Billionaire Michael Saylor on Friday defended his Strategy’s approach to bitcoin even as shares of the cryptocurrency’s largest institutional holder fell to multi-year lows, and as analysts warned against the company buying more amid a broader decline in the crypto market.
Shares of bitcoin’s largest institutional holder have plummeted 80% from their all-time high.
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Saylor, in a post on X, wrote that “volatility tests capital structure” and reaffirmed that Strategy “remains focused on bitcoin, disciplined capital allocation, credit quality and long-term value creation.”
Shares of Strategy plunged by more than 9% on Thursday to their lowest level since February 2024, and shares are down more than 8% from their record intraday high ($543) in November 2024, while its preferred stock has dropped nearly 25% since Jan. 13 to a new record low.
The price of bitcoin briefly stumbled to a 21-month low on Thursday, hitting an intraday low of $58,131, and the world’s leading cryptocurrency has shed more than half of its value since peaking above $126,000 in October 2025.
Crypto analytics firm CryptoQuant wrote in a report Thursday that Strategy should halt its bitcoin purchases and instead rebuild its cash reserves, arguing the company’s strategy of buying during bitcoin price dips has resulted in “rapid unrealized loss growth.”
JPMorgan analysts issued a similar warning in a note earlier this month, concluding Strategy’s dollar reserves should be rebuilt to “restore confidence and reduce investor concerns that the company would sell more bitcoins to cover dividend payments.”
Saylor founded Strategy, then known as MicroStrategy, in 1989, and his net worth has swelled to $3 billion as of market close on Thursday. He emerged as a top executive during the dot-com bubble, after which Saylor’s fortune plummeted, but Strategy’s bitcoin investments made him a billionaire once again, as Saylor has directed the firm to shift its corporate coffers into bitcoin.
845,256. That’s Strategy’s total bitcoin holdings, which the company priced at an aggregated market value of $63.9 billion, or roughly $75,680 per token, according to a regulatory disclosure earlier this month. Strategy most recently purchased 1,550 bitcoin for $101.3 million on June 8 at an average price of $65,332 per coin.
Strategy’s cash reserves totaled $1.4 billion as of Friday, representing just a fraction of its bitcoin holdings. The company’s bitcoin transactions have shifted broader views of the crypto market, including its first bitcoin sale in years late last month, sparking a selloff that erased the cryptocurrency’s record-setting surge. Billionaire hedge fund executive Philippe Laffont said earlier this week he was a “little bit more worried” about bitcoin, arguing there were more attractive investment opportunities, like SpaceX, that he would “rather bet” on. Bitcoin’s latest slide also comes as $10 billion in options is set to expire Friday on Deribit, the world’s largest crypto options venue.
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