Michael Saylor: Bitcoin is the Strategy
Strategy Executive Chairman Michael Saylor stated: Bitcoin is the Strategy. The company, originally named MicroStrategy, has fused its name and slogan into one: the software remains, and the main business of the balance sheet is Bitcoin.
As of mid-September, the company holds 845,050 Bitcoins, approximately 4% of the final supply, publicly stated to be about 20 times that of the next Bitcoin treasury company and nearly two-thirds of the total Bitcoin held by listed companies. The cumulative purchase cost is about $63.7 billion to $64.4 billion, with an average price of around $75,400; the spot valuation is approximately $68.5 billion. The market value of common stock once fell to around $59.1 billion, with the tracking site giving an mNAV of about 1.16 times, although some estimates have lowered the common stock premium due to preferred shares and convertible bond claims. At the end of August, the company bought back 4,603 Bitcoins at an average price of about $80,318 after selling several thousand earlier in the summer for preferred stock dividends and STRC buybacks. Saylor has differentiated: the company can sell coins for capital management, but he personally has not sold from his private stash, stating that "never selling coins" is a personal commitment.
The capital structure has shifted from "only buying and not selling weekly" to a toolbox: ATM issuance of common stock, issuance of STRC and other preferred shares, dollar reserves of about $6.4 billion, and buybacks of preferred shares to reduce interest rates. On September 14, the company announced a buyback of about $139 million in STRC, with no Bitcoin bought or sold that week. The software and AI analysis business is still mentioned in the profile, but the market's primary pricing anchor remains the pile of coins and the leverage layer. Whether MSCI will exclude digital asset treasuries from the index is another parallel dispute.
Who is buying, who is selling: buyers are leveraging the phrase as a company charter, while sellers are the spot Bitcoins themselves. The event is driven by slogans, with funds moving between common stock, preferred stock, convertible bonds, and spot. The beneficiaries are the bulls seeking volatility and financing channels, while the pressured are those interpreting "never selling" as a perpetual company discipline for holding coins. After changing the name to Strategy, this phrase serves both as a brand and a holding statement.
Public holdings are based on company announcements; mNAV fluctuates with stock and coin prices on the same day.
Source: Public Information
ABAB AI Insight
Saylor's renaming of the company formalizes the treasury experiment since 2020 into a legal slogan. The software company has transformed into a Bitcoin encapsulator: equity, preferred shares, and convertible bonds are all channels for discounting future cash flows to buy coins now. The slogan consists of four words, and the balance sheet holds 800,000 coins.
The capital path is cyclical financing. When premiums are high, new shares are issued to buy coins; when premiums are low or preferred shares are bleeding, coins are sold, buybacks occur, and dollars are piled up. The summer sale in 2026 broke the myth of only buying for four years, but the buyback at the end of August indicates a shift in discipline from "never selling" to "serving credit instruments." The personal commitment to never sell coexists with the company's ability to sell, allowing both the quote and market operations to coexist. If index providers exclude treasury stocks, the channels will narrow, but the slogan will not automatically become invalid.
Comparisons can be made to gold miners incorporating reserves into market value, Berkshire Hathaway treating float as investment capital, and a series of smaller Bitcoin treasury imitators. Saylor's distinction lies in the scale reaching 4% of supply, making it difficult for imitators to replicate this curve. The industry phase has shifted from corporate reserve experiments to capital structure engineering: coins are the base layer, preferred shares are the leverage layer, and the slogan is the sales layer.
Structural judgments belong to capital concentration. The mechanism is to encapsulate scarce assets within a listed company, using the liquidity of the securities market to buy the illiquid spot. Those who can continuously exchange equity and credit for coins will increase the overall market's holding concentration. A phrase can serve as a strategy because the strategy has become the holding; the holding can serve as a strategy because the financing channel remains. Once the channel dries up, the slogan will only remain as grammar.
ABAB News · Cognitive Laws
- The company name equals the holding, the slogan equals the balance sheet.
- Never selling is a personal stance; the company sells credit instruments.
- Those who encapsulate scarcity will ultimately have to pay interest on leverage.