Saylor Addresses Market Speculation
Michael Saylor, the Executive Chairman of MicroStrategy, appeared on CNBC Friday morning to directly address circulating rumors about the company’s Bitcoin holdings. With both Bitcoin and MicroStrategy’s stock experiencing significant declines, Saylor wanted to set the record straight about their ongoing strategy.
“We are buying bitcoin, we’ll report our next buys on Monday morning,” Saylor stated during the interview. He went on to mention that the company is actually “accelerating [its] purchases,” suggesting that recent activity on the firm’s wallets will demonstrate aggressive accumulation rather than selling.
Rumors and Reality
The speculation that prompted Saylor’s comments began earlier Friday when online chatter suggested MicroStrategy had been selling Bitcoin. These rumors apparently stemmed from on-chain data showing BTC moving out of company-controlled wallets. But Saylor was quick to dismiss these claims.
Shortly after his CNBC appearance, Saylor took to X (formerly Twitter) to directly address the situation, stating “There is no truth to this rumor.” This direct approach seems characteristic of Saylor’s communication style when it comes to Bitcoin-related matters.
Market Context and Perspective
When asked about the recent plunge in Bitcoin prices, Saylor maintained his usual long-term perspective. He advised nervous investors to consider the bigger picture, pointing out that Bitcoin was trading in the $55,000-$65,000 range just over a year ago. Even with the recent decline, Bitcoin at $95,000 still represents substantial gains from those levels.
“We’ve put in a pretty strong base of support around here,” Saylor commented, adding that he’s comfortable with Bitcoin potentially rallying from current price levels. His confidence in the cryptocurrency remains undiminished despite the market volatility.
Current Market Performance
The market data shows MicroStrategy’s stock was down 4% early Friday, falling below $200 per share and now down nearly 35% year-to-date. Meanwhile, Bitcoin has recovered somewhat from its worst levels but still shows a 5.8% decline over the past 24 hours, trading around $96,200.
For investors, the selling rumors weren’t entirely without basis. MicroStrategy currently holds more than 641,000 BTC, worth approximately $22.5 billion, while the company’s market capitalization has fallen below that value. This gap has pushed MicroStrategy’s market-to-net-asset value (mNAV) below 1, which typically suggests the stock might be undervalued. In this context, selling some Bitcoin to stabilize the company could appear rational to some observers.
But Saylor’s comments make it clear that MicroStrategy remains committed to its Bitcoin accumulation strategy, at least for now. The company’s approach continues to be one of the most closely watched developments in the cryptocurrency space, given their substantial holdings and public commitment to the asset.
