MicroStrategy mới năm khởi động lại việc mua Bitcoin: Chi phí vay vốn tăng cao thay đổi quy tắc chơi

【Coin Circle】MicroStrategy restarted its Bitcoin acquisition plan at the beginning of January, spending $116 million to purchase 1,283 bitcoins in one go, with an average cost of approximately $90,391 per bitcoin. Behind this seemingly aggressive move, the financing environment has actually changed dramatically.

Last year they were able to finance with low-cost convertible bonds, but now? High-cost preferred shares and dilutive common shares have become the main options, with actual cash costs already soaring to 10-12.5%. This is awkward—because stock performance underperforms Bitcoin net value, large-scale acquisitions not only come at higher costs but also result in more severe dilution for existing shareholders.

In other words, MicroStrategy’s role in 2026 may need to be rewritten. From being a driver of Bitcoin prices, it’s gradually becoming just a buyer who acts only at specific times. The financing cost wall is limiting their ambition to continue going “all in.”