MicroStrategy Aims to Raise $2B to Fund BTC Buys

MicroStrategy, formerly known as Strategy, is planning to raise $2B in capital through convertible notes to facilitate its Bitcoin acquisition.

In 2025, the pioneer in corporate Bitcoin treasury management made five significant purchases (over 30K BTC), bringing its total holdings to 478,740 BTC, valued at approximately $46.15B based on current market prices.

MicroStrategy Eyes 500K BTC Holdings

The latest capital raise aims to expand the firm’s holdings to 500K BTC before March. However, the market seems uncertain about the outcome. Prediction platform Polymarket rated a 53% probability of the firm reaching the 500K BTC milestone by the end of February, a drop from a previous 80% after the announcement of the $2B capital raise.

Despite this, MSTR has experienced a 16% decline from late January highs, with a current valuation of $333. Macro analyst Felix Jauvin suggests that MicroStrategy’s $2B capital raise could signal a local bottom for BTC. Over the same period, BTC has dropped 12% from its recent highs, trading at approximately $96K, indicating moderate performance within the current market sentiment.

On a year-to-date basis, MSTR recorded an 11% gain in 2025, in contrast to BTC’s 1.9%. Year-on-year, MSTR rose 373% compared to BTC’s 85%, highlighting that the stock remains a BTC beta due to MicroStrategy’s substantial cryptocurrency holdings. Despite fluctuations, MSTR continues to be one of the best-performing U.S. stocks, owing to its Bitcoin strategy. Whether this trend will carry into Q4 2025 remains uncertain.