Michael Saylor Doubles Down on Bitcoin Despite $5B Loss

Michael Saylor’s firm, Strategy, has purchased another $90 million worth of Bitcoin even as it faces billions in unrealized losses and mounting volatility in its stock.

Key Takeaways

• Strategy bought 1,142 BTC for $90 million between February 2 and 8, bringing its total holdings to 714,644 BTC.
• The average purchase price of the latest buy was $78,815 per Bitcoin, above the current market rate of under $70,000.
• The company is now sitting on an estimated $5.1 billion in unrealized losses due to Bitcoin’s recent price drop.
• MSTR stock is down over 5% following the news, despite a 26% rally last week when Bitcoin briefly climbed above $70,000.

What Happened?

Strategy, formerly known as MicroStrategy, has made yet another large Bitcoin purchase amid a turbulent market. Despite posting a massive paper loss in Q4 2025 and facing criticism for buying near recent price peaks, the company acquired an additional 1,142 BTC for $90 million. The purchase was funded through the sale of MSTR shares, according to an official SEC filing.

Strategy Adds More Bitcoin While Facing Big Losses

Michael Saylor’s unwavering commitment to Bitcoin continues to grab headlines. The firm now holds 714,644 BTC, bought at a total cost of $54.35 billion, averaging $76,056 per coin. However, with Bitcoin currently trading under $69,586, these holdings are in the red by a wide margin.

Image Credit – CoinGecko.com

Market data from DropsTab estimates the company is experiencing a $5.1 billion unrealized loss, highlighting the risky nature of this aggressive accumulation strategy.

• Strategy’s Q4 2025 financial report revealed a $17.4 billion loss, most of it on paper, driven by Bitcoin’s price falling below the company’s average acquisition cost.
• The latest BTC purchase occurred when Bitcoin peaked near $79,000 last week, a move market analyst Maartunn called “buying the exact pico top.”
• Crypto voices like Satoshi Flipper criticized the timing, calling the decision “beyond silly” given recent price action.

Stock Volatility Reflects Bitcoin Exposure

While Saylor positions Strategy as a Bitcoin-first entity, Wall Street is treating MSTR less like a software stock and more like a high-risk crypto ETF.

Open Interest in MSTR options has surged, now representing over 85% of the company’s market cap. This is drastically higher than tech peers like Apple or Microsoft, where such ratios typically stay under 6%.

• Most bullish option bets center around $125 to $150, suggesting short-term optimism.
• $100 remains a key support level for MSTR stock, where many protective puts have been placed.
• As of the latest market data, MSTR is trading near $128, down over 5% from last Friday’s close of $135.

Saylor’s Bitcoin Evangelism Continues

Michael Saylor has not backed down in the face of losses. In a now-viral Sunday post on X, he shared Strategy’s portfolio tracker with the phrase “Orange Dots Matter,” a nod to his strategy of buying dips and never selling.

Saylor frames each purchase as reducing supply and increasing Bitcoin scarcity, regardless of short-term volatility. This long-term mindset is core to Strategy’s identity, even as it draws skepticism from market watchers.

• The company raised $89.5 million by selling 616,715 shares of MSTR to fund the latest buy.
• Critics argue this approach exposes investors to extreme volatility, especially when BTC and MSTR move in lockstep.

CoinLaw’s Takeaway

In my experience watching corporate crypto plays, no one takes bigger swings than Michael Saylor. Buying Bitcoin at near-peak prices while already sitting on a $5 billion unrealized loss isn’t just bold, it’s a full-throttle commitment to a vision. Whether you see it as visionary or reckless, there’s no denying that Strategy has become Wall Street’s most visible Bitcoin bet. I found the 85% Open Interest ratio particularly wild. That’s not investing anymore, that’s leverage on a meme level. Yet Saylor seems to embrace that. One thing’s for sure, this saga is far from over.

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