Michael Saylor: "We will not sell" — Despite a $6.5 billion unrealized loss, he remains committed to buying Bitcoin forever

Strategy founder Michael Saylor reaffirmed his stance on CNBC today, insisting he will never sell Bitcoin despite an unrealized loss of $6.5 billion, and announced he will continue to buy Bitcoin quarterly forever.
(Background: Bitcoin recovers to $70,000! MicroStrategy surges 26%, Saylor shouts “LFG” after the dip)
(Additional context: Bitcoin reclaims $70,000; analyzing the fragile logic behind analyst predictions of the rebound)

Table of Contents

• “Never selling, only buying more”
• Unrealized loss of $6.5 billion
• CEO: Bitcoin would need to drop to $8,000 before it becomes a problem
• Buying more against the trend

Strategy (formerly MicroStrategy) founder and CEO Michael Saylor appeared today (10th) on CNBC’s Squawk Box, reaffirming his firm commitment not to sell Bitcoin even as its price fell below his company’s average cost, and announced an indefinite plan to keep accumulating Bitcoin quarterly.

“Never selling, only buying more”

When asked whether Strategy might be forced to sell Bitcoin during a prolonged market downturn, Saylor firmly responded:

We will not sell. We will keep buying Bitcoin. I expect us to buy Bitcoin every quarter, forever.

Back in early February during Bitcoin’s sharp decline, Saylor shared his “Bitcoin Rules” on social media:

Bitcoin’s rules:

1. Buy Bitcoin.
2. Don’t sell Bitcoin.

He also described Bitcoin’s extreme volatility as “a gift from Satoshi to believers,” viewing large price swings as a structural feature of Bitcoin rather than a market failure, and believes long-term holders can benefit from these fluctuations.

Unrealized loss of $6.5 billion

As of February 8, Strategy held 714,644 BTC, with a total cost basis of about $54.35 billion, averaging roughly $76,056 per Bitcoin. At the current price of around $68,500, the paper unrealized loss has expanded to approximately $6.5 billion.

When asked whether the company could repay its debt if Bitcoin were to crash long-term, Saylor said:

If Bitcoin drops 90% over the next four years, we will refinance the debt and keep rolling it over.

He further emphasized that banks are still willing to provide financing to Strategy because “Bitcoin’s volatility means it always has value.” He also set a time horizon for his investment:

If your investment horizon is less than four years, you’re not a true capital investor.

CEO: Bitcoin would need to fall to $8,000 before it becomes a problem

Strategy CEO Phong Le also defended the company’s financial resilience during the recent Q4 earnings call. He stated that Bitcoin would need to drop to $8,000 and stay there for five to six years before posing a real threat to the company’s ability to service its convertible bonds.

Currently, Strategy’s balance sheet shows:

• Total debt of about $8.2 billion (mainly convertible notes)
• Cash of approximately $2.3 billion, enough to cover about two and a half years of dividends
• 712,647 BTC unpledged, no collateralized loans pressure
• The company has shifted from convertible bonds to preferred stock financing, issuing $7 billion in preferred shares in 2025

Notably, Strategy reported a net loss of $12.4 billion in Q4 2025, primarily due to the adoption of fair value accounting starting in 2025. The quarterly fluctuations in Bitcoin’s price directly impact the income statement but do not represent actual cash outflows.

Buying more against the trend

Despite facing massive unrealized losses, Strategy has never stopped buying. Between February 2 and 8 alone, the company purchased an additional 1,142 BTC, spending about $9 million at an average price of approximately $78,815 per Bitcoin. The funds came from selling 616,715 Class A common shares (MSTR) via ATM, raising about $8.95 million.

While Saylor did not provide a specific Bitcoin price forecast for the next 12 months, he expressed his expectation that Bitcoin will outperform the S&P 500 over the next four to eight years. God help him.