Key Takeaways
Michael J. Saylor is a popular entrepreneur, business executive, and Bitcoin advocate. He is the co-founder and executive chairman of Strategy (formerly MicroStrategy).
Michael Saylor advocates bitcoin as a "digital gold" and leads MicroStrategy's crypto investments strategy. As of February 28, 2026, Strategy holds 717,722 BTC.
Strategy uses bold debt strategies, including convertible notes, to fund its Bitcoin purchases.
Strategy’s approach can amplify upside in bull markets but also increases sensitivity to bitcoin drawdowns and financing conditions.
Who Is Michael Saylor?
Michael J. Saylor is a prominent entrepreneur and Bitcoin advocate, best known as the co-founder of Strategy (formerly MicroStrategy). He has played a significant role in corporate bitcoin adoption by championing bitcoin as a long-term treasury reserve asset and helping normalize bitcoin exposure for public-market investors.
Saylor was born in Lincoln, Nebraska, and attended MIT on an Air Force ROTC scholarship, earning degrees in aeronautics and astronautics.
Saylor’s View on Bitcoin
Saylor has repeatedly framed bitcoin as a superior store of value (often comparing it to gold) and has described it using phrases like “digital gold” and “apex property.” His view centers on bitcoin’s scarcity, portability, and resistance to debasement.
What Is Strategy?
Saylor co-founded Strategy in 1989 with Sanju Bansal. The company built its reputation as a business intelligence and enterprise analytics software provider and went public in 1998 (NASDAQ: MSTR).
Today, Strategy describes itself as the world’s first and largest “Bitcoin Treasury Company,” combining enterprise software with bitcoin-focused treasury and financing activity.
Strategy and Bitcoin
Although the company spent decades focused primarily on software, it gained global attention after adopting bitcoin as a treasury reserve asset starting in 2020.
In August 2020, Strategy purchased its first $250 million worth of bitcoin as a hedge against macro uncertainty and inflation concerns. Since then, the company has continued to accumulate bitcoin at scale.
How many bitcoins does Strategy hold now?
As of February 28, 2026, Strategy holds 717,722 BTC.
Total cost basis: ~$54.5 billion.
Average cost per BTC: ~$76,020.
Market value: ~$47.4 billion
Funding the Bitcoin Strategy
Earlier versions of this story often focused on convertible notes. While debt has been part of the toolkit, Strategy’s 2026 playbook includes a broader set of capital markets instruments.
At-the-market (ATM) equity issuance
Strategy raised substantial capital through ATM sales of common stock, including billions in proceeds between late 2025 and early 2026.
Preferred stock & “Digital Credit” instruments
Strategy introduced multiple preferred equity instruments (STRK, STRF, STRD, and STRC) to finance and manage bitcoin exposure and investor demand.
One highlighted instrument is:
STRC (“Stretch”) scaled to an aggregate stated amount of $3.4 billion, with a dividend rate listed at 11.25% (as of Feb 2026).
USD Reserve for coverage
As of February, 2026, Strategy reported a $2.25 billion USD Reserve intended to provide ~2.5 years of dividend and interest coverage.
The Broader Impact of Saylor’s Bitcoin Advocacy
Institutional adoption
Saylor’s approach helped normalize the idea of corporations holding bitcoin as a reserve asset, influencing other high-profile corporate allocations and contributing to broader institutional discussion around bitcoin’s role in treasury management.
Market dynamics
Because Strategy’s purchases can involve large volumes, they may affect market sentiment and liquidity conditions, and they often draw attention to the role of corporate and institutional buyers.
Closing Thoughts
Michael Saylor remains one of the most visible public advocates for corporate bitcoin adoption. But the story is now bigger than one executive: Strategy has evolved into a bitcoin-treasury-focused public company with a diversified capital-markets toolkit (ATM equity, multiple preferred instruments, etc.) and a reported $2.25B reserve.
As bitcoin becomes more integrated into mainstream finance, Strategy’s model continues to be watched closely—both as a template for corporate adoption and as a case study in amplified risk when volatility meets leverage and structured financing.
Further Reading
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