Saylor Defends Bitcoin Strategy as Strategy Shares Sink

Michael Saylor reaffirmed Strategy’s long-term commitment to bitcoin on Friday after the company’s shares fell to their lowest level in more than a year and analysts urged the firm to reconsider its aggressive cryptocurrency buying strategy. In a post on X, Saylor said that “volatility tests capital structure” and stressed that the company remains committed to bitcoin, disciplined capital allocation, credit quality and long-term value creation.

Strategy’s stock dropped more than 9% on Thursday, reaching its lowest level since February 2024. The shares are now more than 8% below their record intraday high of $543 reached in November 2024. The company’s preferred stock has also declined nearly 25% since Jan. 13, hitting a new record low.

The downturn comes as bitcoin briefly fell to an intraday low of $58,131 on Thursday, its weakest level in 21 months. The cryptocurrency has now lost more than half its value since climbing above $126,000 in October 2025.

Growing concerns over Strategy’s financial position have prompted analysts to recommend a more cautious approach. Crypto analytics firm CryptoQuant said in a report released Thursday that the company should suspend additional bitcoin purchases and instead strengthen its cash reserves, arguing that buying during price declines has resulted in “rapid unrealized loss growth.” Earlier this month, JPMorgan analysts also advised Strategy to rebuild its dollar reserves to “restore confidence and reduce investor concerns that the company would sell more bitcoins to cover dividend payments.”

Saylor founded Strategy, formerly known as MicroStrategy, in 1989. His fortune, estimated at $3 billion as of Thursday’s market close, has largely been rebuilt through the company’s bitcoin-focused strategy after declining following the dot-com bubble.

According to a regulatory filing released earlier this month, Strategy holds 845,256 bitcoins valued at approximately $63.9 billion, based on an average price of about $75,680 per token. The company most recently acquired 1,550 bitcoins for $101.3 million on June 8, paying an average of $65,332 per coin.

Strategy reported cash reserves of $1.4 billion as of Friday, a relatively small amount compared with the value of its bitcoin holdings. The company’s bitcoin trading activity has continued to influence the broader cryptocurrency market, including its first bitcoin sale in years late last month, which contributed to a wider market selloff. Earlier this week, billionaire hedge fund manager Philippe Laffont said he had become “a little bit more worried” about bitcoin, adding that he would “rather bet” on other investments such as SpaceX. Bitcoin also faced additional pressure ahead of the expiration of approximately $10 billion in crypto options on Friday through Deribit, the world’s largest cryptocurrency options exchange.