Michael Saylor, Executive Chairman of Strategy (MSTR), made it clear at Bitcoin 2025 that the company is built to weather extreme market scenarios—including a hypothetical collapse in share price.
Speaking candidly during a fireside chat, Saylor addressed concerns about what would happen if MSTR’s multiple to net asset value (mNAV) dropped below 1. He pointed to the company’s ability to act decisively, unlike legacy structures such as the Grayscale Bitcoin Trust (GBTC).
“GBTC is locked. It has no tools, no mobility,” Saylor said. “We’re an operating business. We can restructure capital, raise funds, take action.”
Saylor emphasized that if Strategy’s stock fell to $1, the team would immediately deploy its capital playbook—selling fixed-income securities like STRK and STRF to buy back common equity and restore value.
“This isn’t theoretical. We’ve engineered for adaptability,” he said. “We don’t just hold bitcoin—we actively manage a balance sheet designed to thrive through volatility.”
The core of Strategy’s model, he explained, lies in building optionality across capital markets. “The more levers we have, the more resilience we offer shareholders,” Saylor said. “That’s how we create long-term value.”
He closed with a reminder that Strategy’s multiple at-the-market (ATM) offerings give it broad, reliable access to capital—setting the company apart in an industry where liquidity and flexibility are often in short supply.
