Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Michael Saylor, Executive Chairman and co-founder of Strategy, publicly refuted rumors of the company divesting its substantial Bitcoin holdings, asserting that the firm is actively accelerating its BTC acquisitions. Speaking on CNBC and via a post on X (formerly Twitter) on Friday, November 14, 2025, Saylor emphasized Strategy’s unwavering commitment to Bitcoin, even as the cryptocurrency recently dipped below the $100,000 mark.
Strategy’s Bitcoin Accumulation Continues
Saylor described Strategy’s appetite for Bitcoin as “insatiable,” stating that the company remains undeterred by recent price fluctuations. He confirmed that Strategy will continue to add to its existing $62.3 billion Bitcoin stockpile. “We are buying Bitcoin, [and] we’ll report our next buys on Monday morning,” Saylor said on CNBC, adding that he expects people to be “pleasantly surprised” by the accelerated pace of purchases.
The executive’s comments directly addressed recent market speculation, which intensified following on-chain movements identified by crypto intelligence platform Arkham Analytics. These movements suggested Strategy might be utilizing Coinbase as a new custodian, leading some observers to hypothesize a potential sale. Prediction market Myriad saw the odds of Strategy selling Bitcoin in 2025 jump from 8% to 14% earlier in the day.
Company Stance and Financial Stability
Strategy has consistently maintained that it would not willingly sell its Bitcoin, a position reiterated by TD Cowen Analyst Lance Vitanza. Vitanza noted that while theoretical conditions, such as debt maturity, could force a sale, they are “highly unlikely,” with the company’s convertible bonds not maturing until 2028. Saylor clarified that any selling activity he referenced on CNBC was on behalf of “OG holders” taking profits, not Strategy itself.
The company has historically funded its Bitcoin purchases through various mechanisms, including common stock offerings, convertible bonds, and preferred shares. Strategy recently announced the debut of Euro-denominated preferred shares in Luxembourg, expected to generate $715 million in proceeds. Saylor expressed confidence in Strategy’s balance sheet, asserting that the company would remain overcollateralized even if Bitcoin’s price were to fall by 80%.
Market Dynamics and Stock Performance
Bitcoin’s price recently traded around $96,365, having fallen to a six-month low under $95,000 earlier on Friday. Saylor indicated he is “fairly comfortable” with Bitcoin at its current level, viewing the dip as a potential base for a future rally. Despite this, predicting the asset’s year-end price remains challenging.
Strategy’s stock (MSTR) has seen a 32% drop over the past month, trading around $204, as Bitcoin shed a significant portion of its year’s gains. The company’s market capitalization recently fell to $59 billion, slightly below its $62.3 billion Bitcoin holdings. This shift impacts Strategy’s traditional funding mechanism, which capitalized on a premium its shares held over its Bitcoin stockpile.
Maintaining the Long-Term Vision
Despite market volatility and speculative pressures, Michael Saylor’s recent statements reinforce Strategy’s long-term strategy of accumulating Bitcoin. The company continues to leverage diverse financial instruments to expand its holdings, maintaining a confident outlook on its balance sheet stability and the future trajectory of Bitcoin.
