Is MicroStrategy really buying Bitcoin or leveraging volatility?

MicroStrategy’s latest purchase (3,015 BTC at ~$67.7K) brings them to over 720K BTC total.

But the more interesting angle might not be the price — it’s the financing structure behind these buys.

Convertible debt, equity issuance, structured capital raises… this isn’t simply “buy and hold.” It’s a capital markets strategy layered on top of Bitcoin exposure.

Are we underestimating how much of their performance depends on capital structure dynamics rather than BTC price alone?

Would love to hear thoughts from anyone who’s looked closely at how their debt strategy interacts with volatility.