Michael Saylor leaned into the selloff, as bitcoin fell below $110,000 and about $20 billion in market value disappeared.
The MicroStrategy executive chairman posted a Bitcoin accumulation chart on X, highlighting the company’s holdings of 640,031 BTC at an average purchase price of nearly $42,000. He captioned it, “Don’t Stop Believin’.”
The post doubled as a reminder of how central bitcoin has become to MicroStrategy’s identity and balance sheet.
The Virginia-based software company began its treasury strategy in 2020 and has since turned into the largest corporate holder of bitcoin.
It has relied on stock and bond sales to keep buying, arguing the cryptocurrency offers long-term protection against currency debasement and a path to outsize returns if adoption keeps broadening.
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MicroStrategy’s cost basis around $42,000 underscores why the company and its chairman remain vocal through periods of turbulence. Even after this week’s drop, the holdings sit in significant unrealized profit territory.
Saylor’s message, delivered during a rout, read as an invitation to focus on the running tally of coins rather than day-to-day price. That has been his consistent playbook through boom and bust.
The company’s buying cadence has often quickened after pullbacks and slowed when prices surge, though it has never committed to a fixed schedule.
In early September, MicroStrategy expanded its bitcoin trove following a steady run of purchases, reinforcing that accumulation remains the priority. Saylor’s latest post did not announce a new buy.
It spotlighted the stack and average entry point while markets churned.
Bitcoin’s slide below $110,000 arrived after a strong summer run that pulled an array of digital assets higher. Momentum has cooled as traders reassess leverage, macro worries bubble up again, and some investors lock gains.
That backdrop has whipsawed sentiment across tokens that had rallied alongside bitcoin earlier in the month as an altcoin rally heats up. The shift is a reminder that crypto’s advance rarely moves in a straight line.
Bull markets can vault the value of the company’s holdings faster than operating income can grow. Slumps can pressure the stock and revive debate over concentration risk. Saylor has argued the trade-off is deliberate.
He has described bitcoin as superior to cash for a corporate treasury and has frequently used downdrafts to cheer accumulation.
The latest drawdown will again test investor tolerance for that approach.
Analysts tend to focus on three things when bitcoin stumbles: how deep the paper gains remain relative to the cost basis, whether the company taps capital markets to buy more, and the extent to which operating performance in its analytics business offsets crypto-driven swings in book value.
Wednesday’s post supplied the first data point by recirculating the average price.
For the broader market, episodes like this reveal how tightly narratives still hinge on a handful of loud voices. Saylor’s dispatches do not set policy or regulation, but they often shape social-media mood and headline flow on fast days.
That influence has persisted even as institutional participation has grown through ETFs, custody services, and listed miners.
Bitcoin still trades as a conviction asset where public champions matter.
Long-term holders watching the selloff face the same choice they always do: ignore it, buy more, or reassess exposure. Saylor’s answer was the first two.
His chart emphasized the accumulation line over the price line, a visual cue that time in the market has been the company’s edge.
That does not immunize MicroStrategy from future drawdowns, and it does not predict the next leg.
It does explain why, when prices slip, the company’s most famous promoter reaches for a refrain that has become a brand statement.
Investors considering fresh exposure should remember that the same leverage that amplifies upside can magnify stress. Risk controls, position sizing, and secure storage remain table stakes in a market that can swing 10 percent in a day.
For those focused on custody, there are ongoing debates about trade-offs between convenience and safety, including the dangers of poor key management highlighted in analysis of the hidden risk crypto holders face without a hardware wallet.
Saylor’s post was not a forecast, it was a flex shaped by five years of one-way strategy. Whether the market treats it as a buying signal will show up in price, not on a chart shared on X.
