Michael Saylor-inspired Bitcoin treasury firm Strategy is doubling down on its long-standing conviction in the world’s largest cryptocurrency, declaring in a recent tweet that it has “discovered something better than bitcoin… more bitcoin.” The remark comes at a turbulent moment for the crypto market, which has been under sustained pressure for more than a month following a major liquidation event in October. That sell-off erased billions in leveraged positions and triggered a sharp downturn that pushed Bitcoin toward its worst monthly performance since 2022.
Bitcoin has now dropped roughly 25% in November alone, marking its steepest monthly decline since June 2022, according to Bloomberg data. The downturn has hit Bitcoin exchange-traded fund investors as well, with prices sliding below $89,600 and leaving many holding collective losses. Meanwhile, several digital-asset treasury firms modeled after Saylor’s playbook are also reporting capital outflows as investor sentiment cools.
At press time, Bitcoin was trading at $87,087 after plunging to a monthly low of $80,524 on Nov. 21. The sell-off has pushed Strategy’s holdings closer to their cost basis, but the company insists its balance sheet remains strong. According to the firm, it maintains 5.9x assets relative to its convertible debt if Bitcoin retests its $74,000 average purchase price. Even in a deeper drawdown to $25,000, Strategy claims its asset-to-debt ratio would remain at 2.0x.
The company highlighted its track record of buying Bitcoin during downturns, pointing to its aggressive accumulation during the 2022 crypto winter, when Bitcoin traded nearly 50% below Strategy’s then-$30,000 cost basis. “What did we do? We bought more,” the firm reminded followers.
Despite repeated boom-and-bust cycles, Bitcoin loyalists remain unfazed, viewing reversals as part of the asset’s long-term trajectory. Strategy’s continued accumulation reinforces its belief that market turbulence often presents long-term opportunity — especially if the answer to volatility, in its view, is simply “more Bitcoin.”
