Michael Saylor, founder and executive chairman of Strategy (formerly MicroStrategy), appeared on CNBC's "Squawk Box" today (10th). As Bitcoin fell below his company's average cost, he reiterated his firm stance of not selling and announced that he would continue to increase his Bitcoin holdings indefinitely by "buying regularly every quarter".
"We won't sell, we'll only continue buying."
When questioned by the host about whether Strategy would be forced to sell Bitcoin during a prolonged market downturn, Saylor responded firmly:
We will not sell; we will continue to buy Bitcoin. I expect we will buy Bitcoin every quarter, forever.
Saylor published his ironclad rules for Bitcoin on social media platforms as early as the beginning of February, during the Bitcoin crash:
Bitcoin's rules:
First, buy Bitcoin.
Second, don't sell Bitcoin.
He also described Bitcoin's dramatic fluctuations as "a gift from Satoshi Nakamoto to believers," arguing that large price swings are a structural characteristic of Bitcoin rather than a sign of market failure, and that long-term holders can actually benefit from them.
Unrealized loss of $6.5 billion
As of February 8, Strategy held 714,644 Bitcoins , with a total purchase cost of approximately $54.35 billion, averaging about $76,056 per Bitcoin. Based on the current Bitcoin price of approximately $68,500, the paper loss has widened to approximately $6.5 billion .
When pressed on whether the company could repay its debts should Bitcoin experience a prolonged period of sharp decline, Saylor stated:
If Bitcoin drops by 90% in the next four years, we will refinance the debt and keep rolling it over.
He further emphasized that banks would remain willing to continue providing funding to Strategy because "Bitcoin's volatility means it will always have value." Saylor also set a time threshold for investment:
If your investment horizon is less than four years, you are not a true capital investor.
CEO: Bitcoin needs to fall to $8,000 before there's a problem.
Strategy CEO Phong Le also reaffirmed the company's financial resilience during the recent Q4 earnings call. He pointed out that Bitcoin would need to fall to $8,000 and remain there for five to six years before posing a substantial threat to the company's convertible bond repayment ability.
Strategy's current balance sheet shows:
- Total debt is approximately US$8.2 billion (primarily convertible notes).
- With approximately $2.3 billion in cash on hand, it is sufficient to pay dividends for about two and a half years.
- 712,647 Bitcoins are unsecured and have no collateralized loan pressure.
- The company has shifted from convertible bonds to preferred stock financing, issuing $7 billion in preferred stock in 2025.
It is worth noting that Strategy reported a net loss of $12.4 billion in Q4 2025, but this was mainly due to the fair value accounting standard adopted from 2025 onwards, where quarterly fluctuations in the price of Bitcoin are directly reflected in the income statement, rather than actual cash outflows.
Going against the trend and increasing investment
Despite facing huge unrealized losses, Strategy's buying spree has never stopped. Between February 2nd and 8th alone, the company purchased another 1,142 bitcoins , spending approximately $90 million at an average price of about $78,815. The funds came from the sale of 616,715 Class A common shares (MSTR), raising approximately $89.5 million through an ATM program.
Michael Saylor did not provide a price prediction for Bitcoin over the next 12 months, but he stated that he expects Bitcoin to outperform the S&P 500 over the next four to eight years . God help him.
