TL;DR
- Michael Saylor confirmed that Strategy will execute quarterly Bitcoin purchases on a permanent basis, without conditioning the policy on price.
- He stated that a 90% drop, with Bitcoin near $8,000, would not alter the strategy or force sales from the treasury.
- The company has years of cash coverage, low leverage, and room to refinance.
Michael Saylor confirmed in a CNBC interview that Strategy will buy Bitcoin on a quarterly and permanent basis, without conditioning that policy on price or market volatility. The company will maintain that approach even in the event of extreme declines in the asset.
The executive chairman of Strategy said that a 90% correction, leaving Bitcoin around $8,000, would not change the strategy or force sales from the corporate treasury. The company, formerly known as MicroStrategy, will continue accumulating BTC as part of its structural capital allocation.
Strategy holds a reserve of 714,644 BTC. Saylor indicated that no drawdown scenario would alter the decision to keep that balance. The purchase policy will be executed every quarter and has no defined time horizon.
Saylor Dismisses Forced Liquidation Rumors
During the interview, Saylor described Bitcoin as digital capital, distinguishing it from traditional assets such as gold, equities, and real estate. Under his framework, that digital capital is designed to operate with higher volatility and to sustain superior returns over long periods. That characteristic does not condition Strategy’s corporate allocation.
Michael dismissed the risks of forced liquidation, despite Bitcoin’s price sitting roughly 50% below the highs recorded in October. As he explained, the company’s financial structure does not depend on short-term market movements.
Saylor said that Strategy has several years of cash coverage and decades of Bitcoin-linked value relative to its dividend obligations. Within that context, he noted that refinancing remains a viable option, even after the volatility seen between late 2025 and early 2026.
Strategy Maintains Low Leverage
He also stated that Strategy’s level of leverage remains below the typical standards of investment-grade companies. That structure, he explained, limits financial risk and reduces the likelihood of forced selling.
Saylor reiterated that he does not contemplate a scenario in which Bitcoin goes to zero. At the same time, he reinforced his conceptual framework on social media, distinguishing between conventional capital and the digital capital represented by Bitcoin, as well as between traditional credit and digital credit.
His statements remove any speculation about tactical changes in Strategy’s treasury policy. The company will maintain direct and sustained exposure to Bitcoin, regardless of short-term price movements
