The Math Behind Strategy's $3.38 Bitcoin Purchases That MSTR Holders Missed

Benzinga03:26

Strategy Inc. (NASDAQ:MSTR) has bought $3.38 billion of Bitcoin (CRYPTO: BTC) over two weeks, but analyst Dylan LeClair says the bigger move is a balance sheet restructuring that quietly happened ...

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(NASDAQ:MSTR) has bought $3.38 billion of Bitcoin (CRYPTO: BTC) over two weeks, but analyst Dylan LeClair says the bigger move is a balance sheet restructuring that quietly happened ...</p>\n\n<a href=\"https://www.benzinga.com/crypto/cryptocurrency/26/01/50050070/the-math-behind-strategys-3-38-bitcoin-purchases-that-mstr-holders-missed\">Source Link</a>\n\n</div>\n","source":"Benzinga","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Math Behind Strategy's $3.38 Bitcoin Purchases That MSTR Holders Missed</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Math Behind Strategy's $3.38 Bitcoin Purchases That MSTR Holders Missed\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-22 03:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/crypto/cryptocurrency/26/01/50050070/the-math-behind-strategys-3-38-bitcoin-purchases-that-mstr-holders-missed><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Strategy Inc. (NASDAQ:MSTR) has bought $3.38 billion of Bitcoin (CRYPTO: BTC) over two weeks, but analyst Dylan LeClair says the bigger move is a balance sheet restructuring that quietly happened ...</p>\n\n<a href=\"https://www.benzinga.com/crypto/cryptocurrency/26/01/50050070/the-math-behind-strategys-3-38-bitcoin-purchases-that-mstr-holders-missed\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SMI3.UK","symbol_name":"GRANITESHARES 3X SHORT MSTR DAILY ETP","start_time":0,"source_url":"https://www.benzinga.com/crypto/cryptocurrency/26/01/50050070/the-math-behind-strategys-3-38-bitcoin-purchases-that-mstr-holders-missed","article_id":"2605023487","we_media_id":null,"thumbnails":["https://www.benzinga.com/files/images/story/2026/01/21/Smartphone-With-Logo-Of-Strategy-Inc-.jpeg"],"rights":{"source":"Benzinga","url":"https://www.benzinga.com/crypto/cryptocurrency/26/01/50050070/the-math-behind-strategys-3-38-bitcoin-purchases-that-mstr-holders-missed","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2605023487","pubTimestamp":1769023579,"columns":[],"sourceInfo":{"source_id":"Benzinga","name":"Benzinga Cypto"},"weMediaInfo":null,"summary":"Strategy Inc.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SMI3.UK":"GRANITESHARES 3X SHORT MSTR DAILY ETP","BK4585":"ETF&股票定投概念","09399":"南方两倍做空MSTR-U","3LMI.UK":"GRANITESHARES 3X LONG MSTR DAILY ETP","APED":"STKd 100% MSTR & 100% COIN ETF","MSII":"REX MSTR Growth & Income ETF","SMST":"2倍做空MSTR ETF-Defiance","MSTK":"Tuttle Capital MSTR 0DTE Covered Call ETF","MSDD":"2倍做空MSTR ETF-GraniteShares","BK4516":"特朗普概念","07399":"南方两倍做空MSTR","BITO":"比特币期货ETF-ProShares","MSTP":"2倍做多MSTR ETF-GraniteShares","MSOO":"2倍上限加速MSTR ETF-Leverage Shares","BK4596":"哈里斯概念","WNTR":"做空MSTR期权收益策略ETF-YieldMax","MST":"做多杠杆+收益MSTR ETF-Defiance","BK4600":"加密货币概念","BK4588":"碎股","07799":"南方两倍做多MSTR","BK4594":"比特币ETF概念","MTYY":"GraniteShares YieldBOOST MSTR ETF","09799":"南方两倍做多MSTR-U","BK4601":"加密货币现货ETF","MSTW":"Roundhill MSTR WeeklyPay ETF","BK4595":"比特币概念","STRC":"MicroStrategy Inc. 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(NASDAQ:MSTR) has bought $3.38 billion of Bitcoin (CRYPTO: BTC) over two weeks, but analyst Dylan LeClair says the bigger move is a balance sheet restructuring that quietly happened alongside the purchase.The Debt Swap Nobody NoticedStrategy just crossed a major milestone: perpetual preferred stock now outweighs convertible bonds on the balance sheet for the first time.Convertible debt dropped to 9.18% of Bitcoin holdings from 9.67% at the start of the year. Perpetual preferred shares like STRC climbed from 9.19% to 9.36%.Here’s why that matters: convertible bonds have expiration dates. When they come due, Strategy has to either pay them back or refinance—and if Bitcoin prices are crashing when that bill comes due, the company faces tough choices.Preferred shares are different. They never mature. Strategy pays a dividend, but there’s no principal repayment and no clock ticking toward a refinancing deadline. That means no forced Bitcoin sales during market crashes.When MSTR Stock Crashes, Converts Become A ProblemThe issue with convertible bonds shows up when MSTR stock drops sharply.When the stock was trading at $400, those $8.2 billion in converts mostly acted like equity.Bond investors figured they’d eventually convert into stock, so they didn’t worry much about getting repaid in cash.But when MSTR fell to $150 in November alongside Bitcoin’s pullback, those same bonds started looking like real debt again. LeClair’s analysis shows that bond investors suddenly viewed an extra $2.5 billion as debt that Strategy would need to repay before preferred shareholders get paid. That’s a problem because investors who own STRC preferred shares now see more debt sitting ahead of them in line.When that happens, STRC becomes a riskier investment. Riskier investments demand higher returns, which means Strategy has to pay more to borrow money through preferred shares. In extreme cases, investors refuse to buy STRC at all, cutting off Strategy’s access to capital when the company needs it most.The Fix: Replace Convertable Shares With Preferred SharesStrategy’s plan is straightforward—eliminate convertible debt and fund everything through preferred shares instead.Over the past two weeks, Strategy issued $119 million of STRC, then another $294 million. Those preferred share sales happened at the same time Strategy was selling common stock to raise cash for the Bitcoin purchases.That dual issuance accomplished two things: Strategy bought Bitcoin and restructured the balance sheet at the same time.Once the converts are gone, the preferred shares have nothing senior to them that changes based on MSTR’s stock price. Credit spreads stabilize, borrowing costs drop, and Strategy can sell prefs even when Bitcoin is getting hammered.LeClair also pointed out Strategy built a USD reserve recently. That cash buffer removes concerns about dividend coverage and removes another reason credit investors might get nervous about STRC.What Happens NextStrategy now holds 709,715 BTC worth roughly $62 billion. The company is funding that through a mix of common stock, convertible bonds, and preferred shares.The next phase is pushing converts down further while ramping up STRC issuance. If credit spreads on STRC tighten as LeClair expects, Strategy gets access to cheaper capital and can accelerate Bitcoin buying. The market hasn’t fully priced in this shift yet. Image: ShutterstockMSTRStrategy Inc$158.57-1.04%Overview$BTCBitcoin$89410.201.25%Market News and Data brought to you by Benzinga APIs© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2605023487","isCrawlerRequest":true}