Ignore the noise, says Michael Saylor, executive chairman of Strategy (MSTR).
With Bitcoin and Strategy shares continue their sharp decline, Saylor during an appearance on CNBC Friday morning said his company remains committed to its BTC accumulation strategy.
“We are buying Bitcoin, we will post our next purchases Monday morning,” Saylor said, adding that the company is “accelerating [its] purchases,” suggesting that recent activity on the company’s portfolios would show aggressive accumulation.
The remark comes after online speculation earlier Friday suggested Strategy was selling bitcoin as Bitcoin and MSTR both fell. The rumors originated from on-chain data showing BTC moving out of company-controlled wallets.
Shortly after the CNBC appearance, Saylor spoke to X, saying “There is no truth to this rumor.”
As for Bitcoin’s fall and what’s next, Saylor – as usual – advised spooked investors to zoom out, noting that Bitcoin was stuck in a range of $55,000 to $65,000 only a little over a year ago. Even after the recent drop, bitcoin, at $95,000 today, is still showing quite a strong return.
“We’ve built up a pretty solid base of support here,” said Saylor, who added that he was confident BTC could rebound from these levels.
MSTR is down 4% early Friday and below $200, now down almost 35% year to date. Bitcoin is off its worst levels, but still up 5.8% over the past 24 hours at $96,200.
Read more: Strategy dips to 13-month low, but still trades at a premium to Bitcoin Holdings
For investors, the rumors were not far-fetched. Strategy now holds over 641,000 BTC, worth around $22.5 billion, while the company’s market cap has fallen below that value. This gap has pushed MSTR’s market value/net assets (mNAV) below 1, a metric that suggests the stock may be undervalued. With this in mind, selling bitcoin to stabilize the business may seem rational.
