Michael Saylor on CNBC: Strategy Has No Credit Risk

Strategy Executive Chairman Michael Saylor spoke with CNBC's Squawk Box this morning. The interview comes in the wake of a brutal market route for BTC, which has lost more than one-third of its value in 2026.

What's the Scoop?

• Feature and Bug: According to Saylor, as "digital capital," Bitcoin is designed to be two to four times more volatile than "traditional capital." This volatility is both a feature and bug: it has enabled superior BTC performance throughout the past decade, but contributed to the recent market slide.
• Diamond Hands: In response to a question about whether Strategy will ever be forced to sell its BTC, Saylor noted that the DAT can cover its obligatory dividend payments for 50 years with BTC and 2.5 years with cash. He followed up with, "We're not going to be selling. We're going to be buying bitcoin – I expect – every quarter, forever."
• No Risk: When asked how drastically lower future BTC prices would impact Strategy, Saylor replied that the firms will always be able to roll debts forward because the volatility of BTC makes it inherently valuable. Saylor alluded to potential risks around $8k, but claimed that, "the credit risk [of Strategy] is de minimisa at this point." Doubling down on this point, Saylor further proclaimed, "There isn't any credit risk in the balance sheet of the company."