MW What if bitcoin prices fall to $8,000? Michael Saylor says Strategy still won't sell.

By Tomi Kilgore

Strategy's stock falls again, and its executive chair, Michael Saylor, says to expect more bitcoin volatility

Strategy Executive Chair Michael Saylor says the company won't sell bitcoin even if the price falls to $8,000.

Strategy Executive Chair Michael Saylor attempted on Tuesday to dismiss "unfounded" fears that the recent tumble in bitcoin prices would force the company to pare back its holdings, but he did acknowledge that more price volatility for the cryptocurrency, and for the company's stock, was likely.

Saylor, who put the company on its path to becoming the largest corporate holder of bitcoin nearly six years ago, when he was CEO, said on CNBC early Tuesday that "we're not going to be selling," and that he expects to be buying bitcoin every quarter "forever."

His comments come amid concerns Strategy (MSTR) would start selling, as the price of bitcoin (BTCUSD) has fallen enough to turn the value of the company's holdings negative. His appearance on CNBC also comes after comments made by CEO Phong Le late last year that there was a scenario, based on how far the company's market capitalization and bitcoin prices fall, in which the company could sell some bitcoin.

Don't miss: Strategy's sinking stock and $12 billion quarterly loss puts the policy of 'don't ever sell your bitcoin' to the test

On Monday, Strategy company disclosed that it spent $90 million on bitcoin purchases during the week ending Feb. 8, when bitcoin tumbled to close to the $60,000 level before bouncing back above $70,000. But those purchases weren't made on the dip: They were actually at the highest prices seen during that week, so they slightly raised the average price of Strategy's holdings.

The company now owns 714,644 bitcoin, at an average purchase price of $76,056 per bitcoin, up from 713,502 bitcoin at an average purchase of $76,052 a week ago. With bitcoin back below $70,000 in recent morning trading, that means the company has paid $5.2 billion more for its bitcoin than its holdings are currently worth.

Shares of Strategy, formerly known as MicroStrategy, fell 1.8% in recent morning trading. The selling resumed after a two-day reprieve in which the stock bounced 29.4% after closing Feb. 5 at the lowest price since May 1, 2024.

The stock has now dropped 9.2% in February, after plunging 63% amid a seven-month losing streak through January.

Saylor said on CNBC that as digital capital, bitcoin could be two to four times more volatile than traditional capital such as gold, stocks or real estate. Since Strategy's aim is to have its stock amplify bitcoin's value, it should fall faster when bitcoin declines, but also rise faster when bitcoin gains.

Basically, he said volatility is the "bug," but it is also the feature. Investors with an investment horizon of four years or longer - Saylor called anyone with a shorter timeline a "trader" - can expect bitcoin prices to at least double the performance of the S&P 500 index SPX, he said.

When asked whether there a price bitcoin could fall to that would force Strategy to sell, Saylor basically said there wasn't. He repeated that the company has enough cash to cover dividends and debt payments for the next two and a half years.

"If bitcoin falls 90% for the next four years, we'll refinance the debt" by rolling it forward, Saylor said, adding that if prices fell to $8,000, the company would just refinance.

"If you think it's going to zero, then we'll deal with that, but I don't think it's going to zero, and I don't think it's going to $8,000, either," he said.

-Tomi Kilgore

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February 10, 2026 10:50 ET (15:50 GMT)

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