Believers' buy the dip declaration: When Strategy draws the line in the Bear Market

The Bitcoin treasury company Strategy revisited the events of the 2022 Bear Market on platform X: at that time, their holding cost was $30,000, and the BTC price once fell to $16,000—only 53% of the cost—yet the company chose to increase their holdings against the trend. This statement implicitly sends a clear signal to the current market: even if the price drops another 50%, the buying pace will not stop.
But times have changed. In 2022, Strategy was the "lone warrior" of the market, and its buying behavior itself built bottom confidence; now, Bitcoin is retreating from its high of $100,000 to the $85,000 range, while Strategy's position profit has shrunk from a peak of $27 billion to about $6 billion, and its stock price has rarely fallen below net assets (mNAV dropped to 0.95 times), with the premium mechanism on the verge of collapse. Speaking out at this time, rather than being called "making a call," it is more a self-redemption for financing capability—stabilizing market faith is necessary to continue issuing preferred shares to supply blood for its "Bitcoin treasury."
The deeper intention is to draw a line with leveraged players. Recently, the market is concerned that the $26.8 billion Bitcoin positions mortgaged by AI startups may exacerbate selling pressure due to a chain reaction of liquidations. Strategy's move aims to emphasize that its positions are unleveraged and uncollateralized, representing strategic allocation rather than speculative positions. However, the risk lies in the fact that when the market shifts from 'faith-driven' to 'fundamental verification', the chain reaction triggered by the same decline will be drastically different. In 2022, the end of the decline was idealists like Saylor buying the dip; in 2025, the end of the decline may be forced selling of leveraged positions.
The statement of Strategy reveals the true confidence and is also a self-rescue in moments of weakness. It proves belief, but cannot answer: if this time the ones picking up the pieces are no longer the believers, but the leveraged funds forced to close positions, can history simply repeat itself?

Insight: True belief does not rely on statements, but on the ability to still stand at the table after crossing the Bear Market. For ordinary investors, the story of Strategy is a mirror—it reflects not the buy the dip opportunity, but whether you have the confidence to avoid leverage and endure the long dormancy period while ignoring unrealized losses.
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