Michael Saylor doubled down on his company’s Bitcoin bet Tuesday, saying the business — now rebranded as Strategy (formerly MicroStrategy) — will keep buying BTC on a steady, long-term cadence despite rising worries about its balance‑sheet risk.
“We’ll be buying bitcoin every quarter forever,” Saylor told CNBC, underscoring that Strategy plans to add to its crypto holdings every quarter regardless of price swings or outside skepticism.
Refinance, don’t sell: Saylor’s fallback plan
Saylor brushed off concerns that a prolonged Bitcoin slump could force the company into distress or a fire sale. Strategy carries more than $8 billion of total debt, much of it from convertible notes issued to fund its BTC purchases. Asked whether a severe drawdown could compromise the company, Saylor said the firm would refinance obligations rather than liquidate assets: “If Bitcoin falls 90% for the next four years, we’ll refinance the debt. We’ll just roll it forward.”
He also voiced confidence that lenders would continue to back the company even through volatility, arguing that Bitcoin’s price swings don’t erase its long‑term value: “Yeah, because the volatility of Bitcoin is such that it’s always going to be a value.” Liquidation, he added, is not part of Strategy’s playbook.
Market skepticism grows, but holdings remain massive
That stance hasn’t calmed investor nerves. Short interest in Strategy stock has surged roughly 40% from a September 2025 low, Barron’s reports, with about 30.5 million shares currently sold short — roughly 10% of the company’s public float. Long-term shareholders have also pared back exposure: Strategy’s shares (MSTR) have plunged about 70% to around $134.
Still, Strategy remains the largest corporate Bitcoin holder. The company reports holding 714,644 BTC — about $49 billion at current rates — and says it has roughly two-and-a-half years’ worth of cash on hand to cover dividend payments and other obligations.
Market snapshot
At the time of Saylor’s comments, Bitcoin was trading near $69,192, down roughly 8% over the past seven days and about 3% in the last 24 hours.
Bottom line
Saylor’s message is clear: Strategy is committed to treating Bitcoin as a long-term treasury asset and will keep buying through cycles, relying on refinancing rather than selling to navigate extreme downturns. Whether that conviction will satisfy markets and creditors remains the central question as short interest and price pressure build.
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