$960 million spent buying Bitcoin—MSTR is at it again.

According to data disclosed on Monday, between December 1–7, MSTR increased its holdings by 10,624 BTC—its largest weekly purchase since July.

Where did the money come from? No new debt was issued.

This time, they mainly diluted themselves: selling 442,500 shares of STRD preferred stock, raising $34.9 million; then selling 5,127,700 shares of MSTR common stock, cashing out $928.1 million. Combined, these two moves just about cover the $962.7 million budget for this round of Bitcoin purchases.

Some people are worried: MSTR is starting to sell its own stock—is it about to collapse?

In the short term, that's unlikely.

The key date is February 2027—that’s when MSTR’s first real principal repayment on debt comes due. Right now, they’re only paying interest, not principal. Many people confuse “paying interest” with “repaying debt”—they're not the same thing.

Michael Saylor’s logic is actually pretty clear: if they can survive the potential bear market period between 2027–2029, their strategy will have succeeded.

According to his plan, the goal is to hold 1 million BTC. If Bitcoin rises to $1 million per coin (which will take time and market cooperation), MSTR’s net assets would be at the $1 trillion level.

At that point, it could truly become one of the world’s most valuable companies.

Of course, the premise is they have to make it through.