Bitcoin
MicroStrategy Issues Investor Guide Warning of Historical 93% Bitcoin Drop
MicroStrategy has released an investor guide focusing on Bitcoin risks, highlighting its historical 93.1% maximum drawdown and the importance of position sizing.
Strategy, formerly known as MicroStrategy, has published an investor guide shared by Executive Chairman Michael Saylor that details the operational and structural risks of holding Bitcoin. The publication emphasizes historical market downturns, including the asset's peak-to-trough decline of 93.1% in 2011 and a record single-year loss of 83.6%, cautioning that long-term appreciation does not shield investors from liquidations or intermediate capital erosion.
The document points to severe risk factors including leverage, options decay, counterparty failure, and forced liquidations. The commentary also reflects on historical volatility from Saylor's own career, specifically a 62% single-day collapse in MicroStrategy stock in March 2000 following an accounting restatement, which led to an SEC settlement involving $8.28 million in disgorgement and a $350,000 fine without an admission of wrongdoing.
The guide arrives while Strategy holds 845,050 BTC at an average cost of $75,412, with the market price hovering near $77,106. While recent late-August purchases of 4,603 BTC at an average price of $80,318 remain underwater, the report notes that the guide openly discloses Strategy's commercial interest in higher Bitcoin prices alongside descriptions of its own corporate equity offerings.
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