MicroStrategy added 10,624 Bitcoin to its balance sheet last week and now holds 660,624 BTC, as Executive Chairman Michael Saylor touts a rapid shift by major U.S. banks toward Bitcoin-backed lending and positions “digital credit” as a new pillar of corporate finance. The company’s growing leverage and sector-wide volatility have drawn scrutiny from analysts and index providers, even as backers argue MicroStrategy is building a new category of crypto-native credit markets.
MicroStrategy’s latest purchase and balance sheet strategy
MicroStrategy confirmed the purchase of 10,624 BTC for approximately $962.7 million at an average price of $90,615 per coin, bringing its total holdings to 660,624 BTC. The company said its cumulative acquisition cost is about $49.35 billion at an average cost of $74,696 per Bitcoin, including fees and expenses, according to Saylor.
Recent securities filings indicate the company funded the latest purchase with proceeds from equity sales. Saylor has previously said MicroStrategy could sell Bitcoin as a “last resort” if market value falls below the value of its BTC reserves and other capital sources are unavailable, describing equity as “volatile because the company is built on amplified Bitcoin.”
In a note to clients, JPMorgan analysts wrote that MicroStrategy should keep the ratio of its enterprise value to its Bitcoin holdings above 1.0 to avoid a forced sale of digital assets on its balance sheet.
Wall Street and sovereign wealth interest in Bitcoin-backed credit
Saylor said the “big banks have flipped” on crypto in the past year, claiming that eight of the top 10 U.S. banks are now involved in Bitcoin-backed lending, with most joining in the past six months. He also said he has met with “every Middle East sovereign wealth fund” to pitch Bitcoin-backed credit as a yield-generating alternative to traditional fixed income.
Supporters argue this emerging market resembles the early development of gold-backed credit. “Saylor has finally found the killer app for bitcoin,” said Kevin Li, a former research analyst at ParaFi Capital, who likened current dynamics to the formative years of gold-based lending markets.
Saylor described MicroStrategy’s balance sheet approach as maintaining both a BTC Reserve and a USD Reserve to help navigate short-term volatility while pursuing the company’s goal of becoming a leading issuer of “digital credit.”
DAT stocks slump, index providers weigh exclusions
Outside MicroStrategy, digital asset treasury (DAT) companies that sought to replicate Saylor’s strategy have underperformed. According to Bloomberg data cited by market participants, the group’s median stock price is down 43% year to date, as rising debt obligations expose structural weaknesses even as the broader market advances.
Index provider MSCI launched a consultation on potentially excluding DATs from its indices, with the review open through Dec. 31, 2025, and final conclusions expected by Jan. 15, 2026. Meanwhile, MicroStrategy shares have been volatile; recent data from TradingView show the stock down sharply over the past year. At times, the company’s equity market capitalization has traded below the market value of its Bitcoin holdings.
Market reaction and commentary
Crypto-exposed equities were mixed in recent sessions. Coinbase fell 4.76% Monday before rising 1.37% in overnight trading, while Robinhood declined 4.09% and edged up 0.63% premarket. Anthony Scaramucci, founder of SkyBridge Capital, praised Saylor’s approach to layering a USD backstop with equity issuance to acquire additional Bitcoin, calling it “smart for his balance sheet — and the overall BTC market.”
As MicroStrategy deepens its Bitcoin strategy and promotes Bitcoin-backed credit to banks and sovereign wealth funds, the company’s model continues to polarize investors. Critics see a leveraged bet on a volatile asset; supporters frame it as an early blueprint for a new class of crypto-native financial institutions. For now, MicroStrategy remains the most visible corporate bellwether for Bitcoin’s integration into balance sheets and credit markets.