Saylor Calls Bitcoin “Digital Capital,” Says MicroStrategy Isn’t Trying to Own Entire BTC Supply

Strategy executive chairman Michael Saylor sees Bitcoin as a digital capital, which it leverages to build its business model. The Bitcoin maximalist was featured on CNBC’s Squawk Box today, where he provided insights into how the company has built a corporate finance framework around the premier asset.  Strategy Business Model  According to him, Strategy’s business model revolves around issuing digital credits like preferred stocks, while using the proceeds to accumulate Bitcoin, which he referred to as “digital capital.”  True to this vision, the company has been using proceeds from its fundraisers to finance its Bitcoin purchases. Saylor disclosed the firm has completed four funding rounds this year alone, raising $500 million twice and a separate $1 billion.  During the fourth preferred stock offering, MicroStrategy raised $2.5 billion. The offering, tagged as the largest U.S. IPO of 2025 by gross proceeds, saw MicroStrategy sell 28 million shares of Series A Perpetual Preferred Stock (STRC) at $90 apiece.  Shortly after the offering, Strategy announced the purchase of 21,021 BTC for $2.46 billion on July 29. Following the purchase, the company’s Bitcoin stash grew to 628,791 BTC, currently valued at $71.91 billion. For context, Strategy’s 628,791 BTC stash is equivalent to roughly 3% of the entire 21 million Bitcoin supply.  Given the remarkable gains Strategy has recorded from its Bitcoin holdings, Saylor emphasized that BTC is a 50-year duration asset. In his view, Bitcoin investors are positioned for decades of potential upside that could linger over a 50-year duration.  MicroStrategy Doesn’t Want All of Bitcoin Supply  When asked whether there will ever be enough Bitcoin for MicroStrategy, Saylor said he does not believe owning up to 7% of the Bitcoin supply is outrageous. He pointed out that BlackRock currently owns more BTC via its iShares Bitcoin Trust (IBIT) ETF, holding 740,896 BTC.   Nonetheless, he stressed that MicroStrategy does not intend to own all the Bitcoin in the market. According to him, the company wants other entities to have a piece of the Bitcoin pie.  Meanwhile, he highlighted the growing interest in the Bitcoin treasury movement among public firms. Per Saylor, the number of public firms holding Bitcoin has skyrocketed to over 160, up from just 60 last year.  Notably, he remains confident that the premier asset could deliver an average annual return (ARR) of 30% yearly over the next 20 years, which he believes will raise BTC’s price to roughly $13 million.