“No concern if Strategy hits $1,” claims Michael Saylor confidently.

At the Bitcoin 2025 conference, Strategy (MSTR) Executive Chairman Michael Saylor dismissed concerns about the company’s valuation falling below its net asset value, asserting that MSTR’s structural flexibility gives it tools that closed-end funds like Grayscale Bitcoin Trust (GBTC) lack.

“GBTC can’t adapt—it’s boxed in. Strategy is different,” Saylor said. “We’re not a static trust. We’re an active business with levers to pull.”

Saylor was responding to a question about MSTR’s mNAV potentially dipping below 1, a scenario reminiscent of prior bear markets. He emphasized that if the company’s stock price ever crashed—even to $1—MSTR would not sit idle.

“We could issue preferreds, tap fixed-income markets, and use the capital to repurchase common shares. That’s how you reprice and restore trust,” he said, referring to the firm’s instruments STRK and STRF.

According to Saylor, this kind of capital agility separates Strategy from passive holdings. “Shareholder confidence comes from the ability to act. Without that, you’re just waiting for the market to move. We move first.”

He added that Strategy’s multi-market ATM programs are a cornerstone of its durability. “We’ve built in mechanisms for liquidity and reaction. That’s the core value proposition.”

For Saylor, it all comes back to control and confidence. “You don’t wait for someone to rescue you. You engineer the rescue. That’s how you survive—and win.”