Strategy increased its holdings to more than 846,000 BTC after enduring the 2022 bitcoin bear market, Chairman Michael Saylor said.

On June 20, blockchain media outlet U.Today reported that Saylor recently reviewed the most difficult stretch for Strategy in a post and disclosed the scale of its bitcoin accumulation.

The benchmark Saylor cited was October 2022. At the time, bitcoin traded around $20,000 and Strategy held about 130,000 BTC. That was worth about $2.6 billion. Over the same period, Strategy shares, ticker MSTR, were around $24 on a split-adjusted basis.

As bitcoin later fell below $16,000, Strategy also came under strong pressure. Saylor explained that at the time the company's debt exceeded the combined value of its bitcoin holdings and cash-equivalent assets by about $300 million. Over that period, MSTR shares fell from $24 to $13 within weeks.

Saylor recalled that period as a test for Strategy. He said that in an October 2022 speech bitcoin was around $20,000 and the company held about 130,000 BTC. He said that as the market entered a deep correction, financial strain and a share-price decline appeared at the same time.

Even in the bear market, Strategy maintained its bitcoin purchasing strategy. Saylor stressed that the company remained committed to its long-term goals in a difficult market environment and continued to accumulate bitcoin aggressively. He said Strategy later raised more than $60 billion in additional capital and put it toward expanding its bitcoin holdings.

As a result, Strategy's bitcoin holdings increased sharply. The company bought an additional more than 716,000 BTC after 2022, and the portfolio now holds more than 846,000 BTC. Holdings that were around 130,000 BTC at the 2022 low have surged in about 4 years.

The remarks are seen as highlighting that Strategy has maintained a bitcoin-centered strategy even through a bear market and financial pressure, beyond simply disclosing the size of its holdings.

In particular, Saylor cited a period when a sharp bitcoin price drop, debt burdens and a share-price decline overlapped, and stressed that Strategy did not retreat at the time and continued raising funds and buying.

Markets are watching whether Strategy will continue a bitcoin-centered capital allocation strategy. With bitcoin price volatility still high, the impact of a large-scale holding strategy on the company's share price and financial structure is also expected to remain a key variable.