ChainCatcher reported that Michael Saylor published a review of Strategy’s Bitcoin strategy. In his post, Saylor said that when he delivered a related speech in October 2022, Bitcoin was trading at around $20,000. At that time, Strategy held 130,000 BTC, worth approximately $2.6 billion at that price level. The company’s stock, MSTR, was priced at around $24 on a split-adjusted basis.
The October 2022 Starting Point
Saylor used those figures as a reference point for reviewing the company’s Bitcoin-focused approach. The snapshot included the Bitcoin price, Strategy’s BTC holdings, the estimated value of those holdings, and the split-adjusted MSTR share price. Together, these numbers outlined where the company stood when the strategy was being discussed publicly in October 2022.
According to Saylor, Bitcoin fell below $16,000 several weeks after that speech. As the price declined, Strategy’s balance sheet came under pressure. The company’s debt at one point exceeded the total value of its BTC and cash reserves by about $300 million. MSTR also moved lower and traded near $13 by the end of 2022.
Continued Financing and BTC Purchases
After that period, Strategy continued to execute its Bitcoin strategy. Saylor said the company strengthened its operations while continuing to raise capital and allocate funds to BTC purchases. The review described a sustained process in which Strategy kept its focus on Bitcoin despite the earlier decline in BTC price and the pressure on its debt-to-reserve position.
Since 2022, Saylor said Strategy has raised more than $60 billion in new capital and used it to buy Bitcoin. The company’s additional holdings have exceeded 716,000 BTC. Compared with the 130,000 BTC held in October 2022, the figures cited by Saylor show a substantial expansion of Strategy’s Bitcoin position over the period.
Saylor also stated that the current value of Strategy’s BTC and U.S. dollar reserves is now about $48 billion higher than the company’s debt. He added that Strategy will continue to follow a long-term approach. The post focused on the company’s path from the 2022 price decline and debt pressure to continued financing, additional BTC purchases, and a larger reserve position.