MicroStrategy extends Bitcoin buys amid ATM equity sales

Key Takeaways:

• 99>98 signals disciplined weekly accumulation over timing the market.
• Emphasizes compounding exposure incrementally, prioritizing one more week of buying.
• Programmatic purchases continue through drawdowns; a treasury consistency signal, not forecast.

98′ signal: Impact on mNAV and risk” class=”wp-image-22310″/>

Michael Saylor signaled continued accumulation with a brief post reading 99>98 and another week, another buy. The message points to steady Bitcoin purchases rather than a price call.

The phrasing aligns with a multi‑year approach of adding Bitcoin through MicroStrategy (MSTR), regardless of short‑term volatility. It reinforces policy continuity and cadence over market timing.

99>98 can be read as a shorthand that one more week of buying beats one fewer week. It emphasizes discipline, compounding exposure incrementally, and not waiting for perfect entry points.

The cadence has persisted even during drawdowns. As reported by Barron’s, MicroStrategy recently bought 855 BTC for about $75 million while spot prices were falling, underscoring the programmatic approach.

Framing the post this way avoids treating it as a forecast. It is better understood as a governance and treasury signal about consistency across cycles.

Each additional purchase increases MicroStrategy’s effective Bitcoin exposure and equity sensitivity to BTC. When BTC falls, the stock can move more sharply due to leverage and mark‑to‑market effects.

Funding matters. Based on analysis from Forbes, MicroStrategy has relied on at‑the‑market equity issuance and perpetual preferred shares to finance purchases, a playbook that works best when the stock trades at a premium to the market value of its Bitcoin holdings.

That premium, often described relative to net asset value, can compress in weak markets, making new issuance more dilutive. Conversely, a wider premium can extend the runway without tapping operating cash.

Saylor has publicly framed the strategy as long‑duration and non‑selling, even through stress scenarios, in remarks summarized by Investopedia. “We are not going to be selling,” said Michael Saylor, Executive Chair of MicroStrategy, in February 2026, adding that the company expects to meet obligations for an extended period even if prices fall.

Downside risk remains non‑trivial. As reported by Fortune, Saylor has acknowledged that a deep, prolonged BTC drawdown could leave shareholders with severe losses even if the company remains solvent.

At the time of this writing, MicroStrategy shares trade around $134.20 after hours, with a year‑to‑date decline near 11.89%, based on data from Yahoo Finance. These figures are delayed and serve as context, not forward guidance.

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