กลยุทธ์สตรีทหยุดชะงัก! เปิดโผแผนซื้อบิทคอยน์ 1 พันล้านดอลลาร์ ก่อนรายงานผลประกอบการ Q1

The Strategy Bitcoin Pause: A Calculated Breathe Before Q1 Earnings

In a move that has captured the attention of the crypto and traditional finance worlds, Strategy (formerly MicroStrategy) has taken a deliberate buying breather in its aggressive Bitcoin acquisition strategy. The company, led by Michael Saylor, just executed a massive $1 billion purchase of 13,927 BTC between April 6 and April 12, 2025, at an average price of $71,902 per coin. This brings the company’s total Bitcoin holdings to an astonishing 780,897 BTC, with an average cost basis of $75,577 per coin. The timing is critical: Bitcoin recently hit roughly $75,600 on April 14, 2025, placing Strategy back into paper profitability for the first time since January 2025. However, with the company’s Q1 earnings report looming, this pause signals a strategic recalibration, not a retreat.

Deep Dive Analysis: Navigating the $49 Billion War Chest

จากมุมมองของนักลงทุนมืออาชีพ การหยุดซื้อครั้งนี้ไม่ใช่สัญญาณของความอ่อนแอ แต่เป็นการบริหารความเสี่ยงอย่างชาญฉลาด ประเด็นสำคัญที่ต้องจับตามอง:

Paper Profit vs. Realized Reality: Strategy’s total unrealized loss for Q1 alone stood at $14.46 billion. With Bitcoin now trading near their breakeven price, the company has erased approximately $12 billion in paper losses since February 2025. This is a massive psychological victory and a strong signal to shareholders that the core thesis—Bitcoin as a treasury reserve asset—remains intact.
The STRC Engine is Running at Full Throttle: The preferred stock STRC, which underwrites these purchases, hit a record daily trading volume of $1.156 billion on April 13, 2025. This demonstrates deep liquidity and institutional appetite. Strategy still has authorization to sell an additional $21.6 billion in STRC shares and $27.1 billion in MSTR shares, leaving a combined $48.7 billion firepower to reach the goal of 1 million BTC by end of 2026.
Macroeconomic Context: May historically has an average return of over 7% for Bitcoin, but the path to breaking through the $80,000 resistance level remains uncertain. Analysts like Matt Hougan from Bitwise suggest we’re in a consolidation channel between $60,000 and $80,000, laying the groundwork for a strong second half. Institutional buying could be the catalyst to push higher.
Riot Platforms’ Diversification Play: Note: This section is distinct from Strategy but highlights a parallel trend. Riot Platforms, the Bitcoin miner turned data center operator, reported Q1 revenue of $167.2 million (beating estimates of $131 million) with a critical shift: data center revenue now includes contracted lease income from AMD. This marks the transition from pure mining to a hybrid business model, offering more stable cash flows.

Investment Insight: For wealth management, this suggests two diverging strategies:
1. For Bitcoin maximalists: Follow Strategy’s model—use leverage via preferred stock to accumulate BTC at prices below the average cost basis, but be prepared for extreme volatility.
2. For diversified crypto exposure: Look at mining firms like Riot that are pivoting to data center operations, offering a more balanced risk-reward profile.

อ้างอิงตามข้อมูลจาก Yahoo Finance

FAQ Section

Q1: What is the significance of Strategy’s Bitcoin breakeven price?
A1: The $75,577 average cost is critical because for the first time since January 2025, Strategy’s paper position is no longer underwater. This removes immediate pressure from margin calls or forced liquidation scenarios, giving the company a clean slate to continue its 1 million BTC target without the stigma of massive unrealized losses.

Q2: How does the STRC preferred stock mechanism work?
A2: STRC is a high-yield preferred stock that provides monthly income to investors while giving Strategy zero-dilutive capital to buy Bitcoin. The collateral coverage is multiple times over the Bitcoin holdings, meaning even if BTC drops significantly, the preferred shares remain well-collateralized. Recent record trading volumes confirm strong institutional demand.

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