‘HODL’: Head of Biggest Bitcoin Treasury Michael Saylor Reaffirms Strategy Amid $2.4 Billion Paper Loss

Strategy Chairman Michael Saylor tried to calm the crypto market amid a decline in prices, posting a meditative photo on his social media with the laconic caption “HODL”, urging investors to hold their Bitcoin despite harsh macroeconomic pressure in the United States and the Bitcoin portfolio of his own company falling into deficit.

The main trigger for the market decline and Bitcoin’s 6% correction from $78,000 was fresh macroeconomic data from the United States. The PCE Price Index jumped to 3.8% year over year, while Core PCE came in at 3.3%, effectively erasing investors’ hopes for an imminent Federal Reserve interest rate cut. 

Under conditions of high inflation and slowing consumer spending, markets continue to face a liquidity deficit that blocks growth in cryptocurrencies.

Strategy stock now trades at discount to its Bitcoin reserves

Saylor’s attempt to calm the panic coincided with a serious deterioration in the financial metrics of Strategy’s own treasury. Now that the price of Bitcoin has fallen to the area of $73,000, the market value of the portfolio has dropped to $61.4 billion, pushing Strategy’s net unrealized loss above $2.47 billion. 

Against this backdrop, the company’s own market capitalization fell to $51.7 billion, while its diluted MNAV ratio dropped to 0.98x, meaning MSTR shares are trading at a direct discount to the value of the company’s own cryptocurrency reserves.

Some retail investors view the ‘HODL’ post as a traditional signal to buy the dip, recalling Saylor’s similar “Titanic” post in February 2026, after which the market staged a strong rebound. At the same time, major players and skeptics are pointing to Strategy’s debt load.

The total capitalization of the company’s digital credit instruments across the STRC, STRD, STRF and STRK bond issues has reached $13.72 billion, while the yield on the MSTD issue jumped to 13.74% amid the market decline. 

If the Federal Reserve prolongs its period of tight monetary policy, Strategy, despite its statements about “holding forever,” may face the need to partially sell BTC to pay dividends and service its accumulated debt.