This is MicroStrategy's first time buying Bitcoin again after a 10-week break. The 4,603 BTC purchase isn’t particularly massive, but it’s definitely meaningful. Based on my understanding of MicroStrategy, as Bitcoin continues to oscillate upward, they’re very likely to keep buying more and more. Because the essence of this flywheel is to chase the highs and cut the lows: BTC goes up → MSTR follows the rise → The premium of MSTR’s net assets relative to BTC expands → Strategy raises funds by issuing more shares → The dollars raised are used to buy more BTC → Further reinforcing market expectations I’ve always roughly thought of MSTR as a 2-3x leveraged ETF. It’s super strong in a trending market, but in choppy conditions, it could lose everything... Although this current rally hasn’t yet seen a bigger catalyst, like the spot ETF from the last cycle or Grayscale from the one before that. But with BTC still some distance away from its all-time high, I think the real buying pressure and sentiment-driven buying that Strategy is contributing right now are still very exciting to watch. #BTC #MicroStrategy $MSTR