MicroStrategy CEO Michael Saylor has continued to maintain his bullish stance on Bitcoin, after the crypto market last week, endured one of its most brutal sell-offs of the year, wiping out $20 billion.
The massive sell-off was reportedly triggered by U.S President Donald Trump’s announcement of a new 100% tariff on China, coupled with fresh export restrictions that sent shockwaves across global financial systems. Data from Coinglass revealed that more than 1.6 million traders were liquidated as panic swept through global markets.
While billions were erased in liquidations and other top assets like Bitcoin, Ethereum, Solana, XRP, and SUI plunged dramatically, Saylor’s message to the Bitcoin community was simple yet defiant.
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Amid the market bloodbath, he wrote on his X profile, “Don’t Stop Believin.” This was accompanied by a chart that showed the growth trajectory of Strategy’s Bitcoin purchase since 2020.
Unlike previous dips, Saylor refrained from posting a new orange dot on his well-known Bitcoin accumulation chart signaling that MicroStrategy made no new Bitcoin purchases last week. Despite a staggering $6.4 billion dip in paper gains from MicroStrategy’s Bitcoin holdings, Saylor’s conviction in the world’s largest cryptocurrency has not wavered.
With over 640,000 BTC under management and an unrealized profit still exceeding $24 billion, the outspoken Bitcoin evangelist continues to embody the unwavering faith that has defined his strategy even as the broader market reels from a liquidation shock.
His company Bitcoin holdings currently stand at 640,031 BTC, valued at $71.71 billion with an average purchase price of $73,983. Despite the market downturn, the firm still holds an unrealized profit of approximately 51.44%, or about $24.35 billion.
However, the numbers also reveal the magnitude of the recent correction. Earlier this month, when Bitcoin traded near $122,000, the company’s holdings were worth around $78.1 billion. At current levels near $112,000, that value has dropped by roughly $6.4 billion, a sharp paper loss, though not a realized one.
On the equity side, MicroStrategy carries a market capitalization of $87 billion ($97 billion on a fully diluted basis) and an enterprise value of $101 billion, with more than two-thirds of its valuation directly tied to Bitcoin.
Notably, MicroStrategy is the largest corporate holder of Bitcoin, with 638,460 BTC. Saylor sees Bitcoin as a long-term asset. He believes it offers a hedge against inflation and an unparalleled store of value. The company’s Bitcoin strategy started in 2020. Since then, it has spent over $40 billion on growing its Bitcoin treasury.
In August 2020, MicroStrategy shocked the financial world by announcing its initial purchase of 21,454 Bitcoin for $250 million. Over the following months, MicroStrategy doubled down, adding another 48,916 BTC through subsequent purchases. This initial foray was fueled by Saylor’s belief that Bitcoin was a better store of value than cash.
In 2021, the company purchased nearly 54,000 BTC, further solidifying its position as a corporate whale in the crypto market. By 2022, the crypto market had entered a bearish phase, but that didn’t deter MicroStrategy, as the company still managed to add over 8,000 BTC to its holdings.
Despite market volatility, 2023 marked another active year for MicroStrategy. The company added over 56,000 BTC during periods of price consolidation, expanding its already substantial position.
In 2024, MicroStrategy went all in, acquiring 234,509 BTC. Following President Trump’s victory, MicroStrategy purchased more Bitcoin, a profitable strategy as the price of Bitcoin went up. In February 2025 MicroStrategy, rebranded as Strategy and has aggressively expanded its Bitcoin holdings throughout 2025 as part of its “42/42” capital plan, aiming to raise $42 billion in equity and $42 billion in fixed income to acquire more BTC.
As of September 29, 2025, Strategy holds 640,031 BTC, acquired at an average price of $66,384.56 per coin for a total cost of $33.139 billion. This staggering amount underscores its long-term commitment to the cryptocurrency. Just recently, reports reveal that Strategy has purchased 220 Bitcoin worth $27.2 million.
While MicroStrategy’s Bitcoin holdings are impressive, Michael Saylor’s personal investments in Bitcoin are equally noteworthy. Saylor has revealed that he owns 17,732 BTC, purchased for $175 million at an average price of $9,882 per Bitcoin.
Amid Saylor’s bullish stance on Bitcoin, several other analysts remain optimistic. They argue that the current downturn is a temporary pause in a larger bullish cycle, with one final surge potentially pushing Bitcoin to new all-time highs before a true bear phase begins.
Portfolio Manager at Bitwise Investments, Jonathan Man, described the $20B liquidation as “the worst in crypto history” but a net positive, arguing it flushed out overleveraged positions without structural damage. He highlighted Bitcoin’s rapid rebound as evidence of maturing market infrastructure. “The aftermath matters more than the drop, leverage is reset, and institutional flows will drive the next leg up”. He estimates $150,000–$180,000 by end-2025, driven by ETF inflows matching 2024’s $35B+ pace.
Also, in-house analysts at CoinDCX, one of India’s largest crypto exchanges, in their October 8, 2025, weekly prediction report called the liquidation a “temporary consolidation” in an uptrend, with RSI at 58 signaling neutral-bullish sentiment and 24-hour volume at $74B confirming renewed interest. They stressed the “Uptober” seasonal factor (historical 20% October gains) and ETF rebound potential post-fiscal clarity.
Outlook
The message from Saylor is unmistakable, even after a $20 billion market-wide sell-off and a $6.4 billion hit to his firm’s Bitcoin valuation, he remains steadfast urging the crypto community to keep believing in Bitcoin’s long-term vision.