Saylor’s Bitcoin Strategy
Michael Saylor’s goal is to redefine the finances of a company.
Since August 2020, Michael Saylor’s company (formerly known as MicroStrategy and now rebranded as a strategy) has become one of the biggest public owners of Bitcoin (BTC).
By September 2025, the strategy had accumulated 640,031 BTC, valued at over $73 billion. The average purchase price is located in tens of thousands, bringing substantial unrealized benefits at today’s level.
For Saylor, Bitcoin is a hedge against inflation and an undebased reserve asset. This is how he positions the company ahead of the institutional trends he believes are still coming.
His papers are fascinating. If Wall Street allocates even 10% of its assets to Bitcoin, the price could rise to $1 million.
Did you know? MicroStrategy’s first Bitcoin purchase as a corporate financial asset was in August 2020, when it spent $250 million on BTC.
Bitcoin as the most optimal financial asset
Saylor’s Playbook is easy, but unforgiving. We accumulated Bitcoin, held it indefinitely, and embedded it in the very structure of the company.
Since 2020, the strategy has raised excess cash, debt financing and stocks into a stable pipeline of BTC purchases.
Today, the company holds 640,031 BTC (approximately 3% of total Bitcoin supply) at an average cost of $73,983 per coin. To build that position, the strategy tapped a combination of fundraising tools: zero or low coupon convertible notes, preferred stock, market inventory offerings, and other equipment designed to raise capital while limiting shareholder dilution.
Volatility is not treated as an opportunity, not as a risk to be avoided. Buy dips, keep turbulence, and the rarity of Bitcoin works over time.
The beliefs behind this accumulation stem from how Saylor sees Bitcoin itself. Unlike cash he calls “a melted ice cube,” as inflation steadily erodes its value, Bitcoin has a fixed cap for events that are implemented by codes and halves events that are increasingly lacking in issuance.
Unlike gold, which costs money to store, transport and authenticate, Bitcoin is digital, borderless and protected by a distributed network, making it much more resistant to political interference.
He also sees Bitcoin as a diversification tool. The correlation between stocks and bonds is weakening, giving them hedge-like quality in an environment where inflation-heavy and central banks pursue aggressive monetary easing.
For Saylor, these properties make Bitcoin the best financial asset: from 2025 onwards it is rare, portable, resilient and built.
Did you know? By mid-2025, almost 95% of all 21 million Bitcoin had already been mined. There is more than 1 million left until we reach the supply cap.
Road to $1 Million: Saylor’s Bitcoin Las Vegas forecast, explanation
Saylor’s most authless claim is that Bitcoin could ultimately reach $1 million per coin.
Mathematics starts with the capital of the institution. Pension funds, insurance companies, mutual funds and asset managers work together to control over more than $100 trillion. If 10% of that pool (about $10 trillion to $12 trillion) shifts to Bitcoin, the price impact is extraordinary.
As it spreads across a fixed supply of 21 million coins, that demand alone means a valuation of nearly $475,000 per BTC.
However, Saylor argues that effective supply is much less. It is believed that between 2.3 million and 3.7 million BTC will be lost forever (some estimates suggest an even higher number). Meanwhile, “ancient” supplies (coins that have not been moved for over seven years) and almost somewhere else of the total supply, the Ministry of Corporate Finance is made up of almost anywhere, with an additional 24% of the total supply.
In addition, over 72% of circulating Bitcoin is considered illiquid, held by long-term holders and entities with little history of sales. Together, these dynamics remain only a small portion of the bitcoin that is truly available in the open market.
Recalculation based on a liquid supply of 16 million to 18 million btc, the same $10 trillion to $12 trillion allocation increases the implicit price range from $555,000 to $750,000.
Over time, add growth in plan assets, or add creeping allocations above 10%, and you can see a $1 million threshold.
However, Saylor points out that this process doesn’t happen overnight either. Regulatory approvals, risk committees, and liquidity constraints mean that institutional allocations will be rolled out slowly.
Did you know? One of the largest single cases of lost Bitcoin was that 8,000 BTC was accidentally thrown into a landfill in Newport (a hard drive with a private key was disposed of).
How strategy funds Bitcoin purchases
Over the past few years, the strategy has leaned heavily towards convertible debt, preferred equity and innovative equity offerings with each new tranche of BTC.
Convertible Senior Notes
Senior notes are issued that allow the central pillar to be converted. This can be exchanged fairly under certain conditions. These transactions often have very low or even zero interest (zero coupons) and cash is kept to a minimum.
For example, in mid-2024, it raised $800 million through its convertible note offering (approximately $786 million) with a 35% conversion premium. The fund purchased 11,931 BTC for an average of $65,883. There was soon another deal worth around $600 million.
These structures defer potential dilutions until conversion, while locking in today’s capital, giving them solid flexibility.
Preferred stocks and “stretch” provision
In addition to debt, the strategy tapped investors through preferred stock issuance.
These (priority issuances) tend to carry higher yields and fewer structural contracts than straight debt. For example, the strategy has recently launched “stretch” (STRC) preferred stocks with variable dividends starting at around 9% per year, with revenue being explicitly sold to fund Bitcoin purchases.
In July 2025, the strategy expanded its planned $500 million stretch issue to $2 billion, highlighting investor demand. Some insiders also bought into offerings that paid 11.75%, showing a strong appetite for exposures with surrender disorders.
Recent purchases
The latest public acquisition purchased a total of about $22 million in September 2025 when the strategy purchased 196 BTC for an average price of $113,048.
Similar to recent purchases, purchases were funded through common stock sales and preferred stock issuance rather than operational cash flow or sales of existing BTC.
Risk, criticism, what to look at next
The rise in strategies as the biggest corporate Bitcoin holder comes with trade-offs.
The company currently operates like a leveraged Bitcoin fund, with its stock price closely tracking the movement of Bitcoin. Additionally, existing shareholders face the risk of dilution as new BTC pays to buy fair, convertibles and preferred stocks.
In addition to these risks, analysts quote:
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Regulatory risk: Changes to tax or accounting rules may weaken cases where you retain BTC.
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opportunity cost: Billions are trapped in one volatile asset.
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Uncertainty in institutional demand: A million dollar paper relies on Wall Street, which actually allocates 10%.
Still, it is difficult to dismiss the broader impact. The strategy normalized Bitcoin on the corporate balance sheet and accelerated the growth of the commercial markets of custody services, trade exchange funds (ETFs), and institutions.
What to see next:
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Strategic future capital raises and funding structure
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Clarity of Bitcoin Accounting and Taxation Regulations
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Signs of large asset managers transfer actual assets under management to Bitcoin.
If these trends arise, Saylor bets can reconstruct both the corporate financial strategy and the role of Bitcoin in global finance.