Michael Saylor’s Strategy: Buy and Never Sell

BTC/USD

Key zone: 100,000 - 103,500

Buy: 105,000 (on strong positive fundamentals) ; target 108,500; StopLoss 104,000

Sell: 101,500 (on a pullback after retesting the 102,500 level) ; target 97,500-96,000; StopLoss 102,500

In the crypto world, Strategy (formerly MicroStrategy) has become a unique phenomenon: its business model is based on one simple principle — buy Bitcoin and never sell it. The company’s founder, Michael Saylor, has turned Strategy’s balance sheet into the world’s largest Digital Asset Treasury (DAT) and has repeatedly stated that he will “never sell a single satoshi.”

However, even such an “eternal” strategy has its price — and it’s not small. As of November 2025, Strategy owns 641,205 BTC, with a market value exceeding $66 billion. But maintaining this “digital treasure” costs about $689.5 million annually.

These expenses include:

• debt servicing and dividend payments;
• custody infrastructure maintenance;
• operational and legal costs.

And the more Bitcoin Strategy buys, the heavier its financial burden becomes.

At the same time, the company strives to minimize taxes and optimize its capital structure, but to “never sell BTC,” it requires a constant inflow of new money.

Unlike traditional firms, a Digital Asset Treasury earns no profit from selling goods or services — the entire asset exists solely on the blockchain. To maintain stability, such entities use decentralized lending, yield strategies, and issuance of new crypto-backed instruments.

That’s why Strategy regularly issues new common and preferred shares (STRK, STRF, STRD, STRC, STRE), paying dividends of 8–10.5%. These payouts add hundreds of millions of dollars to the company’s annual financial obligations.

If capital-raising volumes remain stable in 2026, Strategy’s annual expenses will exceed $1 billion, while revenue for the first nine months of 2025 totaled only $355 million. The company’s real profit lies in the unrealized appreciation of Bitcoin’s value, making its financial sustainability entirely dependent on crypto market dynamics.

Saylor has built a model that works only as long as the market believes in Bitcoin. Any decline in price or loss of confidence could trigger a chain reaction: rising debt payments, falling collateral values, liquidity shortages, and more.

This is a crash test for the entire crypto industry.

According to Bitwise, in Q3 2025 alone, 48 new DAT-type companies emerged. In total, more than 200 entities worldwide hold over 1 million BTC. However, the market impact of their activity is usually short-lived: stocks rise after Bitcoin purchase announcements but quickly lose investor interest.

Saylor’s method is not based on hype but on systemic risk packaged into capital. Today, Strategy holds $64 billion in BTC against $8 billion in debt, equivalent to roughly $56 billion of equity in digital gold. This balance allows the firm to issue stable shares and convertible bonds without diluting shareholders or selling assets.

That’s why MSTR shares trade at a premium to modified NAV (mNAV) — investors are willing to overpay because they believe not only in Bitcoin but in Saylor himself.

The Strategy model is expensive, risky, but… elegant! It’s an extremely dangerous way to “believe in crypto,” yet in the eyes of its fans, the company remains a symbol of endurance.

To avoid pressing the Sell button, the company spends nearly $700 million annually, maintaining the illusion of “eternal ownership.” The global purpose of this strategy remains unclear, but one thing is certain: Michael Saylor has turned HODL into an art form of corporate scale — and the market keeps investing in it.

So we act wisely and avoid unnecessary risks.

Profits to y’all!