Topline

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.

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.”