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Strategy Chairman Michael Saylor has published a new assessment of the company’s long-term Bitcoin strategy.
Saylor stated that despite the heavy balance sheet pressure experienced during the 2022 bear market, they did not back down from their $BTC strategy and subsequently strengthened the company’s financial position through aggressive purchases.
Saylor recalled a speech he gave about Bitcoin in October 2022, when the $BTC price was around $20,000. At that time, Strategy held 130,000 Bitcoin, with a market capitalization of approximately $2.6 billion. Following the stock split, MSTR shares were trading at around $24.
However, market conditions deteriorated sharply in a short time. The $BTC price fell to around $16,000 within a few weeks, while the company’s debt at one point exceeded the total value of its Bitcoin and cash reserves by approximately $300 million. MSTR shares also dropped to around $13 towards the end of the year. During this period, Strategy’s balance sheet came under significant pressure.
According to Saylor, the company did not change its core $BTC strategy despite the deep bear market. Strategy continued its Bitcoin purchases by optimizing its operations and raising capital through different channels.
Saylor stated that the company has raised over $60 billion in new capital since 2022, and that this funding has been used for $BTC purchases. During this period, a total of 716,000 $BTC was added to Strategy’s Bitcoin holdings.
Saylor stated that the total value of the company’s current Bitcoin and cash reserves exceeds its total debt by approximately $48 billion.
Saylor’s remarks came after the company lost $100 of its fixed-income STRC product, raising questions about the company’s financial health.
*This is not investment advice.