Michael Saylor firmly responds to sell-off doubts, reiterating that Bitcoin is an "eternal" asset

Strategy company purchased approximately 11,420,000 USD worth of 14,200 Bitcoin, with an average cost of about 78,815 USD, bringing its total Bitcoin holdings to 714,644 coins. Shortly after the company announced a fourth-quarter operating loss of 17.4 billion USD due to falling Bitcoin prices, Celler responded firmly to market concerns in an interview.

Key Market Developments

Recent market volatility is primarily driven by pressure on tech stocks and risk assets overall. Bitcoin’s price has been declining steadily since reaching a record high of 124,700 USD in October 2025.

Market concerns over strategic shifts mainly stem from two pressures: Strategy’s massive unrealized losses on paper due to falling Bitcoin prices, and changes in the market environment. In the fourth quarter, Strategy recorded a 17.4 billion USD operating loss, with a net loss of 12.6 billion USD, mainly due to unrealized losses from Bitcoin price declines.

Meanwhile, the overall performance of crypto-related stocks remains weak. On Tuesday trading, Coinbase fell 2.8%, and Strategy’s own stock plunged 3.9%. These market movements have heightened investor worries about the financial stability of related companies.

Celler’s Firm Stance

Michael Celler directly addressed market concerns in an interview with CNBC: “This is an unfounded worry.” He emphasized that Strategy will not sell Bitcoin—in fact, it will continue to buy regularly. “We will not sell; we will buy Bitcoin,” Celler clearly stated. “I expect us to buy Bitcoin every quarter, forever.”

He explained that Strategy’s financial position is more robust than many traditional investment-grade companies. The company’s balance sheet cash is sufficient to cover about two and a half years of dividends and debt needs. Even in an extreme scenario where Bitcoin prices continue to fall, Celler said the company has multiple contingency plans. “If Bitcoin drops 90% over the next four years, we will refinance our debt.”

The Unique Nature of Digital Assets

Celler describes Bitcoin as “digital capital,” noting that its volatility is an inherent characteristic of this asset class. He believes Bitcoin’s volatility is two to four times that of traditional capital assets like gold, stocks, or real estate. In his view, this volatility is both a risk and part of Bitcoin’s unique value proposition. “Volatility is a flaw, but volatility is also a feature.”

Celler emphasizes that investors should view Bitcoin from a longer-term perspective. “If your investment horizon is less than four years, you’re not really a capital investor,” he said. “Long-term investors should focus on performance over a four-year cycle.” Based on this view, he predicts Bitcoin will outperform the S&P 500 by two to three times over the next four to eight years.

Current Bitcoin Market Conditions

As of February 11, 2026, according to Gate data, Bitcoin’s current price is 66,909.6 USD, with a 24-hour trading volume of 90.817 billion USD.

Below is an overview of key Bitcoin market indicators:

Recent declines in Bitcoin prices have been driven by factors such as hawkish Federal Reserve chair nominations affecting interest rate expectations, escalating geopolitical tensions, and capital rotation out of risk assets.

Notably, Bernstein analysts recently maintained a long-term bullish outlook on Bitcoin, considering the current correction the weakest bear market scenario in Bitcoin’s history. They project Bitcoin could reach 150,000 USD by the end of 2026.

Institutional Perspectives on Bitcoin Value

Celler’s views are not isolated; an increasing number of institutional investors are viewing Bitcoin as a strategic asset. In the interview, Celler pointed out that Strategy’s digital credit structure has become one of the most active lending tools in nearly a decade. He explained that the cash flows generated by this structure far surpass traditional fixed-income products, and trading volume exceeds that of preferred stocks. Through innovative financial engineering, Strategy has successfully created Bitcoin-based financial products and attracted substantial institutional investment.

Regarding Bitcoin’s role in the AI economy, Bernstein analysts offered an interesting perspective: blockchain and programmable wallets are well-suited for emerging “agent-based” digital environments, as autonomous software agents require globalized, machine-readable financial rails. This view opens new possibilities for Bitcoin’s future applications, making it not just a store of value but potentially a foundational infrastructure for the digital economy.

On the Gate trading platform, Bitcoin trading data reveal subtle shifts in market sentiment. Over the past 24 hours, Bitcoin’s market cap decreased slightly by 3.41%, but its total market cap of 1.38 trillion USD still accounts for over 55% of the entire cryptocurrency market. Futures market data show CME Bitcoin May 2026 contracts at 70,435 USD and December 2026 contracts at 71,955 USD, indicating a relatively optimistic outlook for medium- to long-term trends.

Celler’s office has a Bitcoin price chart hanging on the wall, showing a nearly vertical upward curve from 2010 to the present. Whenever visitors express concern about recent price fluctuations, he points to that chart: “See, we’re just experiencing a small fluctuation along this long-term upward trend.”