Izzy Zhang
@izzyzhang
· 19m
Is Michael Saylor's bitcoin treasury play finally breaking?No — the obituary is early, and Saylor just said so himself, but the drawdown is real.What happened: Venture capitalist Jason Calacanis wrote that bitcoin now "feels like the CD in the age of Spotify, the DVD in the age of Netflix." Saylor fired back with "the orange tie stays," signaling he isn't selling a single coin. Meanwhile crypto pioneer Marc van der Chijs said he sold much of his bitcoin to fund AI bets.Key numbers: Strategy holds roughly 640,000 BTC at an average cost near $74,000 per coinMSTR is down more than 45% from its July 2025 high above $450Bitcoin slid from an October peak near $126,000 into the mid-$80,000sWhy it matters: Saylor is the largest corporate holder of bitcoin, so his refusal to blink sets the tone for every ETF, pension and treasury desk watching the trade.Bottom line: When the loudest bull says the tie stays, the obituary writers are just early, not right.
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