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🧠 Easy Takeaway (Very Simple to Read)
Michael Saylor’s company Strategy Inc. bought a lot of Bitcoin even when prices were going down.The company bought Bitcoin worth $1.25 billionThis is their biggest Bitcoin buy in a long timeThe company lost money on paper because Bitcoin price fellBut they did NOT sell their BitcoinInstead, they sold company shares to keep cash
👉 This shows the company believes Bitcoin will be strong in the future, even if it goes down now.

🟢 Big Bitcoin Purchase by Company
Michael Saylor’s Strategy Inc. acquired almost $1.25 billion in Bitcoin, marking the company’s largest purchase of the digital asset since July.
🟢 How Much Bitcoin Was Bought?
The former MicroStrategy bought 13,627 Bitcoin between Jan. 5 and Jan. 11, according to a regulatory filing on Monday. The majority of the most recent acquisitions were made using proceeds from at-the-market sales of its Class A common stock.
🔴 Company Had Big Paper Loss
The move comes after the company said last week that it had a $17.44 billion unrealized loss in the fourth quarter tied to the decline in the value of its cryptocurrency stockpile. The company adopted accounting standards that required it to include the fair value of its Bitcoin holdings in its earnings, triggering multibillion-dollar swings between profits and losses. Bitcoin fell 24% in the three-months ended Dec. 31, the largest drop since the second quarter of 2022.
🟢 Why Investors Are Worried
The multibillion-dollar loss comes at a critical time for the dot-com-era software maker turned leveraged Bitcoin proxy, which has amassed a cryptocurrency stockpile worth roughly $62 billion. Investors have begun to sour on the treasury-company model Strategy co-founder and chairman Saylor pioneered more than five years ago. After outperforming benchmark stock indexes following the shift, shares of the company tumbled 48% in 2025.
🟢 Company Built Cash for Safety
The falling share price raised concern that Strategy would have to sell Bitcoin to meet future costs such as mounting dividends and interest payments since the cryptocurrency doesn’t produce any income and the software business generates little positive cash flow. To ease worries, the company established a cash reserve on Dec. 1 by selling common shares. The reserve totaled $2.25 billion as of Jan. 4.
🟢 Current Market Price
Shares of Strategy were little changed at about $158 as of 10:10 a.m. in New York on Monday. Bitcoin was also little changed, trading at around $90,700.
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Es gibt wenige Bewertungsmodelle, die im Bereich der Kryptowährungen so viel Diskussion ausgelöst haben wie das Stock-to-Flow-(S2F)-Modell. Ursprünglich zur Analyse seltener natürlicher Ressourcen wie Gold verwendet, wurde das Modell später auf Bitcoin angewendet und trug dazu bei, die Vorstellung von BTC als „digitales Gold“ zu formen. Anhänger sehen darin ein überzeugendes Rahmenwerk, um den langfristigen Wert von Bitcoin zu verstehen, während Kritiker argumentieren, dass es den weit komplexeren Markt zu sehr vereinfacht.
Um die Debatte besser zu verstehen, hilft es zunächst, genauer zu erklären, was Stock-to-Flow tatsächlich misst und warum einige glauben, dass es auf Bitcoin anwendbar ist.