Michael Saylor recently reviewed Strategy’s Bitcoin positioning over the past few years on X, highlighting how the company progressed from the 2022 bear market to its current large-scale holdings. With continuous financing to buy Bitcoin, the company’s balance sheet has significantly improved since then.
In 2022, it nearly faced debt pressure.
In October 2022, Strategy held approximately 130,000 bitcoins. At the prevailing bitcoin price of around $20,000, this asset portion was valued at approximately $2.6 billion. During the same period, after adjusting for stock splits, MSTR’s share price was approximately $24.
Bitcoin subsequently dropped below $16,000. The report noted that Strategy’s cash reserves combined with the market value of its Bitcoin holdings briefly fell below its debt level, creating a shortfall of approximately $300 million.
Raised over $60 billion in funding within a few years
In the years that followed, Strategy raised over $60 billion through debt and equity financing and used these funds to continue increasing its Bitcoin holdings. The report states that the company added approximately 716,000 BTC.
Since the launch of the Bitcoin strategy on August 11, 2020, the strategy has executed 112 purchases and 1 sale. As the price of Bitcoin has risen significantly, the company’s Bitcoin treasury has grown accordingly.
Currently, Strategy holds 846,842 bitcoins, valued at approximately $54.4 billion based on the data provided. The report also states that the company’s combined cash reserves and bitcoin assets now exceed its total debt by approximately $48 billion, indicating a significantly stronger net asset position than during the bear market.
There is still a distance from the higher price point.
As of press time, MSTR closed at $112.53, down 3.46% from the previous trading session. The current stock price remains below its highs of approximately $420 in November 2024 and May 2025.
Bitcoin was trading at $64,334.01, up 1.18% on the day, but down more than 16% over the past month. Although below its recent high of $124,500, it remains significantly higher than its approximate $10,000 level in 2020.
Market sentiment remains divided
Market opinions on Saylor’s Bitcoin strategy are mixed. Some supporters believe that his long-term approach to buying Bitcoin has driven market adoption and awareness.
However, some argue that this path heavily depends on fundraising ability, stock performance, and Bitcoin price volatility. In other words, while Strategy has emerged from its 2022 lows, the market remains divided on its highly leveraged Bitcoin treasury model.