Michael Saylor wants you to know that Strategy Inc. is not Bitcoin’s biggest liability. It’s Bitcoin’s biggest safety net.
The Executive Chairman of the company formerly known as MicroStrategy pushed back against growing criticism that his firm’s massive Bitcoin treasury poses systemic risks to the cryptocurrency market. His argument: Strategy doesn’t destabilize Bitcoin. It absorbs shocks.
The numbers behind the defense
Saylor’s core argument rests on what Strategy actually did during the most recent bear market, not what critics imagine it might do. The company acquired approximately 250,000 BTC during the downturn while selling just 32 BTC for roughly $2.5M.
The firm’s average cost basis sits at approximately $75,000 to $76,000 per Bitcoin. Strategy operates as the largest corporate holder of the digital asset by a wide margin, and Saylor frames this concentration not as a vulnerability but as a feature. The company buys when others panic, he argues, providing liquidity precisely when the market needs it most.
