Billionaire Michael Saylor defended his company’s strategy regarding Bitcoin, despite the challenging climate for cryptocurrency and a significant decline in the shares of his firm. This comes just as shares of the cryptocurrency’s largest institutional holder have fallen to multi-year lows.
In a recent post on social media platform X, Saylor acknowledged that “volatility tests capital structure” but reaffirmed the company’s dedication to Bitcoin, emphasizing disciplined capital allocation, credit quality, and a commitment to long-term value creation. He conveyed confidence in the strategy despite the adverse market conditions.
Shares of Saylor’s firm dropped more than 9% on Thursday, reaching their lowest levels since February 2024. Since hitting an intraday high of $543 in November 2024, the shares have declined more than 8%. Meanwhile, preferred stock has seen nearly a 25% decrease since January 13, marking a troubling trend for investors.
The price of Bitcoin has followed a similar downward trajectory, falling to a 21-month low of $58,131. Since peaking at over $126,000 in October 2025, Bitcoin’s value has been cut by more than half, leading to broader concerns within the cryptocurrency market.
Crypto analytics firm CryptoQuant urged the company to halt its Bitcoin purchases and instead focus on rebuilding its cash reserves. They argued that the current strategy of buying during price dips has led to “rapid unrealized loss growth” for the firm. This sentiment was echoed by analysts from JPMorgan, who emphasized the need for the company to restore dollar reserves and quell investor fears that the firm may need to sell more Bitcoin to cover dividend payments.
Founded by Saylor in 1989, his company, initially known as MicroStrategy, has seen a remarkable transformation in his net worth, swelling to $3 billion as of Thursday’s market close. After a turbulent period during the dot-com bubble, Saylor’s firm turned to Bitcoin as a means of revitalization, shifting corporate assets into the cryptocurrency.
As of the latest disclosures, the company holds a total of 845,256 Bitcoin, valued at approximately $63.9 billion, translating to roughly $75,680 per token. The firm made its most recent purchase of 1,550 Bitcoin for $101.3 million on June 8, with an average price of $65,332 per coin.
As of Friday, the company’s cash reserves stood at $1.4 billion, which represents a small fraction of its total Bitcoin holdings. The company’s move toward Bitcoin has significantly influenced broader market perceptions, particularly following its first Bitcoin sale in years late last month, which triggered a selloff that erased a substantial surge in the cryptocurrency’s value.
Meanwhile, prominent hedge fund executive Philippe Laffont recently expressed increased caution regarding Bitcoin. He indicated a preference for other investment opportunities, such as SpaceX, over Bitcoin. The market’s current slide comes as $10 billion in options is set to expire on Deribit, the largest crypto options venue, adding to the overall turbulence in the sector.
