On a latest CNBC interview, Michael Saylor casually talked about that if bitcoin (BTC) fell 90%, he would simply refinance his firm’s money owed. His firm, Technique (previously MicroStrategy), owes collectors $8.2 billion.
Skeptics, nevertheless, had been unconvinced that Saylor would be capable to accomplish that feat so simply.
Though the corporate owns 714,644 BTC value $47.4 billion at present costs, if it crashed 90%, Technique holdings would possibly solely be value $4.7 billion — far decrease than its debt.
CNBC anchor Becky Fast, for instance, was instantly unconvinced by Saylor’s flippant reply to her query about his plan for an prolonged bear market.
Crypto values have halved in 4 months, dropping over $2 trillion since October 6. Possibly the worst is but to return.
As Saylor was visibly laughing about how apparent it must be that Technique would be capable to refinance its debt after a 90% decline within the value of BTC, Fast requested a easy query.
“Refinance where, Michael?”
Saylor responded that he would “just roll it forward” to increase maturity dates on his principal repayments.
Unconvinced, Fast repeated her easy query. “You think banks would lend to you at that point?”
What do you imply I am unable to refinance the $8 billion debt?
Our money move from operations was -$138 million in 2025. Down from -$53 million the prior yr.
We now have 5 most popular shares paying dividends and volatility makes the widespread all the time value one thing. https://t.co/6uNlUpyrOy pic.twitter.com/tZGlCDpyIV
— Semper Vigilantes (@SemperVigilant1) February 12, 2026
‘Just roll it forward’
Certainly, Saylor’s firm isn’t notably creditworthy by typical metrics even as we speak. S&P International charges it at B-, which signifies that its bonds are speculative-grade, or colloquially, “junk bonds.”
If BTC had been to say no 90%, the corporate would have way more debt than belongings, and the corporate has a monitor document of dropping cash.
Certainly, its working loss in its most up-to-date quarter was $17.4 billion — a 16.4x improve year-over-year. Its “product support” and “other services” revenues additionally declined in This fall 2025 versus the prior yr, as one other signal of weak point.
Saylor’s confidence in his capability to roll-over his bonds is justifiable given the corporate’s present asset ranges and his $2.2 billion in money as we speak, but when the value of BTC continues to break down, these figures will deteriorate quickly.
Michael Saylor’s debt drawback
With little or no working earnings to talk of relative to over $8 billion in bonds, a whole bunch of thousands and thousands of {dollars} in annual dividend obligations, curiosity funds as a consequence of bondholders, salaries, and different working bills, Saylor might need a tricky time convincing any lender to increase his credit score in the course of the depths of a bear market.
“I don’t think it’s going to $8,000,” Saylor retorted about BTC, with out additional rationalization, on the finish of that CNBC section. “But the credit risk is de minimis at this point.”
Whereas true, these beliefs don’t reply the anchor’s query. How, precisely, does Michael Saylor plan to refinance $8 billion in debt if BTC crashes?
Once more, and as many critics on social media have realized, he is not going to must renegotiate the debt in any respect if BTC rallies. Provided that BTC crashes will he must renegotiate. At that time, it might need develop into not possible.
