MicroStrategy Raises $21 Billion to Expand Bitcoin Treasury, Holding 672,497 BTC Worth $61.4 Billion Amid Risk Buffer and Market Volatility

TL;DR

• MicroStrategy raises $21B via equity and debt to expand Bitcoin treasury holdings, now holding 672,497 BTC worth $61.4B at $91K price
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MicroStrategy Raises $21B to Expand Bitcoin Holdings, Now Holds 672,497 BTC Worth $61.4B

MicroStrategy raised $21 billion through a mix of perpetual preferred stock, common equity, and convertible debt. Approximately $15–$16 billion was issued as senior-ranked debt instruments with an average coupon of 5.2%, slightly above the 10-year U.S. Treasury yield of 4.8%.

What is the scale of its Bitcoin treasury?

As of January 4, 2026, MicroStrategy holds 672,497 BTC, acquired at an average cost of $75,000 per BTC, totaling $50.4 billion in cash outlay. At a market price of $91,000 per BTC, the holdings are valued at $61.4 billion, yielding an unrealized gain of $11 billion.

What is the leverage structure and risk buffer?

Debt exposure is approximately $22,000 per BTC, creating a 30% price decline buffer before covenant thresholds are breached. Current debt-to-BTC coverage stands at 4.1x, well above the 1.2x covenant requirement. A 30% drop in BTC price to $64,000 would still leave the company with sufficient asset coverage.

How does market demand influence price stability?

The capital raise coincided with a period of sustained BTC price stability near $91,000 and $355 million in spot ETF inflows in January 2026. Corporate demand from firms like MicroStrategy contributes to liquidity, dampening short-term volatility.

What are the key risks?

• Regulatory exposure: MSCI’s review of index inclusion could trigger forced selling if MicroStrategy is classified as a crypto-treasury, potentially causing $10–$15 billion in outflows.
• Interest rate sensitivity: Rising U.S. Treasury yields increase debt servicing costs, slightly reducing net returns.
• Liquidity constraints: Large-scale BTC sales could impact market prices, though daily trading volume ($30 billion) supports manageable execution.

What is the forward outlook?

• 45% probability BTC reaches $120,000 by Q4 2026, increasing market value to $80 billion and equity premium to mNAV 1.3x.
• 30% probability BTC falls to $70,000 by Q2 2027, reducing market value to $47 billion and mNAV to 0.7x.
• 20% probability of MSCI exclusion, triggering $8–$12 billion in index-fund outflows and 5–7% equity price pressure.

What metrics should investors monitor?

Primary indicators: BTC price trajectory, debt-to-BTC coverage ratio, and MSCI index policy decisions. Secondary factors include U.S. SEC guidance on corporate crypto holdings and spot ETF inflow trends. Equity premium is expected to remain 5–8% above underlying BTC NAV through 2026 under median price scenarios.