Michael Saylor, executive chair of Strategy, has refuted reports that the company was selling off a portion of its Bitcoin holdings amidst a recent flash crash in the cryptocurrency's price.
In a post on X (formerly Twitter) on Friday, Saylor stated that there was "no truth" to a report claiming Strategy had reduced its overall Bitcoin (BTC) holdings by approximately 47,000 BTC, which would have been valued at around $4.6 billion at the time of publication. Saylor further indicated that the company was actively purchasing more Bitcoin as its price experienced a decline of over 4% in less than 24 hours, falling from above $100,000 to below $95,000.
"I think the volatility comes with the territory," Saylor commented during a CNBC interview on Friday. "If you're going to be a Bitcoin investor, you need a four-year time horizon and you need to be prepared to handle the volatility in this market."
While Strategy continues to hold the largest Bitcoin treasury, with approximately 640,000 BTC, its market dominance has seen a decrease as other entities have entered the space. Companies such as cryptocurrency exchanges like Coinbase and BTC treasury firm Metaplanet reportedly outpurchased Strategy in Bitcoin acquisitions during October.
The share price of Strategy's MSTR stock on Nasdaq has also experienced a decline. The exchange data indicated that the price had fallen to $205.38 at the time of publication, representing a decrease of over 17% in the preceding five days.
Impact of US Government Shutdown Resolution on Bitcoin Price
The resolution of a 43-day US government shutdown this week led to a brief rally in many stock markets, but its long-term effect on Bitcoin remains uncertain.
The price of Bitcoin surged to over $106,000 on Sunday amid increasing optimism that US lawmakers would reach a funding agreement. BTC saw a similar upward movement on Wednesday after the House of Representatives passed a continuing resolution to fund the government, which was subsequently signed into law by US President Donald Trump.
However, according to data from Nansen, the BTC price dropped below $100,000 on Thursday when the government officially reopened.