Michael Saylor's Bitcoin (BTC) Holdings Are Underwater: Why He's Not Selling

Michael Saylor, the executive chairman and co-founder of MicroStrategy, is facing a notable paper loss on the company's massive Bitcoin (BTC) treasury. With Bitcoin's price decline, the average purchase price of MicroStrategy's BTC stack is now higher than the current market value, technically putting the investment "underwater." Despite this, analysts and industry observers highlight key reasons why a sell-off is improbable. Saylor is a renowned long-term Bitcoin maximalist, consistently advocating a "hold" strategy through market cycles. MicroStrategy's primary corporate strategy is to acquire and hold Bitcoin as a treasury reserve asset, not to trade it based on short-term volatility. The company has previously raised capital through debt and equity to fund purchases, demonstrating a committed, strategic approach. Furthermore, selling at a loss would contradict Saylor's public philosophy and likely trigger significant tax events. For Saylor and MicroStrategy, the current price dip is viewed as a characteristic volatility of the asset class they believe in for the long haul, not a signal for panic.