Michael Saylor Says Strategy Will Keep Buying Bitcoin “Forever” Despite $5B Paper Loss
Strategy is showing no signs of slowing its Bitcoin accumulation strategy, even as its unrealized losses swell past $5 billion amid the latest market downturn.
The company, chaired by outspoken Bitcoin advocate Michael Saylor, added another $90 million worth of BTC during last week’s 8% price pullback. That purchase pushed its total holdings to 714,644 BTC—valued at roughly $49 billion at current prices near $68,829. However, the firm’s aggregate cost basis remains higher, leaving it with a paper loss of approximately $5.1 billion.
Still, Saylor remains resolute. In a recent television interview, he reiterated that selling Bitcoin is not part of the company’s playbook.
“We’re going to continue buying Bitcoin,” he said, emphasizing that the firm intends to accumulate the asset every quarter indefinitely.
Bitcoin’s recent decline—now about 45% below its October all-time high of $126,080—has reignited debate over Strategy’s leverage and whether prolonged weakness could pressure the company to liquidate some of its holdings. The firm currently controls about 3.4% of Bitcoin’s total supply, making it the largest publicly traded corporate holder of the asset.
Saylor dismissed concerns about forced selling, pointing to the company’s financial safeguards. Strategy maintains approximately two and a half years’ worth of debt and dividend coverage in cash reserves. In December, the firm introduced a $1.44 billion USD Reserve designed specifically to cover dividend obligations without tapping its Bitcoin treasury. Since then, it has bolstered that reserve through common stock issuance, extending its financial runway.
Prediction markets, however, remain cautious. Current odds suggest roughly a 28% chance that Strategy could sell some of its Bitcoin before the end of 2026—though that probability has dipped in recent days as BTC rebounded from lows near $60,000.
Saylor has also addressed extreme downside scenarios, arguing that even a dramatic 90% decline would not necessarily trigger liquidation. Instead, he suggested the company would refinance its obligations if needed, effectively rolling debt forward rather than selling assets. In his view, Bitcoin falling to levels such as $8,000 remains highly unlikely.
Meanwhile, Strategy’s stock continues to reflect Bitcoin’s volatility. Shares (MSTR), which Saylor has described as an “amplified” version of Bitcoin exposure, slipped roughly 2.7% in Tuesday trading and have fallen nearly 66% over the past six months. The stock recently traded around $134.58.
Despite market turbulence, Strategy’s message remains consistent: accumulate, hold, and stay the course.