Michael Saylor discusses Bear Market strategies: flexibility and optionality are at the core of the Strategy.

Gate News bot reported that at the Bitcoin 2025 conference in Las Vegas, Michael Saylor, executive chairman of Strategy (MSTR), was asked how the company would respond if the company’s net asset value multiple (mNAV) fell below 1 like the last bear market.

In this regard, Saylor used the Grayscale Bitcoin Trust (GBTC) as an example, stating: “GBTC is a closed-end trust… a corporate entity that lacks the operational flexibility to manage its capital structure.”

He emphasized that, unlike GBTC, Strategy is an operating company that can take on debt and dynamically manage its capital. Saylor believes: “Any company whose net asset value falls below 1 mNAV indicates that shareholders have lost confidence in the management structure of the enterprise.”

Assuming Strategy’s share price “falls to $1 tomorrow,” the company will recapitalize the company by selling its preferred shares or fixed income instruments, STRK and STRF, and using the proceeds to buy back common shares.

Saylor emphasized the importance of flexibility: “To create value, it is necessary to create the value of options to generate as many choices as possible. The more options there are, the greater the value.”

He finally asserted: “The reason our company can become a giant is because we have multiple market price issuances (ATM) in various capital markets,” highlighting the multi-channel liquidity and financial resilience of the Strategy.

Source: CoinDesk