Bitcoin News Today: MicroStrategy's Bitcoin Bullishness Clashes With Market Doubts as Stock Dips 35%

Michael Saylor, executive chairman of MicroStrategy (MSTR), has dismissed rumors of the company selling its Bitcoin holdings, reaffirming its aggressive accumulation strategy as the crypto market faces renewed volatility. In a CNBC interview, Saylor stated, "We are buying Bitcoin," and hinted that upcoming purchases will be announced on Monday, with investors likely to be "pleasantly surprised" by the volume of recent activity [according to reports]. The comments come amid on-chain movements suggesting BTC was leaving company-controlled wallets, fueling speculation that MicroStrategy might liquidate assets to stabilize its balance sheet. Saylor, however, emphasized confidence in the firm's financial position, noting that Bitcoin's price, despite a recent dip below $95,000, remains "a pretty great return" compared to levels a year prior [as research shows].

MicroStrategy's latest Bitcoin purchase—8,178 BTC for $835.6 million—marks its largest acquisition since July, according to a Nov. 17 filing. This brings the company's total holdings to 649,870 BTC, valued at approximately $61.3 billion at current prices [per the filing]. The average purchase price for these holdings remains around $74,079 per coin, significantly lower than Bitcoin's current market price of roughly $96,800. Saylor has repeatedly underscored the firm's long-term strategy, stating that Bitcoin's annualized returns of 50% over five years outpace traditional assets like gold and the S&P 500 [according to the report].

The company's market capitalization has fallen below the value of its Bitcoin holdings, pushing its market-to-net-asset value (mNAV) below 1, a metric often cited as evidence of undervaluation. As of Nov. 14, MicroStrategy's market cap stood at $59.92 billion, compared to the $61.3 billion valuation of its BTC portfolio [according to Barrons]. Short sellers like Jim Chanos of Kynikos Associates have noted the narrowing gap, predicting mNAV will converge to 1.0 as investor sentiment wanes. Chanos recently closed his hedged position on MSTR, stating, "The thesis has largely played out," though he expects further compression [as reported].

MicroStrategy's funding strategy relies on convertible bonds and preferred shares, with recent Euro-denominated preferred stock sales raising $715 million. The firm has raised $8.2 billion through convertible debt since 2020, using proceeds to expand its Bitcoin treasury. Saylor argued that even if Bitcoin's price fell 80%, the company's balance sheet would remain "overcollateralized" relative to its debt obligations [according to Decrypt]. This stance contrasts with growing investor concerns over the sustainability of preferred dividend payments, which amount to roughly $735 million annually [as noted].

Saylor's vision extends beyond treasury management. In a broader interview with Bitcoin Magazine, he outlined ambitions to build a $1 trillion Bitcoin balance sheet, leveraging long-term appreciation to issue Bitcoin-backed credit products with yields exceeding traditional markets. This would involve creating over-collateralized financial instruments, including savings accounts and insurance services, denominated in Bitcoin [according to the interview]. The strategy aligns with the growing institutional adoption of digital assets, which Saylor noted has surged from a handful of firms in 2020 to over 250 by late 2025 [according to research].

Despite Saylor's bullish rhetoric, MicroStrategy's stock has fallen nearly 35% year-to-date, trading around $195 as of Nov. 17. Critics argue that the company's reliance on issuing equity to fund purchases has diluted shareholder value, while regulatory uncertainties and market corrections weigh on investor confidence [according to Bloomberg]. Nevertheless, Saylor remains unfazed, stating, "We're always buying," and signaling intent to use price dips to expand holdings [as reported].