MicroStrategy, now Strategy, has published a Bitcoin guide that warns buyers that the asset has already crashed 93.1% once.
Executive Chairman Michael Saylor shared it over the weekend. The document devotes more space to losses, custody failures, and position sizing than to upside.
What the MicroStrategy Bitcoin Guide Warns About
That 93.1% drop, which occurred at the 2011 low, is the deepest in Bitcoin’s trading history. The guide adds a worst one-year return of minus 83.6%. Its point is not about direction. It is about survival.
Being right about Bitcoin over 10 years does not protect anyone over 10 months.
“An investor can be correct that Bitcoin appreciates and still lose money through leverage, option decay, an unfavorable capital structure, corporate risks, counterparty failure, excessive fees or forced liquidation,” the company says.
Saylor Has Already Lived a Crash Like This
The warning carries weight because Saylor watched one wreck his own company. On March 20, 2000, MicroStrategy restated three years of revenue. The stock fell 62% in a single day from a peak of $333.
The SEC then charged him with fraud. He paid $8.28 million in disgorgement and a $350,000 penalty, without admitting wrongdoing.
Why the Warning Lands Awkwardly Now
Strategy is not a neutral narrator. Filings show 845,050 BTC held on September 7, at an average cost of $75,412.
Bitcoin’s current market price is near $77,106. That leaves the company barely 2% above water, and 38.8% below its October 2025 record.
Recent buys are already losing money. BeInCrypto reported that Strategy resumed its Bitcoin buying on August 31, paying an average of $80,318 for 4,603 BTC. However, the resumption lasted only one week.
Meanwhile, the MicroStrategy Bitcoin guide doubles as a product menu. Its table of investor options lists the common stock and the preferred stock of a BTC treasury company. Strategy sells both.
It does disclose the conflict. Strategy states plainly that it profits from higher Bitcoin prices. Therefore, even as Michael Saylor is telling investors to size for a 93% fall, his own company is sized for the opposite.