Strategy has publicly released the "Bitcoin Investor Guide" written by its team, with a revision date of September 7, 2026, and market data as of September 4. The text is aimed at professional investors, private investors, bankers, advisors, and capital allocators, systematically outlining Bitcoin's monetary properties, investment logic, market structure, portfolio role, custody methods, and risks.

The core argument redefines Bitcoin from a speculative asset to the "foundation of the digital capital market"—a scarce, open, global reserve asset. The long-term logic is based on scarcity, open access, global liquidity, and independent verification, suggesting it may absorb part of the monetary premium currently attached to gold, real estate, stocks, bonds, and art. The guide also defines Bitcoin as "digital capital": capped at 21 million coins, with no issuer, no expiration date, and no contractual cash flows, where value primarily derives from scarcity and the market-assigned monetary premium, allowing for direct holding, global transfer, and independent verification.

Key snapshot as of September 4: price approximately $79,809, 200-week moving average approximately $64,715, relative moving average premium approximately 23.3%; 1-year return approximately -28.3%, 10-year annualized return approximately 62.8%; 30-day average trading volume approximately $28.3 billion, open interest approximately $96 billion; spot ETF holds approximately 1.27 million BTC, total network hash rate approximately 935 EH/s. The guide views the SEC's approval of a spot Bitcoin ETP in January 2024 as a turning point for institutional access, noting the continued maturation of futures, options, and custody infrastructure.

The risk section states: prices can drop significantly, with no repayment commitments; self-custody, third-party custody, ETPs, corporate securities, and derivatives each carry their own legal, operational, and counterparty risks; on-chain transfers are irreversible, and loss of keys can lead to permanent loss. The document states it is for educational purposes only and does not constitute investment advice, and notes that Strategy, as a publicly traded company with significant Bitcoin holdings, has a vested interest in the price of Bitcoin.

Concurrent company 8-K shows that as of September 7, it held approximately 845,050 Bitcoins, with a cumulative purchase cost of approximately $63.73 billion, at an average price of approximately $75,412; no ATM stock sales were conducted from August 31 to September 7, nor were any Bitcoin bought or sold. The board increased the buyback limit for digital credit securities from $1 billion to $2 billion, while using $176.3 million in cash to repurchase STRC. CEO Phong Le recently stated that buying and selling depend on capital costs rather than price points, having sold approximately 7,000 coins to cover preferred stock dividends during the summer, and repurchased 4,603 coins at the end of August at an average price of approximately $80,318.

In market mechanics, this is the issuer providing narratives and dashboards to the allocation side, representing event-driven cognitive supply rather than on-chain issuance. Buyers are banks, family offices, and advisors needing compliant narratives and portfolio frameworks; sellers are Strategy itself, which sells volatility to stock and preferred stock structures. Beneficiaries are institutions that have entered through spot ETFs and custodial banks; pressured parties are retail investors and highly leveraged futures positions that still need to explain drawdowns after a negative one-year return and a narrowing premium relative to the 200-week moving average. Short-term capital flows focus on ETF holdings and company buybacks, while mid-term considerations revolve around whether preferred stock dividends will again force coin sales.

Source: Public Information