Strategy Chairman Michael Saylor said fears that the company could be forced to sell bitcoin during a price slump are “an unfounded concern,” pushing back on a narrative that has gained traction as BTC trades below the firm’s average purchase price. In a CNBC interview, he said the company is not preparing to reduce its holdings. His message was the opposite: Strategy intends to keep buying bitcoin.
Saylor argued the company’s balance sheet gives it room to stay with that approach. He said Strategy’s net leverage ratio is half that of a typical investment-grade company. He also said the firm holds the equivalent of 50 years of dividends in bitcoin, while cash on the balance sheet covers roughly two and a half years of dividends. Based on that position, Saylor said, “we’re not going to be selling, we’re going to be buying bitcoin,” adding that he expects the company will purchase bitcoin every quarter on a continuing basis.
Holdings rise to 714,644 BTC after latest purchase
Strategy added 1,142 BTC last week for about $90 million, paying an average of $78,815 per coin. That brought the company’s total bitcoin holdings to 714,644 BTC, extending a treasury strategy that has made the firm one of the largest corporate holders of the asset.
The company has spent about $54.35 billion to build that position, with an average purchase price of roughly $76,056 per bitcoin. The report noted that bitcoin was trading near $69,000, leaving the market price below Strategy’s aggregate cost basis. That gap has fed speculation over whether the company could eventually face pressure to sell.
Volatility remains central to Saylor’s bitcoin case
Bitcoin has gone through sharp price swings in recent months, and Saylor framed that behavior as part of the asset rather than a reason to step back. He described bitcoin as digital capital and said it is likely to be two to four times as volatile as traditional capital assets such as gold, equities, or real estate. He paired that with a performance claim, saying bitcoin has delivered two to four times the returns of traditional capital over this decade.
He also said bitcoin is the most useful global capital asset in the world, arguing that it can support more leverage and be traded in more ways than other types of capital assets. In that framing, volatility is not a flaw to be engineered away. It is part of how the asset functions.
Quarterly losses reflect mark-to-market impact
Strategy reported a $17.4 billion operating loss and a $12.6 billion net loss for the fourth quarter. According to the report, those figures were driven largely by non-cash mark-to-market accounting tied to bitcoin’s decline in price. The results show how closely the company’s reported earnings remain linked to moves in the cryptocurrency, even while management presents the position as a long-term allocation.
Saylor also addressed the idea that bitcoin’s current trading range may point to a new stage of market maturity, describing that as a positive development. He added that Strategy’s balance sheet and its digital credit business sit at the center of the company’s broader plan. He said the firm’s digital credit structure has become one of the decade’s most actively traded credit instruments, producing substantially higher cash flow than traditional fixed-income products and exceeding preferred stock trading volume.