Uncomfortable Strategy by Bitcoin Crash, Michael Saylor Voca Quarter Shopping

[Ben Graham]

Michael Saylor, the outspoken Bitcoin (BTC) advocate and Strategy (previously MicroStrategy) co-founder, said on Tuesday that the company remains firmly committed to its long‑standing Bitcoin strategy, despite growing concerns about its financial risks.

Strategy Will Buy Bitcoin Every Quarter

Speaking in an interview with CNBC, Saylor said Strategy plans to continue buying Bitcoin on a regular basis, regardless of price swings or skepticism from market observers. 

He said the company intends to add to its Bitcoin holdings every quarter and has no plans to reverse course. “I expect we’ll be buying bitcoin every quarter forever,” Saylor said.

Addressing concerns about the company’s debt load, Saylor was dismissive of the idea that a prolonged Bitcoin downturn could threaten Strategy’s finances. 

He said that even in a severe scenario, the company would manage its obligations through refinancing. “If Bitcoin falls 90% for the next four years, we’ll refinance the debt,” he said. “We’ll just roll it forward.”

Strategy currently carries more than $8 billion in total debt, much of it tied to convertible notes the company issued to fund Bitcoin purchases. Despite this leverage, Saylor said he believes lenders will continue to support the company even if Bitcoin prices decline sharply. 

Asked whether banks would still be willing to lend under those circumstances, he replied that Bitcoin’s inherent volatility does not undermine its long‑term value. “Yeah,” he said, “because the volatility of Bitcoin is such that it’s always going to be a value.”

Saylor also rejected any suggestion that Strategy might be forced to sell its Bitcoin holdings to shore up its balance sheet. He emphasized that liquidation is not part of the company’s plan and reiterated his belief in Bitcoin as a long‑term asset.

Short Sellers Increase Bets 

Market sentiment around Strategy, however, has grown more cautious. Short interest in the company’s stock has risen sharply, increasing about 40% from a low point in September 2025, according to an analysis published by Barron’s. 

Roughly 30.5 million shares are now sold short, representing about 10% of the company’s public float. At the same time, long‑term investors have pulled back, with Strategy’s shares, MSTR, falling around 70% to current trading prices of $134. 

Despite the pressure on its stock, Strategy remains the largest corporate holder of Bitcoin. According to figures published on the company’s website, it holds 714,644 BTC, valued at approximately $49 billion at the time of writing. 

Saylor also noted that the company has sufficient liquidity to support its obligations, stating that Strategy has roughly two and a half years’ worth of cash on its balance sheet to cover dividend payments.

At the time of writing, Bitcoin was trading at around $69,192, registering losses of nearly 8% over the past seven days and 3% over the past 24 hours. 

Featured image from OpenArt, chart from TradingView.com