Saylor Fires Back As Strategy Bitcoin Reserves Beat Debt By $48B

Michael Saylor said Strategy now has enough Bitcoin (BTC) and cash reserves to cover its debt, defending the company’s accumulation plan as critics target its financing model.

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Saylor Bitcoin

Saylor said in an X post that Strategy’s Bitcoin and dollar reserves now exceed its debt by about $48 billion, a claim he used to answer criticism of the company’s balance sheet strategy.

He said the company has raised more than $60 billion in additional capital since 2022 and invested it in Bitcoin, extending a model built around issuing securities and using proceeds to increase corporate BTC holdings.

The comparison centered on 2022, when Bitcoin traded near $20,000 and Strategy held 130,000 BTC worth about $2.6 billion. Saylor said debt then exceeded the company’s combined Bitcoin and cash reserves by roughly $300 million, while MSTR fell from $24, split-adjusted, to about $13 by year-end after Bitcoin dropped below $16,000.

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STRC Criticism

The latest defense followed pressure over Strategy’s continued Bitcoin purchases through MSTR and STRC sales, after STRC fell to about $83, a record low and well below its $100 par value.

Peter Schiff floated the possibility of an investor lawsuit against Strategy and Saylor, and said Saylor may have violated SEC marketing rules in how he promoted STRC.

David Gokhshtein, a Fox and Sky News contributor, rejected the backlash, saying, “Bitcoin isn’t sitting at its current price because of Saylor.” He added, “Comparing Michael Saylor to Do Kwon is fucking insane,” and also rejected comparisons between Strategy and Terra Luna.

Samson Mow also defended Saylor, calling STRC a “brilliant instrument” and saying its structure is not flawed unless investors believe Bitcoin will not appreciate over the long term.

Saylor’s comments return to the company’s 2022 stress test, when it kept its Bitcoin position despite a deep drawdown. That episode remains central to how supporters frame Strategy’s current debt, equity and reserve structure.

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