Michael Saylor, chairman of business intelligence firm Strategy (MSTR), recently compared the process of accumulating cryptocurrency to an aristocratic sport, emphasizing the discipline and patience required for long-term success. Saylor shared a 25-second video filmed on a golf course, showcasing himself methodically sinking golf balls while dressed in a business suit and observed by an audience.
Saylor’s Message: The Discipline of Bitcoin Investment
In the video, Saylor drew a direct parallel between investing in Bitcoin and playing golf’s “long game,” suggesting both pursuits demand strategic thinking and mental composure. He remarked, “Rich people like to buy Bitcoin” and added, “buying Bitcoin makes you rich,” concluding with, “I need to buy some Bitcoin.” The video captured Saylor’s conviction in Bitcoin as a central wealth-building tool for high-net-worth individuals.
Success on the green requires discipline and patience, qualities Saylor believes are equally crucial for accumulating wealth through Bitcoin investments.
Strategy’s investment approach is consistent with its September report, which positions the company with $66 billion in Total Reserve Capital (TRC). This amount ranks Strategy second among S&P 500 financial companies, just behind Berkshire Hathaway’s $364 billion in TRC.
Other major financial firms, such as JPMorgan Chase and Citigroup, showed negative TRC of -$1.347 trillion and -$619 billion respectively, attributed to the inclusion of customer deposits. In contrast, Strategy reported a high reserve coverage ratio of 10.75x, highlighting the company’s strong financial position relative to industry peers.
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AAPL| Company | Total Reserve Capital (TRC) | Reserve Coverage Ratio |
|---|---|---|
| Berkshire Hathaway | $364 billion | N/A |
| Strategy (MSTR) | $66 billion | 10.75x |
| JPMorgan Chase | -$1.347 trillion | N/A |
| Citigroup | -$619 billion | N/A |
Strategy’s Aggressive Bitcoin Buying Continues
During the summer, Strategy executed a notable trading maneuver by selling approximately 7,000 BTC at prices between $60,000 and $65,000 per coin. Later, in August, the company bought back 4,603 BTC at a higher price of $80,318 per coin, amounting to $370 million in purchases.
Phong Le, CEO of Strategy, supported this approach in an interview with Bloomberg. He stated that the company bases its decisions not on the current price of Bitcoin but on the cost of capital. Le explained that the earlier sale of Bitcoin was used to cover obligations related to preferred shares, while the surge in price in August allowed Strategy to secure $602.8 million in affordable market funding for new acquisitions. He noted that the company would continue buying Bitcoin even if prices reach $100,000, as purchases are tied to favorable financing conditions.
Strategy now holds 845,050 BTC, with a market value of approximately $65.2 billion at a Bitcoin price of $77,200, and maintains $6.7 billion in cash reserves.
Industry observers have pointed out that Strategy’s TRC does not factor in $14.8 billion in preferred-share obligations. If these obligations are deducted, net reserves would decrease to $50.7 billion. Despite this, Wall Street increasingly regards Strategy as a long-term oriented, dual-capital management company rather than a speculative investment fund.
Mini dictionary: Strategy (MSTR) is a US-based business intelligence firm best known for its large-scale investments in Bitcoin and its long-term commitment to digital asset accumulation. The firm’s financial moves often set benchmarks for corporate Bitcoin adoption.
