Michael Saylor: Strategy Will Buy Bitcoin Every Quarter Forever

Michael Saylor’s public reaffirmation of Strategy’s Bitcoin acquisition plan leaves no room for ambiguity. “I expect we’ll be buying bitcoin every quarter forever,” he stated, framing the strategy as a permanent corporate mandate. This commitment persists despite Bitcoin’s recent price weakness, trading around $69,192 with losses of nearly 8% over the past week. The core of Saylor’s argument rests on Bitcoin’s perceived long-term value as an asset class, which he believes transcends short-term price swings. “The volatility of Bitcoin is such that it’s always going to be a value,” he told CNBC, directly addressing skepticism about the cryptocurrency’s wild price fluctuations.

Central to this strategy is an explicit rejection of selling. Saylor emphasized that liquidating the company’s massive Bitcoin holdings—currently 714,644 BTC worth approximately $49 billion—is not part of the plan under any foreseeable circumstance. Instead, the focus remains solely on accumulation. This position solidifies Strategy’s identity as the world’s largest corporate Bitcoin holder and a pure-play proxy for BTC investment, tying its fate inextricably to the digital asset’s performance.

The boldness of Strategy’s strategy is matched by the scale of its financial leverage. The company carries more than $8 billion in total debt, a significant portion of which comes from convertible notes issued specifically to fund its Bitcoin purchases. This debt load has become a focal point for critics who worry that a prolonged crypto winter could strain the company’s finances. Saylor’s response to these concerns was notably dismissive and outlined a simple contingency: refinancing.

He presented an extreme hypothetical to illustrate his point: “If Bitcoin falls 90% for the next four years, we’ll refinance the debt. We’ll just roll it forward.” This statement underscores a fundamental belief that lenders will continue to provide capital based on Bitcoin’s long-term thesis, even during severe downturns. To bolster confidence in the company’s stability, Saylor noted that Strategy maintains roughly two and a half years’ worth of cash on its balance sheet specifically to cover dividend payments, providing a near-term liquidity buffer.

While Saylor projects unwavering confidence, the market is telling a different story. Sentiment around Strategy’s stock, MSTR, has grown increasingly cautious. According to an analysis published by Barron’s, short interest in the company has surged about 40% from a low point in September 2025. Approximately 30.5 million shares are now sold short, representing about 10% of the company’s public float. This rise in short selling indicates a growing cohort of investors who are betting the stock price will fall, likely due to concerns over the Bitcoin strategy’s risks and the company’s leveraged balance sheet.

The stock’s performance reflects this pessimism. MSTR shares have fallen around 70% from their highs to a current trading price near $134. This dramatic decline highlights the disconnect between Saylor’s long-term vision and the market’s immediate risk assessment. The mounting short interest serves as a tangible metric of the skepticism Saylor sought to counter in his interview, revealing that a significant portion of the investment community remains unconvinced that the rewards of the Bitcoin strategy outweigh its substantial financial risks.