Michael Saylor Downplays Strategy Credit Risk as Bitcoin Tumbles: 'We'll Refinance the Debt'

Why It Matters

The stance signals that corporate exposure to crypto can persist despite market volatility, influencing lender confidence and investor sentiment across the digital‑asset sector.

Key Takeaways

• Strategy holds 714,644 BTC, ~$49B value.
• Debt exceeds $8B, financed via convertible notes.
• Saylor pledges quarterly Bitcoin purchases regardless of price.
• Refinancing plan if Bitcoin drops 90% over four years.
• Stock down 2% after Bitcoin dip, 40% three‑month loss.

Pulse Analysis

Strategy Investment has built a unique business model around Bitcoin, amassing more than 714,000 coins—roughly $49 billion at current prices. Michael Saylor’s public commitment to buy Bitcoin each quarter, regardless of price swings, differentiates the firm from typical corporate treasuries that shy away from volatile assets. This aggressive stance gained attention as Bitcoin fell 15% to just above $60,000, testing the resilience of a balance sheet that now lists over $8 billion in debt tied to crypto purchases.

The company’s debt structure, largely composed of convertible notes issued to fund Bitcoin acquisitions, raises questions about credit risk in a down market. Saylor’s reassurance that the firm would simply refinance the obligations—even if Bitcoin lost 90% of its value over four years—relies on the belief that lenders will continue to view the asset’s long‑term upside as collateral. Such confidence can keep financing channels open, but it also transfers market volatility onto creditors, potentially prompting tighter covenant terms or higher interest spreads in future issuances.

From an investor perspective, Strategy’s approach underscores a broader shift toward institutional acceptance of digital assets, even as price volatility persists. The stock’s 2% dip and cumulative 40% decline over three months reflect market skepticism, yet the firm’s two‑and‑a‑half‑year cash runway offers a buffer for dividend commitments. Analysts will watch whether quarterly Bitcoin purchases sustain, as continued accumulation could amplify upside if prices recover, while also magnifying downside risk if the crypto market remains depressed. The outcome will likely influence how other corporations structure crypto‑linked balance sheets.

Michael Saylor downplays Strategy credit risk as bitcoin tumbles: 'We'll refinance the debt'

By Liz Napolitano · Published Tue, Feb 10 2026 9:36 AM EST (updated an hour ago)

Key Points

• If bitcoin continues to fall, Strategy plans to simply refinance its debt, says CEO Michael Saylor.

• Saylor refuted the idea that Strategy would sell any of its digital‑asset holdings: “I expect we’ll be buying bitcoin every quarter forever.”

• Strategy holds 714,644 bitcoins, making it the largest corporate owner of the digital asset.

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Strategy CEO Michael Saylor brushed off concerns about the company’s credit risk if bitcoin continues to tumble. In fact, Saylor said he plans to keep accumulating the cryptocurrency for the company every quarter.

“If bitcoin falls 90 % for the next four years, we’ll refinance the debt. We’ll just roll it forward.”

— Michael Saylor on CNBC’s Squawk Box

When asked whether banks would continue to lend to the digital‑asset treasury firm if bitcoin collapses, Saylor replied, “Yeah, because the volatility of bitcoin is such that it’s always going to be a value.”

Bitcoin was last trading at $68,970.45, down 9 % over the past five days. It has retreated as investors broadly reassess its utility, tumbling 15 % to $60,062.00 on Thursday—its lowest level in roughly 16 months. At its trough, the crypto was down more than 50 % from its record.

Strategy has more than $8 billion in total debt on its balance sheet, in part due to its issuance of convertible notes used to buy bitcoin. The executive also dismissed suggestions that Strategy would sell any of its digital‑asset holdings:

“I expect we’ll be buying bitcoin every quarter forever.”

Strategy holds 714,644 bitcoins worth about $49 billion as of writing, according to the company’s website, making it the largest corporate owner of the digital asset.

Saylor noted his firm has two‑and‑a‑half years of cash on its balance sheet to cover dividends.

The company’s stock fell about 2 % on Tuesday as bitcoin slipped below $70,000 again. The stock has tumbled more than 40 % over the past three months.