Michael Saylor recently reviewed Strategy's Bitcoin strategy over the past few years on the X platform, highlighting how the company has grown from the 2022 bear market to its current large-scale holdings. With continued fundraising to buy Bitcoin, the company's balance sheet has significantly improved since then.
In 2022, it was once close to debt pressure.
In October 2022, Strategy held approximately 130,000 Bitcoins. At the time, Bitcoin was valued at around $20,000, making this asset worth approximately $2.6 billion. During the same period, after a stock split, MSTR's share price was approximately $24.
Bitcoin subsequently fell below $16,000. The report noted that Strategy's cash reserves and Bitcoin holdings combined briefly fell below its debt, with a shortfall of approximately $300 million.
Raising over $60 billion in just a few years
In the following years, Strategy raised over $60 billion through debt and equity financing, and used these funds to continue accumulating Bitcoin. Reports indicate the company purchased approximately 716,000 new BTC.
Since launching its Bitcoin strategy on August 11, 2020, Strategy has completed 112 buys and 1 sell. As the price of Bitcoin has risen significantly, the company's Bitcoin treasury has also expanded accordingly.
Currently, Strategy holds 846,842 bitcoins, worth approximately $54.4 billion according to the data in the article. The report also states that the company's cash reserves and bitcoin assets combined currently exceed its total debt by approximately $48 billion, indicating a significantly stronger net worth situation than during the bear market.
The stock price is still some distance from its peak.
As of press time, MSTR closed at $112.53 after falling 3.46% in the previous trading day. Compared to the highs of approximately $420 in November 2024 and May 2025, the current share price remains relatively low.
Bitcoin was trading at $64,334.01 at the time, up 1.18% on the day, but down more than 16% over the past month. While below its recent high of $124,500, it remains in a higher range compared to the approximately $10,000 price level of 2020.
Market opinions remain divided.
Opinions on Saylor's Bitcoin strategy are divided. Some supporters believe that Strategy's long-term purchase of Bitcoin has driven market adoption and dissemination.
However, some argue that this path is highly dependent on fundraising capabilities, stock price performance, and Bitcoin price volatility. In other words, while Strategy has recovered from its 2022 slump, opinions remain divided on its highly leveraged Bitcoin treasury model.
