Bitcoin News Today: As Bitcoin Crashes, Saylor's Firm Stockpiles $835M-Defying Market Exodus

Michael Saylor's Bitcoin-Backed Firm Strategy Continues Aggressive Accumulation Amid Market Volatility

Michael Saylor's company, Strategy Inc. (formerly MicroStrategy), has reaffirmed its commitment to Bitcoin despite a recent 25% drop in the cryptocurrency's price, purchasing an additional 8,178 BTC for $835.6 million between Nov. 10 and Nov. 16. The acquisition, funded by proceeds from perpetual preferred stock sales, brings the firm's total Bitcoin holdings to 649,870 BTC, valued at approximately $61.7 billion at current prices. Saylor has repeatedly emphasized the company's ability to withstand a hypothetical 80–90% Bitcoin crash, citing a capital structure designed to endure prolonged downturns according to analysis.

The move comes amid a broader market selloff, with Bitcoin ETFs experiencing significant outflows. On Nov. 13, U.S. spot Bitcoin ETFs saw $866.7 million in net redemptions-the second-largest single-day withdrawal since their January 2024 launch. Grayscale's Bitcoin Mini Trust and BlackRock's IBIT led the exodus, reflecting investor caution as Bitcoin fell below $100,000 for the first time since early May 2025. The decline accelerated macroeconomic concerns, including the U.S. government shutdown resolution and shifting Federal Reserve policy expectations, prompting a rotation into cash, bonds, and gold.

Strategy's strategy, however, remains rooted in long-term Bitcoin adoption. The company's recent purchases were financed through its "42/42" capital-raising plan, which targets $84 billion in equity and convertible notes through 2027. This includes $21 billion in ATM programs for its STRK perpetual preferred stock and other instruments. Saylor's firm has also issued euro-denominated preferred shares, STRE, to diversify funding sources. Analysts at Bernstein noted that Strategy's leverage-$8 billion in debt against $61 billion in Bitcoin holdings-remains conservative, with dividends "well covered" by treasury returns and access to institutional capital markets.

The firm's financial resilience is further highlighted by its market net asset value (mNAV) ratio, which dipped to 0.993 in early November, signaling that its stock price nearly aligned with the value of its Bitcoin holdings. While a mNAV below 1 raises concerns about liquidity, Saylor has dismissed fears of forced sales, asserting that the company's capital structure can absorb a multi-year price collapse. "We're buying quite a lot, actually," he told CNBC, refuting rumors of Bitcoin sales.

Institutional confidence in Bitcoin's future is also evident in other corners of the market. Harvard University's endowment recently allocated $443 million to BlackRock's IBIT, marking a rare foray into crypto assets. Meanwhile, Bitcoin's price action has drawn attention to critical support levels, with analysts noting that a break below $94,800 could trigger further institutional redemptions.

Despite the volatility, Saylor remains bullish, arguing that Bitcoin's scarcity and growing institutional demand will drive long-term value. "The fundamentals are strong," he said, echoing his earlier assertion that shareholders could weather a 90% price drop over four to five years according to analysis. However, the recent 57% decline in MicroStrategy's stock price-erasing roughly $72 billion in market value-underscores the risks of its concentrated strategy according to analysis.

As the crypto market navigates macroeconomic uncertainty, Strategy's aggressive accumulation and Saylor's unwavering conviction serve as a barometer for institutional Bitcoin adoption. Whether this strategy proves resilient or vulnerable to further downturns will depend on both Bitcoin's price trajectory and the broader appetite for risk in capital markets.

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