Seventeen years after Bitcoin’s inception was marked by a notable phrase, it resurfaced in early 2026 with a resonating impact. On January 10, 2026, Michael Saylor echoed the iconic words “Running bitcoin,” originally articulated by Hal Finney on January 11, 2009. This nod symbolized recognition of Bitcoin’s evolution from an experimental concept to a pivotal component of corporate finance, as managed by a significant figure with one of the largest global Bitcoin holdings. The timing of Saylor’s message was deliberate, reflecting the cryptocurrency‘s journey to becoming an institutional balance sheet feature.
An Historic Phrase From 2009 to 2026
When Hal Finney announced the operation of Bitcoin software on his computer on January 11, 2009, the network comprised only a handful of enthusiasts. Back then, the term “running bitcoin” represented the act of compiling software and connecting to a peer-to-peer network, embodying a technical curiosity rather than financial or institutional ambition. There was no talk of financial assertions, corporate strategies, or trillion-dollar ecosystems.
Over the intervening years, Bitcoin transformed from an individual software experiment into a global asset class. By 2026, the same phrase evolved to signify a position woven into capital markets. Bitcoin was once again the center of discussion as a store of value, notably following the approval of spot ETFs and garnering attention from states and major funds. Saylor’s message underscored this metamorphosis. The absence of an explicit explanation boosted the message’s impact as history alone emphasized the reference’s clarity.
Saylor and Strategy’s Focused Bitcoin Stance
Michael Saylor, known for his aggressive approach to Bitcoin, was the figure behind the statement. Strategy, the rebranded entity under Saylor’s leadership, holds a substantial corporate Bitcoin reserve of 673,783 BTC. Acquired at an average price of $75,024, these assets have exceeded a value of $61 billion at current market rates.
Despite this, the company’s shares trade at a discount to the net value of its Bitcoin assets. The base net asset value multiple remaining below 1 indicates that the market remains cautious. This gap persists despite a continuous buying strategy exceeding five years, as Strategy is perceived less like a traditional tech company and more as a leveraged Bitcoin entity.
Though spot ETFs have become prevalent, Strategy distinguishes itself by its structure, which lacks a buyback or redemption mechanism, remains unaffected by fee pressures, and continues to focus strictly on Bitcoin. What started in 2009 as software operative on the computers of a few individuals now persists in 2026 as a publicly-traded company holding more than 3% of the total Bitcoin supply.
