Michael Saylor recently reviewed Strategy ' s Bitcoin layout over the past few years on platform X, highlighting how the company moved from its 2022 Bear City phase to its current large-scale holdout. With the purchase of bitcoin for ongoing financing, the company ' s balance sheet has improved significantly over then.

In 2022, it came close to debt pressure.

In October 2022, Strategy held approximately 130,000 bitcoins. The value of these assets was approximately $2.6 billion, based on the amount of approximately $20,000 at the time. During the same period, the MSTR share price, adjusted for disassembly, was approximately $24.

Bitcoin subsequently fell by $16,000. It was reported that Strategy ' s cash reserves combined with the market value of the Bitcoin holding stock had been short-lived below its debt size, with a shortfall of approximately $300 million.

Over $60 billion over a few years.

In subsequent years, Strategy accumulated over $60 billion in debt and equity financing, with which it continued to increase in bitcoin. According to reports, the company has bought about 71.66 million BTCs.

Since the bitcoin strategy was launched on August 11, 2020, Strategy has completed 112 purchases and one sale. The size of the company's Bitcoin treasury has expanded simultaneously as the price of bitcoin has risen significantly.

At present, Strategy holds 846,842 bitcoin with a value of approximately $54.4 billion based on the data in the text. It was also reported that the company ' s cash reserves and Bitcoin assets combined are currently approximately $48 billion higher than total debt and that the net assets position is significantly stronger than the bear market phase.

There's still a distance between the higher prices.

As at the date of the submission, MSTR received $11253 after a decline of 3.46 per cent on the previous transaction date. Compared to the highs of some $420 in November 2024 and May 2025, current equity prices are still low.

Bitcoin was reported at the time as US$64,334.01, an increase of 1.18 per cent in the daytime but a cumulative decline of over 16 per cent over the past month. Despite being below the high point of $124,500, the price level of about $10,000 in 2020 is still higher.

Market views are still divided.

The market evaluation was not consistent with the Bitcoin strategy around Saylor. Some supporters argue that the long-term purchase of bitcoin by Strategy has facilitated market adoption and dissemination.

However, the view was also expressed that the path was highly dependent on financing capacity, stock price performance and bitcoin price volatility. In other words, Strategy has emerged from a 2022 low, but the market still disagrees with its highly leveraged bitcoin bank model.