Michael Saylor did it once more. The Strategic Chairman, who spent the final 5 years turning the corporate into pure Bitcoin play, put issues collectively in a single line.
This framing happens when the technique steadiness sheet seems to be extra like a sovereign reserve than a company ledger.
As of September 22, the corporate had 639,835 BTC, bought from August 2020, with a complete value of simply $47.3 billion.
Bitcoin is cash. Every part else is credit score. pic.twitter.com/xpgssuy9wa
– Michael Saylor (@saylor) September 23, 2025
On common, every coin is bought for $73,972, and with increased Bitcoin transactions, the unrealized revenue margin is already above 52%. This is sort of a locked-up of $72.3 billion in market worth. It is a warfare field that common treasurers can’t match the Fiat instrument.
Methods for implementing numbers with Bitcoin
In September alone, the technique added over 7,300 BTC to 4 separate purchases, every recorded on a rising value foundation because the market absorbed provide.
The market responds accordingly to its technique. The corporate at the moment has a market capitalization of $95 billion, with its company worth exceeding $110 billion. It’s clear from issues like market NAV ratios that there’s a premium. This reveals how buyers worth the Bitcoin stack, which is a part of their equity.
Saylor’s message is as a lot about branding as it’s about steadiness sheets. For him, Bitcoin shouldn’t be a manner of hedging or buying and selling. It is simply cash.
Every part else is another person’s promise.
