Michael Saylor doubled down on Strategy’s Bitcoin bet Tuesday, telling CNBC the company will keep adding to its crypto treasury “every quarter forever” — even as investors fret over the firm’s heavy leverage and a rising short interest in its stock.
Saylor reaffirmed that Strategy (formerly MicroStrategy) remains committed to a long-term Bitcoin accumulation plan. He said price volatility or outside skepticism won’t change that approach: the company intends to buy Bitcoin quarterly and has no plan to liquidate holdings to shore up its balance sheet. “I expect we’ll be buying bitcoin every quarter forever,” he said.
On financing risk, Saylor was blunt. Even under an extreme price shock — “If Bitcoin falls 90% for the next four years” — he said Strategy would manage maturities by refinancing rather than selling coins. “We’ll refinance the debt… We’ll just roll it forward.” He added that Bitcoin’s volatility does not negate its long-term value and expects lenders to continue supporting the firm.
Key figures at a glance
- Bitcoin holdings: 714,644 BTC (largest corporate holding), roughly $49 billion at time of writing
- Total debt: more than $8 billion, much tied to convertible notes used to buy Bitcoin
- Short interest: ~30.5 million shares sold short (~10% of public float), about a 40% rise from a September 2025 low (per Barron’s)
- MSTR share price: down roughly 70% to ~$134
- Liquidity: Strategy reports ~2.5 years’ worth of cash to cover dividend obligations
- BTC price at time of writing: ~$69,192 (down ~8% over 7 days, ~3% over 24 hours)
Market reaction and outlook
Investor sentiment has become more cautious. Short sellers have sharply increased their bets against MSTR, while long-term shareholders have retreated amid the stock’s steep decline. Still, Strategy remains the largest corporate holder of Bitcoin by a wide margin, and Saylor reiterated that liquidation is not on the table.
What this means for crypto markets
Saylor’s stance cements Strategy’s role as one of Bitcoin’s most steadfast corporate backers — a high-conviction, high-leverage play that amplifies both upside exposure and downside risk. For proponents, the company’s renewals of leverage and continued buying underline a powerful institutional narrative for BTC accumulation. For skeptics and credit providers, the heavy debt load and the potential need to refinance in stressed scenarios are material sources of counterparty and market risk.
Whether lenders and investors keep trusting that thesis — and how regulators, credit markets and Bitcoin prices respond — will be central to Strategy’s next chapter.
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