Michael Saylor Dismisses Critics: Sticking to the Bitcoin Plan Despite Strategy’s Stock Decline

Michael Saylor, co-founder and leading figure of Strategy (formerly MicroStrategy), remains steadfast in his Bitcoin mission—even as the company’s stock has fallen 20% since June, while Bitcoin itself has gained roughly 6% and reached record highs.

Saylor: Premiums Always Shift In an interview with Bloomberg, Saylor downplayed concerns from critics, calling the fluctuations a natural cycle:

“The premium on our shares rises when volatility and debt increase. When those factors ease, the premium narrows again. That’s just the normal dynamic,” he explained. Under his leadership, Strategy transformed from a traditional software company into the largest institutional Bitcoin holder, effectively turning itself into a proxy for gaining Bitcoin exposure without directly owning tokens. Since 2020, its stock has risen by more than 2,600%, despite the current pullback.

Strategy as a Bitcoin Treasury For years, Strategy shares traded at more than double the value of the Bitcoin they held. Today, that gap has shrunk—the company is valued at about 1.46 times the $73 billion worth of BTC on its balance sheet. According to Saylor, this reflects the market still adapting to the idea of “Bitcoin treasury companies,” a model that only recently came into the spotlight as firms began leveraging bonds and equity programs to accumulate crypto.

Size Gives Strategy an Edge Unlike smaller firms struggling to refinance, Strategy has the size and credibility to retire its convertible bonds and shift toward perpetual preferred shares, insulating itself from debt risk. But critics warn of potential pain if markets turn. “If Bitcoin drops 50%, investor enthusiasm will fade, NAV will shrink, and hundreds of companies will rethink their treasury strategies,” said Charles Edwards of Capriole Investments.

Competition and ETFs Changing the Game The landscape around Strategy is getting crowded. Influencers and politically connected investors have launched crypto vehicles via SPACs and reverse mergers, often lacking the liquidity or scale Strategy commands. Spot Bitcoin ETFs pose another challenge, offering investors exposure without the risks tied to corporate governance or leverage. “Investors are momentum-driven—they buy when prices rise, and lose enthusiasm when they stagnate,” explained Campbell Harvey, finance professor at Duke University.

Bottom line: Even as Strategy’s premium narrows and competition intensifies, Michael Saylor remains convinced his long-term Bitcoin play will endure. For investors, the race to become the world’s “Bitcoin treasury” has only just begun.

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