Strategy Chairman Michael Saylor on Sunday traced the historical path from the Dutch East India Company’s 1602 charter to Bitcoin-backed corporate credit, while a separate social media post raised expectations for a new Bitcoin purchase announcement from Strategy.
In his historical account, Saylor described how transferable corporate ownership began with the Dutch East India Company, allowing investors to sell shares without forcing the business to return capital. Preferred stock later emerged as a distinct financing instrument; Maryland’s 1836 Baltimore & Ohio Railroad preferred shares carried a perpetual 6% preferential dividend. Market infrastructure evolved from the 1792 Buttonwood Agreement, the 1867 stock ticker, and Nasdaq electronic quotations in 1971. Federal securities laws—including the Securities Act of 1933, the Exchange Act of 1934, and the Investment Company Act of 1940—created rules for modern capital structures.
Saylor also highlighted tax rules from 1921, 1924 and 1954 that allowed distribution of invested capital to reduce shareholder tax basis, and SEC Rule 415 in 1982, which established shelf registration. These tools enabled issuers to register securities in advance and sell through existing markets.
Bitcoin entered this framework after Satoshi Nakamoto's whitepaper in 2008 and the genesis block in 2009, and the CFTC classified Bitcoin as a commodity in 2015. Strategy launched its STRC preferred stock in July 2025, raising roughly $2.521 billion and using proceeds to purchase 21,021 BTC.
In a separate post, Saylor shared a chart of Strategy’s Bitcoin transactions with the caption “Connecting the dots”. The data showed holdings of 849,327 BTC at an average cost of $75,446, with a market value near $64.44 billion—only about 0.21% above cost. Saylor has made similar posts before official transaction announcements, shifting attention to the coming week. The post did not specify a new purchase amount, spending, or date.
