Michael Saylor’s Strategy: Buy and Never Sell

BTC/USD

Key zone: 100,000 - 103,500

Buy: 105,000 (on strong positive fundamentals) ; target 108,500; StopLoss 104,000

Sell: 101,500 (on a pullback after retesting the 102,500 level) ; target 97,500-96,000; StopLoss 102,500

In the crypto world, the company Strategy (formerly MicroStrategy) stands out as a unique terra incognita: its business model is based solely on accumulating Bitcoin. No selling, no trading — only buying. Michael Saylor has built the world’s largest Digital Asset Treasury (DAT), promising to “never sell a single satoshi.”

But this approach comes with a price — and a very high one.

As of November 2025, Strategy owns 641,205 BTC (worth over $66 billion at current prices). Yet, maintaining this digital fortune costs the company roughly $689.5 million annually. These expenses include debt servicing, dividend payments, infrastructure maintenance, and operational costs. And the more BTC Strategy buys, the heavier its financial obligations become.

The company strives to minimize taxes to benefit its shareholders, but its financial model creates an endless loop: to avoid selling tokens, it must constantly find fresh capital.

So, how does this “infinite HODL” work?

Unlike traditional firms, a Digital Asset Treasury doesn’t earn revenue from products or services — its primary asset exists only on the blockchain. To maintain stability, DAT-type companies rely on decentralized finance, lending, and yield strategies, or issue financial instruments backed by their assets. It’s risky — but the market still believes.

To buy more BTC without selling, Strategy continuously issues new common and preferred shares (STRK, STRF, STRD, STRC, STRE). Dividends on these shares range from 8% to 10.5%, adding hundreds of millions in new liabilities each year.

If capital raising continues at this pace in 2026, expenses could exceed $1 billion. Real revenue for the first nine months of 2025 was only $355 million, since most of the firm’s “profits” are unrealized crypto gains.

The model works as long as optimism about Bitcoin persists. But a crash or loss of confidence could turn this structure into a financial pyramid collapse — a true stress test for the market.

Over the past year, the number of companies holding BTC on their balance sheets has surged: in Q3 2025 alone, Bitwise identified 48 new Digital Asset Treasuries. There are now over 200 such firms, collectively holding more than 1 million BTC. Most enjoy only short-lived stock rallies after BTC purchases before fading from the market spotlight.

Strategy’s method is built on systemic risk, not PR. The firm now holds $64 billion in BTC against $8 billion in debt, meaning about $56 billion in Bitcoin equity. This structure lets Strategy issue convertible bonds and preferred shares to buy more crypto without diluting shareholder value. Its stock (MSTR) often trades at a premium to its modified net asset value (mNAV) — investors pay extra because they believe in both Saylor and his company.

Accumulating crypto the Strategy way is expensive, risky — but undeniably impressive. Fans keep buying its shares at a premium, convinced that patience wins. To avoid pressing the “sell” button, the company spends nearly $700 million a year — yet its ultimate purpose for such accumulation remains unclear.

So we act wisely and avoid unnecessary risks.

Profits to y’all!