He said the company went from a late-2022 balance-sheet squeeze to holding BTC and dollar reserves worth about $48 billion more than its debt after buying more than 716,000 additional Bitcoin.
Michael Saylor said Strategy’s Bitcoin strategy has shifted from a stressed position in late 2022 to a far larger capital base and Bitcoin stockpile. In a post on X, Saylor said that when he presented the company’s Bitcoin plan in October 2022, Bitcoin was trading at about $20,000, Strategy held 130,000 BTC worth about $2.6 billion, and split-adjusted MSTR was about $24. He said Bitcoin later fell below $16,000, the company’s debt exceeded the value of its BTC and cash by about $300 million, and MSTR dropped to near $13 by year-end. Since then, Saylor said Strategy has raised more than $60 billion in new capital, acquired over 716,000 additional BTC, and now holds BTC and dollar reserves worth about $48 billion more than its debt. The figures underscore how Strategy’s model uses capital raising to expand Bitcoin exposure, leaving its balance sheet highly tied to moves in the cryptocurrency’s price.