Strategy’s Michael Saylor Admits Bitcoin Crypto Winter After Saying It Would ‘Never Return’

Strategy founder Michael Saylor said Bitcoin is officially in a crypto winter. He made the statement during a Fox Business interview on Tuesday, just eight months after declaring that “winter is not coming back.”

“We are in a crypto winter,” Saylor said. “This is the fifth major drawdown of Bitcoin in the five years since I’ve been in the marketplace.”

Bitcoin is trading around $67,800 at the time of writing, down roughly 46% from its all-time high of $126,000 hit in October 2025. MSTR stock has fallen about 63% since then.

Why Saylor Thinks This Bitcoin Crypto Winter Is Different

Saylor acknowledged the downturn but said this cycle won’t last like the ones in 2018 or 2022.

“This is a much milder winter than previous winters. It’ll be shorter than previous winters. It’s going to be followed by a spring and then a glorious summer,” he said.

He credited the shift to stronger institutional and political support. Saylor pointed to a pro-crypto U.S. administration, 12 cabinet members backing digital assets, growing interest from the banking sector, and BlackRock’s spot Bitcoin ETF as reasons this winter looks different from the last.

Strategy Holdings Sit Below Cost Basis

Strategy currently holds around 717,131 BTC bought at an average price of $76,000. That puts the company’s entire position underwater at current prices.

The firm made its 99th Bitcoin purchase last week, picking up 2,486 BTC for $168.4 million.

Saylor pushed back on the risk. He said the majority of Strategy’s $55 billion in capital was raised through equity, not debt. Only $8 billion came from borrowing. The company also holds $2.25 billion in cash, which he said covers about two and a half years of obligations.

“We’re like the company that owns 3.4% of Manhattan with enough capital to hold out to the end of the century,” Saylor said.

Just days before, Michael Saylor publicly stated Strategy could survive even if Bitcoin dropped to $8,000.