His shares in bitcoin hoarder Strategy may have fallen in the nearly two years since he bought them, but plastic surgeon Ben Stong is unfazed. The doctor believes that “the market doesn’t understand” the US company, which has spearheaded aggressively raising money to buy bitcoin, but whose shares have plunged dramatically. For diehard retail investors, Wall Street’s scepticism of Strategy’s business model is irrelevant and overblown. They are hoping to be proved right in 2026.
Strategy’s rise to the world’s largest corporate holder of bitcoin began largely thanks to an army of retail traders buying its shares and trumpeting its success, often looking for an easy way to make supercharged bets on the price of bitcoin. Strategy has funded its acquisitions from stock and bond markets since 2020 and built a reserve intended to pay dividends if needed; the cash cushion grew from about $1.44 billion in December to $2.25 billion in early January. Bitcoin evangelist Saylor has led a global movement proselytising the power of the cryptocurrency to thousands of investors and company executives around the world. “I see him in the same category as people like Elon Musk or Steve Jobs — visionary leaders who are able to think outside the box and pioneer entirely new approaches,” said a 30-year old British pharmacist who has about £83,000 in Strategy shares.
Strategy has since 2020 continuously raised money from stock and bond markets and spent it on buying bitcoin. Bitcoin evangelist Saylor has led a global movement proselytising the power of the cryptocurrency to thousands of investors and company executives around the world. Strategy’s shares soared in late 2024 and were at near record highs last summer, but they have since plunged, as big investors and Wall Street analysts question whether the business model is sustainable, at a time when bitcoin’s price has also fallen. The stock has halved over the past 12 months.
Bitcoin’s price has weakened during this period, contributing to a 63 per cent slide from last summer’s highs for Strategy, and the stock has halved over the past year. The British pharmacist said he was not really fussed about Strategy’s share price performance and bought £29,000 worth of the stock in December as the price fell, using money he had saved for buying a house. Holding Strategy stock in UK Isa accounts was more straightforward than holding bitcoin directly, he said. Retail investors’ belief in the company relies on the hope that the price of bitcoin will rebound in 2026, defying detractors.
Leave a Reply