Michael Saylor renewed his Bitcoin thesis on Aug. 23, describing the asset as "digital energy" and a mechanism for converting economic value into a durable digital form. In a post on X, Saylor wrote that Bitcoin’s most profound breakthrough is the ability to "convert economic energy into digital form and bind it securely to a person, family, company, machine, or nation."
Strategy, formerly MicroStrategy, is putting that thesis into practice through the largest publicly disclosed corporate Bitcoin treasury. The company reported holding 840,447 BTC, roughly 4% of Bitcoin’s 21 million maximum supply. With Bitcoin trading near $77,175 on Aug. 23, Strategy’s position was worth approximately $64.86 billion, placing it about $1.5 billion above its aggregate acquisition cost. Strategy acquired the Bitcoin for $63.36 billion, including fees, at an average cost of $75,385 per coin.
Strategy’s "Digital Credit" platform includes exchange-listed preferred shares such as STRC, STRF, STRK and STRD. These are conventional securities, not blockchain tokens. When STRC fell below its $100 stated amount, Strategy did not liquidate Bitcoin collateral. Instead, it used fiat reserves and common-share sales to repurchase obligations. The company raised $333.7 million by selling approximately 3.46 million MSTR shares between Aug. 10 and Aug. 16, allocating $52.4 million to STRC dividends, $132.2 million to repurchases and $149.1 million to its dollar reserve, which reached $4.80 billion. CEO Phong Le has said Strategy expects to resume Bitcoin accumulation after STRC recovers toward its $100 stated amount, though no purchase date has been announced.
