On February 11, despite ongoing volatility in the crypto market, Strategy Executive Chairman Michael Saylor remains bullish on Bitcoin, believing its long-term returns could reach twice that of the S&P 500. Over the past year, Bitcoin has fallen sharply from its October 2025 all-time high of $126,000, currently down approximately 28.6% from its peak. During the same period, Strategy’s stock price declined more significantly, dropping to around $103 at one point before rebounding to approximately $138.
In a market downturn, Strategy has chosen to increase its holdings. The company disclosed that it has spent about $90 million to purchase 1,142 Bitcoin, bringing its total holdings to 714,644 coins, representing about 3.4% of the total Bitcoin supply. However, the current Bitcoin price remains below the company’s average purchase cost. In Q3 2025, the company reported a net loss of $12.4 billion, with a loss of $42.93 per share.
In an interview with CNBC, Saylor denied that the company would be forced to sell assets. He stated that Strategy will continue to add Bitcoin quarterly and views it as a core tool to replace dollar-denominated assets on its balance sheet. Founded in 1989 as an enterprise software vendor, the company shifted to a Bitcoin reserve strategy in 2020 and has gradually become the world’s largest corporate Bitcoin holder.
Strategy CEO Phong Le added during the earnings call that the company’s balance sheet would only be under pressure if Bitcoin were to fall to around $8,000 and remain at that level for many years, a highly unlikely scenario. He also noted that the company has approximately two and a half years of cash reserves and the ability to refinance debt in extreme market conditions.
Saylor also emphasized that continued institutional adoption of Bitcoin on Wall Street will support its long-term price. However, since more than half of the company’s assets are digital assets, MSCI is evaluating whether to remove Strategy’s stock from its indices, and this uncertainty continues to influence market sentiment.
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