Michael Saylor Addresses Bitcoin Sale Speculation
Michael Saylor acted quickly on Friday to dispel rumors that his company, Strategy, had secretly sold a significant portion of its Bitcoin holdings during the recent market downturn.
The executive chair stated that such claims were “false,” insisting that they continue to accumulate Bitcoin even as the price faced instability, dropping below $95,000 for the first time in half a year.
These rumors gained traction after cryptocurrency analysis platform Arkham noticed a decline in Strategy’s Bitcoin holdings from 484,000 BTC to 437,000 BTC. That equated to about 47,000 BTC, valued at roughly $4.6 billion at that time.
The situation became more urgent as Bitcoin’s value plummeted more than 4% within a 24-hour period, falling from over $100,000 to below $95,000. Saylor quickly pushed back against the rumors, claiming there was “no truth” to the suggestion that Strategy had reduced its position.
In a later appearance on CNBC, he reiterated that, rather than selling, Strategy was actually increasing its purchases. “We’re buying,” Saylor emphasized, adding, “I will report on the next purchase on Monday morning.”
He mentioned that current price fluctuations didn’t sway the company’s strategy, saying that Bitcoin investors should prepare for volatility and maintain a long-term perspective.
Supporting Saylor’s assertions, internal data from Strategy reflects a total Bitcoin holding of 641,692 BTC as of Monday—a figure consistent with earlier disclosures. The company’s SEC filings also confirm ongoing accumulation through early November.
However, the sudden price drops added an extra layer of uncertainty to an already shaky cryptocurrency market.
On-chain analysts highlighted that Strategy had transferred over 58,000 BTC to a new wallet, triggering algorithmic trading activity that intensified the sell-off.
While some analysts clarified that this transfer was due to a reorganizational change rather than a liquidation, it did little to alleviate widespread concerns.
The impact of these market pressures was felt throughout Strategy’s financial framework. Shares of MSTR, the company listed on Nasdaq, dipped below $200 in pre-market trading—its lowest point since October 2024.
At one point, the company’s book value multiple even fell below 1 for the first time, indicating that investors were valuing the company at less than the worth of its Bitcoin holdings.
Since then, this multiple has bounced back to 1.09x, marking a departure from the multi-year period when Strategy traded at a premium.
This shift indicates a more cautious outlook from investors, as K33 Research reported that Strategy’s equity premium has dropped by $79.2 billion since November 2024. Interestingly, despite raising over $31 billion through stock issuance in that timeframe, estimates suggest that about $48 billion of implied Bitcoin demand didn’t translate into tangible BTC acquisitions.
Some market analysts have suggested that investors are no longer using MSTR as a go-to option for Bitcoin exposure.
Concerns about liquidation were somewhat dismissed by analyst Willy Wu, who noted that as long as MSTR remains above the $183.19 threshold related to its debt structure, selling pressure before 2027 is unlikely. He mentioned that only a downturn in the Bitcoin cycle expected in 2028 might trigger a partial sell-off.
The ongoing debate arises within a broader context of turbulence in digital assets and the U.S. market. Bitcoin had briefly surged above $106,000 following the end of a lengthy government shutdown, but those gains quickly evaporated as hopes for a Federal Reserve interest rate cut in December diminished.
Despite the choppy waters, Strategy continues to hold the title of the largest corporate Bitcoin holder. That said, as more companies began adding Bitcoin to their reserves, its market share has declined from 75% to 60%.
