Ignore the noise, says Strategy (MSTR) CEO Michael Saylor.
with bitcoin and Strategy stock continues its steep declines, Saylor in an appearance on CNBC Friday morning said his company remains committed to its BTC accumulation strategy.
“We are buying bitcoins, we will report our next purchases on Monday morning,” Saylor said, adding that the company is “accelerating [its] purchases,” while hinting that recent activity in the company’s wallets will show aggressive accumulation.
That comment comes after online speculation earlier Friday suggested Strategy had been selling bitcoin as both bitcoin and MSTR fell. The rumors arose from on-chain data showing BTC leaving company-controlled wallets.
Shortly after the CNBC appearance, Saylor addressed X and said, “This rumor is not true.”
As for bitcoin’s decline and what’s next, Saylor, as usual, advised scared investors to stay away, noting that bitcoin was stuck in a $55,000 to $65,000 range just a little over a year ago. Even after the recent drop, bitcoin at $95,000 today is still performing quite well.
“We’ve created a pretty strong support base over here,” said Saylor, who added that he is comfortable that BTC can rally from these levels.
MSTR is 4% lower early Friday and below $200, now down almost 35% year-to-date. Bitcoin is off its worst levels but still up 5.8% in the last 24 hours to $96,200.
Read more: Strategy falls to weakest level in 13 months, but still trades at a premium to Bitcoin holdings
For investors, the rumors were not far-fetched. Strategy now owns more than 641,000 BTC, worth approximately $22.5 billion, while the company’s market capitalization has fallen below that value. The gap has pushed MSTR’s market-to-net asset value (mNAV) below 1, a metric that suggests the stock may be undervalued. In that sense, selling some bitcoin to stabilize the company might seem rational.
