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Saylor’s Bitcoin strategy
Michael Saylor’s extremity is to redefine firm treasuries.
Since August 2020, Michael Saylor’s institution (once known arsenic MicroStrategy and present rebranded arsenic Strategy) has go 1 of the largest nationalist holders of Bitcoin (BTC).
By September 2025, Strategy had accumulated 640,031 BTC, valued astatine much than $73 billion. The mean acquisition terms sits successful the tens of thousands, leaving the steadfast with a sizable unrealized summation astatine today’s levels.
For Saylor, Bitcoin is some a hedge against ostentation and a reserve plus that cannot beryllium debased — a mode to presumption the institution up of organization flows helium believes are inactive to come.
His thesis is captivating: If Wall Street allocates adjacent 10% of its assets to Bitcoin, the price could ascent toward $1 million.
Did you know? MicroStrategy’s archetypal Bitcoin acquisition arsenic a firm treasury plus was successful August 2020, erstwhile it spent $250 cardinal connected BTC.
Bitcoin arsenic the optimal treasury plus
Saylor’s playbook is straightforward but relentless: accumulate Bitcoin, clasp it indefinitely and embed it close into the company’s precise structure.
Since 2020, Strategy has turned excess cash, indebtedness financing and equity raises into a dependable pipeline of BTC purchases.
Today, the institution holds 640,031 BTC (approximately 3% of Bitcoin’s full supply) astatine an mean outgo of astir $73,983 per coin. To physique that position, Strategy has tapped a premix of financing tools: zero- oregon low-coupon convertible notes, preferred shares, at-the-market banal offerings and different instruments designed to rise superior portion limiting shareholder dilution.
Volatility isn’t treated arsenic a hazard to beryllium avoided but arsenic an accidental — buying dips, holding done turbulence and letting Bitcoin’s scarcity enactment implicit time.
The condemnation down this accumulation comes from however Saylor views Bitcoin itself. Unlike cash, which helium calls a “melting crystal cube” due to the fact that ostentation steadily erodes its value, Bitcoin has a fixed headdress of 21 cardinal coins, enforced by codification and halving events that marque its issuance progressively scarce.
Unlike golden — which is costly to store, transport and authenticate — Bitcoin is digital, borderless and secured by a decentralized network, making it acold much resistant to governmental interference.
He besides sees Bitcoin arsenic a diversification tool. Its correlation with equities and bonds has weakened, giving it hedge-like qualities successful environments wherever ostentation runs blistery oregon cardinal banks prosecute assertive monetary easing.
For Saylor, these traits marque Bitcoin the optimal treasury asset: scarce, portable, resilient and built for 2025 and beyond.
Did you know? By mid-2025, astir 95% of each 21 cardinal Bitcoin had already been mined. There are conscionable implicit 1 cardinal near until the proviso headdress is reached.
The roadworthy to $1 million: Saylor’s Bitcoin Las Vegas projection, explained
Saylor’s boldest assertion is that Bitcoin could yet scope $1 cardinal per coin.
The mathematics begins with organization capital: Pension funds, insurers, communal funds and plus managers unneurotic power much than $100 trillion. If adjacent 10% of that excavation (roughly $10 trillion-$12 trillion) shifted into Bitcoin, the terms interaction would beryllium extraordinary.
Spread crossed the fixed proviso of 21 cardinal coins, that request unsocial would connote a valuation adjacent $475,000 per BTC.
But Saylor argues the effectual proviso is acold smaller. Between 2.3 cardinal and 3.7 cardinal BTC are believed to beryllium permanently mislaid (some estimates suggest an adjacent higher number). Meanwhile, “ancient” proviso (coins unmoved for 7 years oregon more) positive firm treasuries marque up determination astir different 24% of the full supply.
On apical of that, implicit 72% of circulating Bitcoin is now considered illiquid, held by semipermanent holders and entities with small past of selling. Together, these dynamics permission lone a fraction of Bitcoin genuinely disposable connected the unfastened market.
When you recalculate based connected a liquid proviso of 16 million-18 cardinal BTC, the aforesaid $10 trillion-$12 trillion allocation lifts the implied terms scope toward $555,000-$750,000.
Add successful the maturation of institutional assets implicit time, oregon allocations creeping beyond 10%, and the million-dollar threshold comes into view.
However, Saylor points retired that the process besides won’t hap overnight. Regulatory approvals, hazard committees and liquidity constraints mean organization allocation would unfold slowly.
Did you know? One of the largest azygous cases of mislaid Bitcoin progressive 8,000 BTC accidentally thrown into a landfill successful Newport, Wales (a hard thrust with the backstage cardinal was disposed of).
How Strategy finances its Bitcoin purchases
Over the past respective years, Strategy has leaned heavy connected convertible debt, preferred banal and innovative equity offerings to money each caller tranche of BTC.
Convertible elder notes
A cardinal pillar is issuing convertible elder notes, which tin beryllium swapped into equity nether definite conditions. These deals often transportation precise debased oregon adjacent zero involvement (zero-coupon), keeping currency costs minimal.
In mid-2024, for example, Strategy raised $800 cardinal done a convertible enactment offering (about $786 cardinal net), astatine a 35% conversion premium. The funds bought 11,931 BTC astatine an mean of $65,883. Another woody worthy astir $600 cardinal followed soon after.
These structures fastener successful superior contiguous portion deferring imaginable dilution until conversion, giving the steadfast flexibility.
Preferred banal and “stretch” offerings
In summation to debt, Strategy has tapped investors done preferred banal issuances.
These (preferred issuances) thin to transportation higher yields and less structural covenants than consecutive debt. For example, Strategy precocious launched “Stretch” (STRC) preferred banal with a adaptable dividend starting astatine astir 9% per annum, and the proceeds are explicitly marketed for backing Bitcoin purchases.
In July 2025, Strategy expanded a planned $500-million Stretch issuance to $2 billion, underscoring capitalist demand. Some insiders besides bought into an offering that paid 11.75%, showing a beardown appetite for yield-backed exposure.
Recent purchases
The latest nationalist acquisition came successful September 2025, erstwhile Strategy bought 196 BTC astatine an mean terms of $113,048 — a full of astir $22 million.
As with caller buys, the acquisition was funded done communal banal income and preferred banal issuance alternatively than operational currency travel oregon selling existing BTC.
Risks, criticisms and what to ticker adjacent
Strategy’s emergence arsenic the largest firm Bitcoin holder comes with trade-offs.
The institution present operates overmuch similar a leveraged Bitcoin fund, with its banal terms intimately tracking Bitcoin’s moves. And due to the fact that it pays for caller BTC buys done equity, convertibles and preferred stock, existing shareholders look the hazard of dilution.
Besides these risks, analysts cite:
Regulatory risk: Changes successful taxation oregon accounting rules could weaken the lawsuit for holding BTC.
Opportunity cost: Billions are locked into 1 volatile asset.
Institutional request uncertainty: The $1-million thesis relies connected Wall Street really allocating 10%.
Still, the broader interaction is hard to dismiss. Strategy has helped normalize Bitcoin connected firm equilibrium sheets and accelerated maturation successful custody services, exchange-traded funds (ETFs) and organization over-the-counter markets.
What to ticker next:
Strategy’s aboriginal superior raises and backing structures
Regulatory clarity connected Bitcoin accounting and taxation
Signs of ample plus managers shifting existent assets nether absorption into Bitcoin.
If these trends play out, Saylor’s stake could reshape some firm treasury strategy and Bitcoin’s relation successful planetary finance.
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