Chairman Michael Saylor of Strategy stated that "Bitcoin is digital capital" and shared the company's released "BTC Investor Guide," defining Bitcoin as an open global reserve asset with absolute scarcity.

The guide covers Bitcoin's monetary properties, investment logic, market structure, portfolio positioning, custody methods, and risks, indicating that Strategy is packaging its long-term holding strategy as a systematic asset allocation narrative for investors, rather than a mere price speculation viewpoint.

"Absolute scarcity" refers to the Bitcoin protocol's maximum issuance limit of 21 million coins, with new supply following a preset halving mechanism. U.S. SEC filings reveal that as of May 2026, approximately 20.03 million Bitcoins have been issued, accounting for about 95.4% of the limit; however, fixed supply does not imply price stability, nor does it mean all issued tokens are liquid.

Bitcoin as a "global reserve asset" reflects Strategy's investment stance, not a formal recognition by sovereign currencies or international organizations. It can be held through self-custody, regulated custodians, spot ETFs, exchanges, or corporate balance sheets, but different paths correspond to varying risks in private key management, counterparties, regulation, costs, and liquidity.

SEC-related filings also indicate that Bitcoin investments are speculative and highly volatile, with single asset exposure lacking diversification; large transfers from corporate or government wallets, ETF custody concentration, private key loss, regulatory changes, and market liquidity pressures could amplify short-term price volatility and asset availability risks.

In terms of market mechanisms, Strategy positions Bitcoin as a long-term capital reserve on corporate balance sheets and expands related asset demand through continuous purchases, equity and debt financing, public communication, and investor education. Beneficiaries include Bitcoin miners, custodians, trading platforms, ETF issuers, and capital market financing service providers; those bearing the pressure are shareholders and creditors of companies financing high-volatility assets, whose returns depend on BTC prices, financing costs, equity dilution, and balance sheet resilience.

Source: Public Information