Arca Chief Investment Officer Jeff Dorman highlighted a primary risk for MicroStrategy (MSTR) on January 5, 2026. This risk is unrelated to a decline in Bitcoin (BTC) price.
Dorman stated the real danger emerges if the BTC price rises while MSTR stock stagnates. This scenario prevents the company from raising funds via its at-the-market (ATM) stock offerings, which MSTR uses to acquire more BTC.
Such a situation could force MSTR to sell its existing Bitcoin holdings. The proceeds would then be used to initiate share buybacks.
Other reports released the same day analyze MSTR’s aggressive BTC accumulation. They view this corporate buying as a key indicator of institutional bullishness for 2026 and a potential catalyst for Bitcoin’s price. However, analysts also cite MicroStrategy’s significant debt load and recent stock underperformance as notable risks heading into the new year.