market escape seat," and this perpetual preferred stock move is indeed brilliant. I finally understand that changing the financing structure allows Bitcoin to be added passively, which is true long-termism. Speaking of which, pouring 3.38 billion and still remaining so stable—how much confidence does that take... or how much risk-taking? Never mature? Isn't that equivalent to a promise of "never cutting losses"? No wonder the crypto circle is so excited. Innovative financing + continuous accumulation—this combo feels like—tough players are about to take off.

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HashBard

· 20h ago

so microstrategy basically found the ultimate cheat code... perpetual preferred stock means they can keep accumulating btc without the sword of damocles hanging over their head during downturns. that's actually genius from a narrative arc perspective—they're writing themselves into a position where forced liquidation becomes impossible. the sentiment shift here is wild, tbh

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GamefiEscapeArtist

· 20h ago

Wow, this technique is really ruthless. Perpetual preferred stock is like buying yourself "bankruptcy insurance." As for the recent financing structure adjustment of mstr, to put it simply — I want to long BTC, but I don't want to be forced to sell off to pay debts. Smart move. A financing tool that never matures — this is the real arsenal. You can add positions at will without any worries.

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