Michael Saylor: MicroStrategy Won’t Sell — Still Buying Bitcoin Despite $6.5B Paper Loss
MicroStrategy founder Michael Saylor doubled down on the company’s all-in Bitcoin strategy on CNBC, declaring the firm will "not sell" its BTC and will continue quarterly purchases indefinitely. As of Feb 8, MicroStrategy held 714,644 BTC at a total cost of about $54.35 billion (average cost ~$76,056 per BTC). With spot Bitcoin near $68,500, the company shows an unrealized loss of roughly $6.5 billion. CEO Phong Le said Bitcoin would need to fall to about $8,000 and remain there for 5–6 years to materially threaten the company’s ability to repay convertible notes. MicroStrategy’s balance sheet: roughly $8.2 billion total debt (mainly convertibles), ~$2.3 billion cash, and 712,647 BTC unencumbered. The firm reported a large net loss in Q4 2025 driven by fair-value accounting — non-cash swings from Bitcoin price volatility. Despite paper losses, MicroStrategy continues buying: between Feb 2–8 it acquired 1,142 BTC (~$90M) funded by an ATM equity program. Saylor reaffirmed a long-term bullish view, forecasting BTC to outperform the S&P 500 over four to eight years and urging investors to adopt multi-year horizons. Key keywords: MicroStrategy, Bitcoin, BTC, Michael Saylor, paper loss, buy-and-hold, convertible notes, balance sheet.
Bullish
MicroStrategy’s public commitment to continue buying Bitcoin and not selling reduces immediate downside selling pressure from a large institutional holder, which is bullish for market sentiment. Ongoing purchases (1,142 BTC in the week noted) signal demand and provide a psychological floor; Saylor’s narrative also reinforces long-term investor conviction. Financially, the company carries sizeable convertible debt and a large unrealized loss, but management says banks will refinance and that only a prolonged multi-year crash to ~$8,000 would threaten solvency — a scenario seen as unlikely by most market participants. Historically, large corporate accumulation announcements (e.g., MicroStrategy’s initial 2020–2021 buys) have supported BTC price rallies and improved institutional narrative. Short-term: the news is mildly bullish — reduces fear of forced liquidation and may lift sentiment. Long-term: continued corporate accumulation sustains structural demand, supporting upside over multi-year horizons. Risks remain: fair-value accounting can amplify volatility in MicroStrategy’s reported results, and any actual liquidity stress or forced asset sales would be bearish; macro shocks or regulatory changes could override the bullish effect. Overall, the net effect is bullish due to persistent demand signal and reinforced buy-and-hold leadership.