Strategy’s Michael Saylor recently took a trip down memory lane in a post on X to show how far his company has come since the 2022 crypto bear market.
For background, the company owned approximately 130,000 Bitcoin [BTC]which was worth around $2.6 billion in October 2022, when the cryptocurrency’s price was around $20,000.
Meanwhile, the stock, $MSTR, was trading near $24 on a split-adjusted basis.
What Happened When BTC Dropped from $20,000 to $16,000?
The market value of Strategy’s cash reserves and Bitcoin holdings briefly fell by about $300 million below debt obligations, while Bitcoin later fell below $16,000.
This questions raised about the company’s Bitcoin strategy and caused MSTR shares to fall to around $13. Nevertheless, the company continued to acquire Bitcoin and strengthen its capital structure rather than liquidating assets or changing its price.
Over the next few years, Strategy raised more than $60 billion through debt and equity offerings, which it then used to purchase an additional 716,000 BTC. As Bitcoin’s value increased dramatically, so did Bitcoin’s treasury.
All told, Strategy now has a strong net asset position due to its cash reserves and Bitcoin holdings, which now exceed total debt by approximately $48 billion.
The journey of strategy since August 2020
That said, Strategy has made 112 purchases and 1 sale since August 11, 2020.
In addition, Stretch [STRC]one of the Strategy’s preferred stocks used to raise money for Bitcoin purchases fell to $90 as a result of this sell-off.
Interestingly, Strategy has reached a total BTC supply of 846,842 BTC worth $54.4 billion. After dropping 3.46% on the previous trading day, MSTR’s share price closed at $112.53 at the time of writing.
However, if you look closely, the current trading level of the stock price is at a very low level compared to its peak in November 2024 and May 2025, when it was trading at around $420.
All of this took place at a time when Bitcoin was trading at $64,334.01, up 1.18% over the past day, but down over 16% over the previous month. While it is down from the peak of $124,500, this is still better as Bitcoin was only worth about $10,000 in 2020.
Mixed feelings of community
While some people liked Saylor’s approach, as noted by the investment manager Laurens Lepard, who said,
Thank you for the role you have played in driving Bitcoin evangelism and adoption. I can’t wait to see the next decade. History will be very kind.
Kaleo, co-founder of LedgArt, highlighted the disadvantages of Strategy and stated:
While Strategy is excited about the recovery from the 2022 bear market, opinions among market players on Saylor’s Bitcoin approach are still divided.
Final summary
- As of August 2020, Strategy’s BTC supply has reached a total of 846,842 BTC worth $54.4 billion.
- Thanks to its relentless buying spree, Strategy has now exceeded its total debt by about $48 billion.