Michael Saylor defended Strategy’s bitcoin-buying approach on CNBC’s Squawk Box earlier today, dismissing concerns that the company could be forced to sell its holdings during a prolonged downturn and reiterating plans to keep adding bitcoin on a regular schedule.

“We’re not going to be selling; we’re going to be buying bitcoin,” Saylor said. “I expect we’ll buy bitcoin every quarter forever.”

Saylor pushed back against speculation within parts of the bitcoin community that Strategy’s leverage and cash position could create pressure to liquidate if prices remain depressed. He called those fears misplaced, arguing the company has structured its balance sheet to withstand volatility.

“That’s just an unfounded concern,” Saylor said, pointing to what he described as conservative leverage relative to typical investment-grade companies and significant liquidity coverage. He said Strategy holds enough cash to cover dividend and debt obligations for roughly two and a half years.

The comments come as bitcoin markets face renewed swings following a pullback from recent highs, raising questions about the sustainability of corporate treasury strategies tied closely to the asset. Strategy has become one of the largest public holders of bitcoin, and its stock has traded as a leveraged proxy for bitcoin’s price moves.

Saylor framed bitcoin’s volatility as inherent to what he called “digital capital,” arguing that the asset remains structurally more volatile than traditional stores of value such as gold, equities, or real estate. 

He said that over longer horizons, bitcoin has outperformed other capital assets and should be viewed through a multi-year lens rather than short-term price moves.

“If you’ve got a time horizon less than four years, you’re not really a capital investor,” he said, adding that traders may benefit from price swings while long-term investors focus on performance over four-year cycles.

Strategy is not selling its bitcoin

Pressed by host Andrew Ross Sorkin on what would happen if bitcoin fell sharply and remained lower for years, Saylor said Strategy could refinance debt rather than sell bitcoin. He argued that lenders would continue to provide financing because bitcoin retains value despite drawdowns.

Saylor also said the company’s equity is designed to amplify bitcoin’s moves, rising faster during rallies and falling harder during declines. Strategy’s volatility, he said, creates liquidity and demand for what he described as new “digital credit” instruments issued on top of its bitcoin holdings.

On the broader market structure, Saylor downplayed the idea that miner economics create a firm price floor, suggesting that bank lending and Wall Street credit products will play a larger role in shaping bitcoin’s next phase.

Saylor declined to offer a 12-month price forecast, but said he expects bitcoin to outperform the S&P 500 over the next four to eight years.

At the time of writing, Bitcoin is trading near $69,000 and Strategy shares are roughly $135 a share in pre-market trading.

Strategy recently bought 1,142 BTC for about $90 million between February 2–8, bringing its total holdings to roughly 714,644 BTC