Michael Saylor picked four words to sum up his position as Bitcoin goes through one of the most brutal market crashes of the cycle: “I Won’t Back Down.” It does not seem like another meme from the guy who turned a corporate treasury strategy into a unilateral Bitcoin bet, as the context makes the message more serious this time.
Strategy, the public company Saylor chairs, holds 649,870 BTC at an average cost of $74,430, a position worth roughly $56 billion after the latest compression in the Bitcoin market. Despite Bitcoin’s decline from above $120,000 to under $90,000, the position still carries a profit of 16.67%.
However, the company’s stock has been under pressure. MSTR fell toward the $170 zone, wiping out nearly the entire premium the stock used to command over its holdings, while the NAV multiplier touched levels not seen since the early phases of the Bitcoin-treasury experiment.
Is Strategy in trouble?
Saylor’s brief statement arrived hours after Strategy’s weekly poll showed 77.8% of respondents claiming they “HODLed” through the latest sell-off, confirming that the Bitcoin crowd still views the downturn as a temporary setback rather than a strategy-breaker.
Bitcoin fell to $80,600 this week, erasing over 30% of gains since October and triggering billions in forced liquidations. Critics, including Peter Schiff, are questioning Bitcoin Strategy’s leverage, valuation and survivability.
Saylor’s response is the same as always: the drawdown does not matter, the mission has not changed, and in his view, the company can handle much deeper retracements without changing its position. His message is short and defiant, and it is clear he is not backing down.