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'We Are Buying': Michael Saylor Confirms Strategy (MSTR) Is Aggressively Buying Bitcoin
Amid a wave of panic in crypto markets, rumors surfaced Friday that Strategy (MSTR) was selling its bitcoin holdings as both BTC and MSTR stock tumbled.
Executive Chairman Michael Saylor quickly dismissed the chatter, telling CNBC, "We are buying bitcoin," and promising that the company's next purchases will be reported Monday. He added that Strategy is "accelerating [its] purchases" and suggested investors could be "pleasantly surprised" by recent activity.
The rumors stemmed from on-chain movements showing BTC leaving company-controlled wallets, coinciding with a brief drop in bitcoin below $95,000, its lowest level in roughly six months.
Saylor, however, maintained confidence, saying, "There is no truth to this rumor."
MSTR shares fell under $200 in pre-market and early trading, down nearly 35% year-to-date, prompting concerns that the company might liquidate bitcoin to stabilize its balance sheet.
Saylor advised investors to maintain perspective amid the volatility. "Zoom out," he said, noting that bitcoin was trading in the $55,000-$65,000 range just over a year ago. Even after recent declines, BTC at $95,000 "is still showing a pretty great return."
He added that Strategy has "put in a pretty strong base of support around here" and expressed comfort that bitcoin could rally from current levels.
Strategy now holds more than 641,000 BTC, valued at roughly $22.5 billion, with an average purchase price of around $74,000 per coin. The company's market capitalization has fallen below the value of its bitcoin holdings, pushing its market-to-net-asset value (mNAV) below 1, a metric often cited as evidence that the stock may be undervalued.
Despite these numbers, Saylor emphasized that Strategy's balance sheet is "pretty stable" and only fractionally levered, with no imminent debt trigger points.
Bitcoin is always a good investment
On long-term prospects, Saylor remained bullish, stating, "Bitcoin is always a good investment," provided investors are prepared for volatility and hold a time horizon of at least four years.
He compared BTC's performance to traditional assets, noting that bitcoin has averaged roughly 50% annual growth over the past five years, outperforming gold and the S&P.