FT Says Saylor’s Model Is Breaking (We Question Their Opinion)

The Financial Times this week suggested Michael Saylor’s bitcoin play may be faltering, pointing to Strategy’s declining stock premium and a potential shift in posture around bitcoin sales. But despite the dramatic framing, the underlying facts reveal a business still firmly aligned with its original thesis: aggressive bitcoin accumulation, backed by disciplined capital markets strategy.

FT argues that the narrowing premium between Strategy’s enterprise value and its bitcoin holdings threatens to “break” the model, citing analysts and short sellers who’ve profited from the recent pullback in the stock. Yet this view ignores the broader market context. Premium compression is a common feature during risk-off periods and is not unique to Strategy. Similar dynamics have played out in gold ETFs and closed-end funds during macro stress. It reflects sentiment, not solvency.

Far from capitulating, Strategy has recently added over 10,000 bitcoin to its reserves, funded by nearly $1 billion raised through share sales. The company’s stated policy remains unchanged: as long as its enterprise value exceeds its bitcoin NAV, issuing equity is the most efficient path to accumulation. The option to sell bitcoin, mentioned by Saylor, is a contingency—not a plan in motion. No sales have occurred.

Critics also point to Strategy’s new $1.4 billion USD reserve to cover dividend and debt obligations as a deviation from its “bitcoin-only” ethos. But in a high-rate environment, holding temporary USD liquidity is sound treasury management, not philosophical drift. The company is clearly preparing for operational resilience, not retreat.

What the FT misses is that Strategy’s model isn’t dependent on a stock premium—it’s leveraged to Bitcoin’s long-term value proposition. If bitcoin appreciates as Saylor expects, the firm’s intrinsic value and capital access will follow. The volatility of public markets does not negate the thesis; it simply tests the conviction.

As history has shown, Strategy tends to outperform bitcoin during bull runs. The recent pullback may test investor nerves, but not the structural logic of Saylor’s approach.

Read the full article here: https://www.ft.com/content/fba50990-ef92-489c-9879-45e0a7632269