MicroStrategy (MSTR) went all-in on Bitcoin (BTC) amidst bankruptcy fears... What was Saylor's gamble result?

▲ Saylor and Bitcoin / ChatGPT generated image

Michael Saylor has once again highlighted the turnaround of MicroStrategy (MSTR), which was on the verge of collapse in the midst of the 2022 bear market. This means that the decision to hold and buy Bitcoin (BTC) grew the company to a completely different scale in four years.

According to crypto media outlet U.Today on June 20 (local time), Michael Saylor, chairman of MicroStrategy, the world's largest Bitcoin treasury company, briefly shared the company's difficult times and recovery process. Saylor recalled that Bitcoin was trading at approximately $20,000 during his speech in October 2022.

At that time, MicroStrategy's Bitcoin holdings amounted to approximately 130,000 BTC, valued at around $2.6 billion. The stock price, adjusted for stock splits, hovered around $24.

Subsequently, the market entered a deeper correction. Bitcoin fell below $16,000. MicroStrategy faced pressure with its debt exceeding the combined value of its Bitcoin holdings and cash reserves by approximately $300 million.

MSTR's stock price also dropped from $24 to $13 in a few weeks. However, Saylor emphasized that the company did not abandon its long-term goals. MicroStrategy continued to buy Bitcoin even in a challenging market.

U.Today reported that MicroStrategy subsequently raised over an additional $60 billion in capital. The company invested these funds in expanding its Bitcoin holdings. As a result, MicroStrategy added over 716,000 BTC since then, increasing its Bitcoin holdings in its portfolio to over 846,000 BTC.

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