Saylor’s Bitcoin approach
Michael Saylor’s goal is to re -define corporate treasures.
Since August 2020, the company of Michael Saylor (formerly known as Microstrategy and is now rebranded as an approach) has become one of Bitcoin’s largest public holders (Btc).
By September 2025, the approach was Accumulated 640,031 BTCcosting more than $ 73 billion. The average purchase price is sitting at ten -ten thousand, leaving the firm with a massive uncertain benefit at today’s levels.
For Saylor, Bitcoin is both a fence against inflation and a reserve that cannot be debased – a way to position the company in advance of institutional flows that he believes is still coming.
His thesis is appealing: If Wall Street allocates even 10% of its possessions in Bitcoin, the Price can climb to $ 1 million.
Do you know? The first purchase of microstrategy as a corporate treasury asset was in August 2020, when it spent $ 250 million in BTC.
The Bitcoin as the best owned by Treasury
Saylor’s playbook is straightforward but relentless: accumulate bitcoin, hold it forever and i -ceds itself into the very structure of the company.
Since 2020, the strategy has turned on excess cash, financing and equity has been raised to a stable pipeline of BTC purchases.
Today, the company holds 640,031 BTC (approximately 3% of the total Bitcoin supply) at an average cost of around $ 73,983 per coin. To develop that position, the approach tapped a mix of financing tools: zero- or low-coupon notes, preferred shares, market stock offerings and other instruments designed to raise capital while limiting the shareholder reduction.
Volatility is not treated as a risk that is avoided but as an opportunity – buying dips, which holds the excitement and lets Bitcoin’s lack of lack of time.
The convincing behind this accumulation came from how Saylor looked at Bitcoin himself. Not like cash, which he called “melting ice cubes“Since inflation continues to remove its value, bitcoin has Fixed cap of 21 million coinsimplemented by code and stopping events that make it fun to release it.
Unlike gold – which is expensive to store, transport and prove – Bitcoin is digital, boundless and has been secured by a decentralized network, which makes it more resistant to political invasion.
He also sees Bitcoin as a different tool. Its relationship to Equality and bonds is weakened, giving it features such as fences in environments where inflation operates hot or middle banks pursuing aggressive financial easing.
For Saylor, these attributes make Bitcoin the best of the Treasury: scarce, portable, resilient and built for 2025 and more.
Do you know? By the mid-2025, nearly 95% of all 21 million Bitcoin had been mine. There are more than 1 million left until the supply cap is reached.
The way to $ 1 million: Saylor’s Bitcoin Las Vegas explained, explained
Saylor’s courageous claim is that Bitcoin can reach $ 1 million per coin.
Mathematics begins with the institutional capital: pension funds, insurers, each other’s funds and the managers who have joined together control over $ 100 trillion. If even 10% of that pool (approximately $ 10 trillion- $ 12 trillion) moved to Bitcoin, the price effect would be rare.
Spreading through the full -fledged supply of 21 million coins, that demand alone will indicate an appreciation near $ 475,000 per BTC.
But Saylor focuses on effective supply is smaller. Between 2.3 million and 3.7 million BTC is believed to be permanently lost (some estimates suggest a higher number). Meanwhile, the “ancient” supply (coins that has not moved for seven or more) along with corporate treasures that make up one area around another 24% of the total supply.
At the top of that, more than 72% of the circulating -switch bitcoin is is now considered to be illiquidheld by long -term holders and creatures with minimal sales history. Together, these dynamics leave only a portion of Bitcoin that is truly available in the open market.
When you recalculate based on a liquid supply of 16 million-18 million BTCs, the same $ 10 trillion- $ 12 trillion allocation raises the indicated price range towards $ 555,000- $ 750,000.
Add to the growth of Institution’s assets Over time, or allocations that creep beyond 10%, and a million dollar thresholds are visible.
However, Saylor points out that the process will not happen overnight as well. Regulatory approves, risk committees and liquidity barriers mean that institutional allocation is slow.
Do you know? One of the largest single cases of lost Bitcoin was involved in 8,000 BTCs accidentally thrown into a landfill in Newport, Wales (a hard drive with a private key was thrown).
How financial is its bitcoin purchase strategy
Over the past many years, the approach has been leaning over replaced debt, preferred stock and innovative equity offerings to fund each new BTC tranche.
Senior notes can be replaced
A central column discharge Senior notes can be replacedthat can be replaced with equity under certain conditions. These deals often carry very low or even zero interest (zero-coupon), maintaining minimal cash costs.
In the mid -2024, for example, the approach raised $ 800 million by a The note offering can be changed (about $ 786 million net), at a 35% conversion premium. Funds bought 11,931 BTCs on average of $ 65,883. Another deal worth about $ 600 million will follow soon.
These structures are locked in capital today while postponing potential dilution until Convert, providing flexibility.
Preferred stock and “stretch” offerings
In addition to the debt, the approach has tapped investors through preferred stock issues.
These (preferred issues) tend to bring higher yields and fewer structural covenants than straight debt. For example, the approach recently launched “Stretch” (STRC) preferred stock with a variable dividend that starts around 9% per year, and the proceeds are clearly sold for funding Bitcoin purchases.
In July 2025, approach Expanded a planned $ 500-million Issuing At $ 2 billion, investor demand is emphasized. Some insider also bought an offer that pays 11.75%, which shows a strong appetite for yield -supported exposure.
Recent purchases
The latest public acquisition arrived in September 2025, when 196 BTC bought an approach to an average price of $ 113,048 – a total of $ 22 million.
As with recent purchase, the purchase is funded by standard stock sales and preferred stock issuing instead of flowing cash or sale of existing BTC.
Risks, criticism and what’s next to watch
Increasing the approach as the largest holder of corporate bitcoin has trade-offs.
The company now runs the same as a leveraged Bitcoin fund, along with stock prices that closely monitor bitcoin movements. And because it pays for new BTCs purchased by equity, convertibles and preferred stock, existing shareholders face the risk of dilution.
In addition to these risks, analysts mention:
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Regulation risk: Changes in tax or accounting policies may weaken the case for BTC handling.
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Cost of opportunity: Billions -Billions are locked in a change of ownership.
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The institutional uncertainty: The $ 1-million thesis depends on Wall Street which actually provides 10%.
However, the broader effect is difficult to remove. The approach has helped to normalize bitcoin in corporate balance sheets and accelerated growth in caution services, Funds exchanged by exchange (ETF) and institutional over-the-counter markets.
What is the next watch:
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The future capital of approach of approach and funding structures
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The clarity of the regulation of accounting and taxation of bitcoin
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Signs of the big manager of owner who moves real ownership under the management of Bitcoin.
If these trends are playing, Saylor’s bet can reshape the same approach to the Corporate Treasury and Bitcoin role in global finance.
