Odaily reported that Michael Saylor posted on X to review the history of Strategy’s Bitcoin strategy. He said that when he delivered a related presentation in October 2022, Bitcoin was trading at around $20,000. At that time, Strategy held 130,000 BTC with an estimated value of about $2.6 billion, while MSTR, adjusted for the stock split, was priced at around $24.
The late-2022 downturn and pressure on reserves
According to Saylor, only a few weeks after that presentation, Bitcoin fell below $16,000. During that period, the company’s debt briefly exceeded the total value of its BTC and cash reserves by about $300 million. MSTR also declined to around $13 by the end of 2022, marking a difficult phase for the company’s Bitcoin-focused balance sheet strategy.
Saylor said Strategy then continued to execute its Bitcoin strategy, strengthened its corporate operations, and kept raising capital to invest in BTC. His post framed the period as a test of the company’s approach, from a time when debt exceeded combined BTC and cash reserves to a later stage in which the company expanded its Bitcoin position through additional financing.
More than $60 billion raised and over 716,000 BTC added
Since 2022, Strategy has raised more than $60 billion in new capital, Saylor said. The company used that capital to purchase Bitcoin, adding more than 716,000 BTC to its holdings. Combined with the 130,000 BTC it held in October 2022, Strategy’s current Bitcoin holdings have expanded to about 840,000 BTC.
Saylor said the current value of Strategy’s BTC and U.S. dollar reserves is now about $48 billion higher than the company’s debt. He also thanked investors who have supported the company over the long term and said Strategy will continue to follow a long-term-oriented strategy. The post served as a review of the company’s path from the pressure of the 2022 market decline to its current position in which reserve net value is ahead of debt.