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Strategy Chairman Michael Saylor brushed off concerns about a potential pivot even as bitcoin continues to tumble, affirming that the company remains focused on the crypto asset.
Bitcoin price fell to a low of $58,000 on Thursday, the lowest price since October 2024, bringing its drawdown from last year's all-time high of over $126,000 to about 52%. The largest cryptocurrency by market cap has held on to the $60,000 support level all year — first in February, where it rebounded, then again in the first two weeks of June, before recovering back to $67,000.
At the time of writing, BTC was down 3.95% in the last 24 hours to $59,729 and down 4.16% weekly.
Saylor remains unfazed amid the continued selloff in the market, which has seen Strategy net over $13 billion in paper losses, saying that "volatility tests every capital structure."
Saylor added that Strategy remains focused on Bitcoin, disciplined capital allocation, credit quality, and long-term value creation, adding that the company will continue to execute with transparency and resolve.
Strategy stays true to the Bitcoin path
Since 2020, Strategy, led by Saylor, has aggressively raised capital to stack Bitcoin. The company has bought Bitcoin almost continuously, building a stash of over 847,000 coins while Saylor made continued accumulation the center of Strategy's identity.
Supporters view the losses as "temporary," with hopes that the present paper losses would turn into large profits once BTC finds a bottom and starts the next bull trend.
CryptoQuant thinks Strategy should pause its Bitcoin buying and rebuild its reserves first, then adopt a systematic approach to timing purchases rather than buying whenever it raises capital.
In its latest move, Strategy increased its USD reserve by $300 million to $1.4 billion, highlighting plans to continue replenishing it to support the credit quality of its Digital Credit securities. The Bitcoin treasury company also bought 520 BTC for $35 million, increasing its Bitcoin holdings to 847,363 coins.
U.Today Editorial Team
Dan Burgin
