Strategy (MSTR) chairman Michael Saylor has doubled down on his long-term Bitcoin conviction, comparing disciplined BTC accumulation to the patience of golf in a new 25-second video posted on a golf course. Wearing a business suit and sinking balls in front of an audience, Saylor says that “rich people like to buy Bitcoin” and “buying Bitcoin makes you rich,” ending with the remark: “I need to buy some Bitcoin.”
The philosophy aligns with Strategy's September report, in which the company ranked second among S&P 500 financial companies with $66 billion in Total Reserve Capital, behind only Berkshire Hathaway's $364 billion. By contrast, JPMorgan Chase and Citigroup showed deeply negative adjusted reserve readings due to customer deposits. Strategy's reserve coverage ratio hit a record 10.75x.
Strategy recently sold about 7,000 BTC during the summer at prices between $60,000 and $65,000, then bought back 4,603 BTC in late August at $80,318 per coin, spending $370 million. CEO Phong Le defended the move, saying the company's decisions depend “not on the Bitcoin rate, but on the cost of capital.” The summer sale covered obligations tied to preferred shares, while the August rally allowed Strategy to raise $602.8 million in inexpensive funding for new purchases. Le added that the firm would continue buying even at $100,000 because financing conditions allow it.
Strategy currently holds 845,050 BTC, worth approximately $65.2 billion at a price of $77,200, plus $6.7 billion in cash. Analysts note the Total Reserve Capital metric does not account for $14.8 billion in preferred-share obligations, which would reduce net reserves to $50.7 billion. Still, Wall Street increasingly sees Strategy as a flexible, two-way capital management company operating with a long-term horizon.
