Buying 1550 BTCs, but this is probably the worst deal Strategy's ever made

Original title: The 1,550 BTC Buy: Saylor's World Trade Ever
original author: 100y, encryption analyst
Original language: Deep tide TechFlow

Deep tide guides:Saylor was calling for an increase in the BTC content per share, while increasing the stock at a price below the balance point of profit and loss, and only using half of the money raised to buy BTC – which is not a negative copy; it is subsidizing the sustainability of STRC with the interests of MSTR shareholders. For investors holding MSTRs, it is more important to understand the logic behind the deal than to look at how much BTC has bought。

Saylor sold 32 BTCs first, turned around and bought 1,550 BTCs today。

I don't want Stratiegy to fail. But there are some things that must be made clear。

That's one of the worst deals。

On the face of it, the deal is beautiful. Strategy bought BTC in large quantities at a low point in the near future, and even raised the dollar reserve of priority dividends from $900 million to $1 billion。

Is this Strategy's resurrection

If you think it's good, it means you don't know Strategy。

1. You need to understand the balance of gains and losses mNAV

One of the central objectives of Strategy is to increase the BTC content per share of MSTR shareholders。

THE WAY TO UPGRADE BPS IS SIMPLE: THE GENERAL SHARE OF THE PREMIUM IS ISSUED AND THE BTC IS BOUGHT WITH THE MONEY RAISED。

SO, HOW HIGH IS THE PREMIUM NEEDED FOR THE MSTR TO REALLY RAISE BPS THROUGH ATM

According to the 2026 Q1 financial conference, mNAV needs above 1.22。

It's called the "mNAV balance."。

THE CONCEPT COMES FROM A SIMPLE CONDITION: THE NUMBER OF BTCS AVAILABLE TO SELL 1 SHARE OF MSTR MUST BE LARGER THAN THE NUMBER OF BTCS THAT EACH EXISTING SHARE OF MSTR CAN BUY。

The whole process of extrapolation can be found in my previous articles。

Ultimately, the balance mNAV is calculated as follows:

By the way, the current MNAV balance is no longer 1.22。

BASED ON THE DATA OF THE 1,550 BTC PURCHASES THIS TIME, I CALCULATED THE RESULT TO BE 1.30。

Worst transactions

Now go back to Strategy for this 1,550 BTC purchase。

Strategy raised $181 million through the MSTR ATM, of which $101.3 million was for the purchase of 1,550 BTCs。

Here are two questions:

First, the MSTR ATM increase appears to have taken place at a price below 1.30 mNAV. If you buy BTC shares at a price below the profit/loss balance of mNAV, you're not upgrading BPS, but diluting it。

Secondly, that's the point: not all ATM fund-raising is used to buy BTC. The whole concept of the profit-loss balance mNAV is based on 100 per cent of the collection funds being used to buy BTC. Even if the mNAV is high enough, if only part of the money goes to BTC, the transaction may still be downgraded by BPS。

Strategy appears to have replenished the remaining unspent funds into the United States dollar reserve。

In other words, Strategy sacrificed the shares of MSTR shareholders and BPS to maintain the sustainability of STRC。

In fact, after the transaction, Strategy ' s BPS decreased by about 0.19 per cent compared to the pre-transaction period。

What did they get

The availability of the United States dollar reserve was extended from approximately 6.3 months to 7 months。

3. Strategy's wager

"OUR GOAL IS TO PUSH UP THE BTC CONTENT PER SHARE, AND WE'RE DOING EVERYTHING WE CAN TO PUSH UP THE BTC CONTENT PER SHARE."

This is what Michael Saylor said at the 2026 Q1 financial call。

But in this deal, Strategy sacrificed the MSTR BPS for STRC。

Strategy's been throwing dice。

If the sacrifice of BPS can reverse market sentiment, restore SRC prices, and pull back MNAV, Strategy can continue to raise funds through MMT and STRC ATM。

But what if it doesn't get better

That Strategy may have no choice but to keep MSTR。

IN THE WORST CASES, DELAY THE DISTRIBUTION OF STRC DIVIDENDS..

Or a slow loss of blood。

PRAY THAT BTC, MSTR AND STRC CAN PICK UP NOW。

Amen。

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