“A $1 Strategy price doesn’t shake us,” Michael Saylor reassures.

Addressing a packed crowd at the Bitcoin 2025 conference, Strategy (MSTR) Executive Chairman Michael Saylor responded to a hypothetical scenario in which the company’s stock trades below its net asset value (mNAV), reaffirming confidence in the firm’s financial architecture and dynamic capital strategy.

“If Strategy dropped to $1, we’d adapt,” said Saylor. “We’re not a passive vehicle like GBTC. We’re a functioning enterprise with the tools to respond.”

Saylor contrasted Strategy’s capital structure with the Grayscale Bitcoin Trust, calling GBTC a “closed-end trust with no ability to actively manage its capital.” In contrast, he said, Strategy’s structure provides operational levers—such as issuing preferred shares (e.g., STRK and STRF) and utilizing proceeds for buybacks—to stabilize and enhance shareholder value.

He emphasized that sub-1x mNAV valuations often signal a lack of investor trust in leadership or strategic direction. “When faith in management erodes, the discount appears,” he noted.

The company’s playbook, Saylor explained, is centered on maintaining flexibility. “Value creation comes from having as many financial options as possible,” he said. “We’ve built a system where we can tap multiple capital markets quickly, using a suite of ATM offerings to remain agile.”

Saylor closed by reiterating that Strategy’s unique position as both a bitcoin-heavy asset holder and an active operating company allows it to remain resilient, even in volatile conditions.