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A new SEC filing shows fresh risks in Michael Saylor’s $78 billion Bitcoin plan. Even with those risks, Saylor’s firm is seeing substantial gains from the Bitcoin it already holds. Michael Saylor shared the news on X, showing both the success and the danger behind his bold Bitcoin strategy.
SEC Filing Reveals Key Risks Of Michael Saylor’s Billion-Dollar Bitcoin Strategy
Michael Saylor’s post on X shares the new SEC filing that explains Bitcoin’s wild price moves bring serious risks. According to the filing, Bitcoin has fluctuated between $60,000 and $120,000 over the past year, making the company’s position unstable. Most of its total assets are in BTC, meaning a sudden drop could result in significant losses. If prices fall sharply, the firm may have to sell coins at a loss to raise cash.
According to the SEC filing, Saylor’s company, Strategy, faces more than $8 billion in debt and pays hundreds of millions in dividends each year. Because these heavy obligations create pressure to maintain steady cash flow, the firm must rely on stable financing and a strong Bitcoin market to remain secure. Michael Saylor warns that, although current profits appear promising, they could quickly fade if Bitcoin turns down.
Strategy Posts $3.9 Billion Gain Without New Purchases
Even with those risks, Michael Saylor reports on X that Strategy earned about $3.9 billion from Bitcoin in the third quarter of 2025. The company did not make any new purchases last week, but the Bitcoin it already holds gained value. By the end of September, the firm had owned 640,031 BTC, purchased at an average price of approximately $74,000 each. As the market closed the quarter above $114,000 per coin, the total worth of its digital assets rose to more than $73 billion.
During the same period, the SEC filing notes that Strategy also raised more than $5 billion in new capital. This new capital keeps the Bitcoin strategy funded, even without new coin purchases.
The filing also shows a tax item of about $1.1 billion in deferred expenses. Thanks to new Treasury rules, the company will not count those gains toward minimum tax this year.
Michael Saylor’s update on X shows a company enjoying record value growth while still facing the risks outlined in the SEC filing. According to the SEC filing, the same forces that create huge profits could cause sharp losses if Bitcoin prices fall. The headline number is substantial, nearly $4 billion in gains without selling any coins, yet the details warn of how quickly those gains could disappear. Saylor’s $78 billion BTC plan remains bold and profitable for now, but is open to sudden change if the market turns against it.
BTC price shows a high level of volatility | Source: BTCUSD on Tradingview.com
Chart from Tradingview.com
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