Michael Saylor, closely associated with Strategy’s Bitcoin treasury narrative, posted a retrospective statement on X outlining how the company’s balance between Bitcoin holdings, dollar reserves and debt has changed since October 2022. In the post, he said that when he gave a speech in October 2022, Bitcoin was trading near $20,000, Strategy held 130,000 BTC worth about $2.6 billion, and $MSTR was trading at roughly $24 on a split-adjusted basis.
The October 2022 Reference Point
Saylor’s post framed October 2022 as the starting point for the comparison. At that time, according to his statement, Strategy’s 130,000 BTC position was valued at about $2.6 billion while Bitcoin itself traded near the $20,000 level. He also referenced $MSTR’s split-adjusted price of around $24, placing the company’s stock price alongside its Bitcoin position and the broader market conditions at that moment.
He then described what happened in the weeks after that speech. Bitcoin fell below $16,000, and Strategy’s debt exceeded the combined value of its BTC and cash reserves by roughly $300 million. By year-end, Saylor said, $MSTR had fallen into the $13 range. These figures were presented as a direct contrast to the company’s current position, rather than as a separate market forecast or commentary.
Capital Raised and Bitcoin Added Since Then
According to Saylor, Strategy “stayed focused, strengthened the company, and executed” its strategy after that period. He said that since then, the company has raised more than $60 billion of additional capital and invested it in Bitcoin. He also stated that Strategy added more than 716,000 BTC over that period, expanding the scale of its Bitcoin holdings far beyond the 130,000 BTC cited for October 2022.
The central figure in Saylor’s latest statement is the current gap between reserves and debt. He said that Strategy’s BTC and USD reserves now exceed its debt by about $48 billion. The comparison in the post therefore moves from a 2022 situation in which debt was about $300 million above the combined value of BTC and cash reserves, to a current situation in which BTC and dollar reserves are described as being about $48 billion above debt.
Post Details and Engagement Shown on X
The X post was published on June 20, 2026. The page displayed a video time marker running from 00:00 to 10:23 and showed approximately 533,000 views. The interface also displayed engagement counts including 942, 1.2K, 11.5K and 838, along with a “Read 942 replies” prompt.
Saylor ended the post by thanking everyone who “believed, endured, and took the long view.” The post’s stated focus was Strategy’s path from the Bitcoin drawdown after October 2022 to its current reserve-versus-debt position, using the company’s BTC holdings, USD reserves, debt, capital raised and $MSTR price references as the main data points.