Bitcoin reaches $ 122,000: Strategy strengthens its position with $ 740 million

Michael Saylor has never had his tongue in his pocket or the chilly wallet. When he promises bitcoin, he buys. And quickly. Barely the preamble tweet published than the orchestra has launched: 6,220 BTC absorbed in full bullish euphoria, with surgical calm. Behind the scenes, it is not just a purchase – it is a signal to the market, a new demonstration of force that tells something else: the strategy model turns at full speed.

A millimeter takeover for a superstar bitcoin

After anticipation of buying Saylor, everything went very quickly. On July 20, Strategy deposited at the dry An 8-K form confirming the acquisition of 6,220 bitcoinsfor $ 739.8 million. Average price: $ 118,940 per BTC. The operation pushes the company's portfolio to 607,770 BTC, for an invested total of $ 43.6 billion. And this, while Bitcoin was flirting with the $ 122,000, before descending around $ 118,000.

This offensive is not an isolated brilliance. Since April, Strategy buys each month as we fill an attic before winter. In July alone: 10,455 BTC garnered. In June: 17,075 BTC. A well -oiled mechanics, controlled by a Saylor more convinced than ever.

This behavior is part of A long -term vision of Bitcoin as reserve assets. Strategy does not act like a hedge fund seeking to sell to the highest. It accumulates, without discontinuing, according to a strategy announced publicly since 2020.

The great art of financed without ever emptying your pockets

But where does money come from? Not boxes. Strategy finances its purchases with a complex game ofTRADUCTIONS AND CONVERTABLE OBLIGATIONS. For this transaction, The company raised $ 736.4 million via the sale of 1.63 million MSTR shares. In parallel, it sold preferential actions Strk, STRF and Strd for a few additional million.

This strategy is part of A “42/42” plan, aimed at raising $ 84 billion by 2027 To strengthen his exhibition in Bitcoin. The method is based on zero-coupon obligations, that is to say debts that do not pay interest, but whose value increases at maturity. A form of arbitration where the increase in the BTC covers the cost of raised capital.

But this engineering has its setbacks. In March, A 30 % drop in Bitcoin resulted nearly 5.9 billion latent losses For stratum. A slide that temporarily dropped the course of action MSTR. It is the setback of a structure entirely dependent on the price of the queen of cryptos.

Invest in a crypto-shad or in an exhibition promise?

This is where the rub. There Strategy stock market valuation (MSTR) has reached $ 105 billion, while its BTC earns around 62.6 billion. In other words, Each dollar invested in MSTR only gives you $ 0.59 Bitcoin.

This 70 % bonus Reflects a craze for Saylor's strategy, but also raises questions about the consistency of valuation. Analysts evoke A NASDAQ-100 effectwhere index funds mechanically buy actions, inflating courses independently of the fundamentals.

In parallel, Strategy publishes proprietary indicators such as Bitcoin yield, which measures the evolution of the number of BTCs per action issued. But the more actions we make, the more the ratio can inflate artificially. This gives the illusion of increasing performance, even if the real share of Bitcoin by action decreases.

Key figures for a high lever strategy:

• 607,770 BTC in the Strategy walletor 3 % of the total offer;
• $ 739.8 million invested in one week, at $ 118,940 per unit;
• MSTR valuation: $ 105 billion, or 70 % above the real value of the BTC held;
• BTC yield objective (BTC yield) 2025: 25 %. Currently: 20.8 %;
• 10,455 BTC bought by Strategy since the beginning of July.

Bitcoin shines, but some observers are divided on the continuation. Experts expect a new increase in $ 135,000, others fear a severe correction, linked to macroeconomic uncertainties. The crypto-shad continues to captivate, but the next chapter remains to be written.