Michael Saylor’s Bitcoin Strategy Explained

Michael Saylor's company, now called Strategy, has emerged as a major public holder of Bitcoin since its first purchase in August 2020. By September 2025, Strategy accumulated 640,031 BTC, valued at over $73 billion, with an average purchase price around $73,983 per coin. Saylor views Bitcoin as a hedge against inflation, a reserve asset that cannot be debased, and a major player in the future of corporate treasury management. His bold thesis suggests that if institutional capital, controlling over $100 trillion, allocates just 10% to Bitcoin, it could push prices towards $1 million per BTC. However, Saylor notes this transition may take time due to regulatory and market constraints. Strategy's unique financing methods, such as convertible debt and preferred stock offerings, enable continuous Bitcoin purchases while minimizing dilution. Nevertheless, Strategy's approach poses risks including regulatory changes, opportunity costs, and reliance on institutional demand. The shift could significantly reshape corporate treasuries and the role of Bitcoin in global finance.

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