Michael Saylor Compares Bitcoin Strategy to Golf as MSTR Ranks No. 2 Reserve Holder
In brief
- Michael Saylor compares Bitcoin accumulation to golf in new video from golf course
- Strategy holds 845,050 BTC worth $65.2B, ranks second in S&P 500 reserve capital
- Reserve coverage ratio hits record 10.75x amid continued capital-driven buying strategy
- Strategy raised $602.8M in August funding for Bitcoin purchases at lower financing costs
The Reserves Play
Strategy now holds 845,050 BTC, worth approximately $65.2 billion at a price of $77,200. The company also holds $6.7 billion in cash. With $66 billion in Total Reserve Capital, Strategy ranked second among financial companies in the S&P 500, behind only Berkshire Hathaway. The company's reserve coverage ratio reached a record 10.75x.
This position didn't come without tactical moves. During the summer, Strategy sold approximately 7,000 BTC at prices ranging from $60,000 to $65,000. The summer sale covered obligations related to preferred shares. But the move set up a buyback opportunity: Strategy bought back 4,603 BTC in late August at $80,318 per coin for a total of $370 million.
The August price surge allowed Strategy to raise $602.8 million in inexpensive funding from the stock market for new Bitcoin purchases. Strategy CEO Phong Le said the company would continue buying Bitcoin even at $100,000 because the asset is bought whenever financing conditions allow it.
Capital, Not Price
Strategy CEO Phong Le stated that the company's decisions depend on the cost of capital, not the Bitcoin rate. Wall Street increasingly views Strategy not as a speculative fund, but as a flexible "two-way capital management company operating with a long-term horizon."
That framing matters to investors parsing the balance sheet. Independent analysts note that the TRC metric does not account for $14.8 billion in preferred-share obligations. Excluding them would reduce net reserves to $50.7 billion. Still, the company's ability to raise cheap capital and deploy it into Bitcoin at opportune moments has reshaped how the market sees large-scale crypto acquisition.
Frequently asked questions
Why did Strategy sell Bitcoin in summer then buy it back in August?
Strategy sold roughly 7,000 BTC at $60,000–$65,000 to cover preferred-share obligations, then bought back 4,603 BTC at $80,318 when the August price surge allowed the company to raise $602.8 million in cheap funding from the stock market. The strategy hinged on financing costs, not Bitcoin price.
What does Strategy's 10.75x reserve coverage ratio mean?
Strategy's reserve coverage ratio of 10.75x is a record high, reflecting the company's total reserve capital ($66 billion) relative to its obligations. This metric demonstrates the strength of Strategy's balance sheet and its ability to absorb volatility.
How much Bitcoin does Strategy currently hold?
Strategy holds 845,050 BTC worth approximately $65.2 billion at $77,200 per coin, plus $6.7 billion in cash. This makes Strategy the second-largest holder of reserves among S&P 500 financial companies, behind only Berkshire Hathaway.
