Speaking at the Abu Dhabi Finance Week on 10 December 2025, Michael Saylor said that Bitcoin is indeed digital gold and that once everyone understands it for what it is, the global credit is will be built on it. According to Saylor, Strategy is currently acquiring nearly $500 million to $1 billion worth of Bitcoin per week and has managed $60 billion worth of equities in the past 14 months, becoming the fifth largest treasury in the S&P universe, well on its way to becoming the largest in about four to ei ...

Strategy has created a U.S. dollar reserve totaling $1.44 billion, marking an expansion of its balance sheet strategy as it positions itself as the world’s largest “Bitcoin Treasury Company.” The reserve will be used to support dividend payments on preferred stock and meet interest obligations, providing enhanced liquidity cushions amid volatile digital-asset markets. The fund was financed through proceeds from ongoing at-the-market stock sales. Strategy said its goal is to maintain coverage for at least ...

Core Viewpoint - MicroStrategy has established a $1.44 billion USD reserve to support dividend payments and service debt obligations, marking a strategic shift in its risk management approach [1][5]. Group 1: Financial Strategy - The newly created "USD Reserve" aims to maintain a balance sufficient to cover at least 12 months of dividends, with plans to extend this coverage to 24 months or more [2]. - The reserve was financed through proceeds from an at-the-market stock offering, indicating a structural change in how the company manages its financial resources [5]. - The company's modified NAV (mNAV) has fallen to 1, meaning its equity value is now trading at the value of its underlying Bitcoin holdings without any market premium [6]. Group 2: Bitcoin Holdings and Market Position - MicroStrategy currently holds 650,000 Bitcoin, which represents approximately 3.1% of the total supply that will ever exist [3][6]. - The establishment of the USD Reserve is intended to insulate the company from short-term Bitcoin volatility while allowing it to continue accumulating Bitcoin [6]. - This move aligns with the long-term vision of becoming the world's leading issuer of "Digital Credit," focusing on stable cash flows rather than solely on Bitcoin appreciation [7]. Group 3: Market Performance - MicroStrategy's stock has declined over 60% from its peak, trading near $177, influenced by weaker Bitcoin prices and changing market sentiment [4]. - The company has revised its fiscal year 2025 guidance, adjusting assumptions for Bitcoin's year-end price due to recent market declines [8].

Michael Saylor, the executive Chairman of Strategy (MSTR), announced the purchase of an additional 130 Bitcoin for the company for an investment value of $11.7 million. Strategy Adds 130 BTC as Holdings Rise to 650,000 Bitcoins Following the recent purchase, Michael Saylor noted that the company’s total holdings have reached 650,000 BTC. Moreover, the latest purchase comes at an average price of about $89,960 per BTC. The company’s cumulative investment stands at roughly $48.38 billion, with an average ...

Bitcoin Outlook & Market Drivers - Michael Saylor is bullish on Bitcoin in 2026, driven by bank acceptance and credit development within the banking network [4] - Half of the large US banks have started extending credit against IBIT in the past six months, with Charles Schwab and City planning to custody Bitcoin and extend credit against it in the first half of 2026 [4] - The impact of the Bitcoin halving is diminishing, with its $20 million impact being a third-order issue compared to the $50 billion daily liquidity [7] - Structural developments, such as banks extending $50 billion in credit and the SEC loosening restrictions on derivatives trading on IBIT (leading to open interest increasing from $10 billion to $50 billion), are the primary drivers of Bitcoin [8] Digital Asset Treasury (DAT) Companies & Digital Credit - Strategy was the first company to purchase Bitcoin as digital capital, with over 21,000 Bitcoin for $250 million in 2020 [9] - The number of companies holding Bitcoin as digital capital has grown significantly, from a handful to over 200 [11] - Strategy has evolved into the largest issuer of digital credit, with only a few other companies like Strive and MetaPlanet also in the digital credit market [12][13] - The rise of DATs is attributed to a supportive administration, fair value accounting, and Bitcoin's 50% annual growth rate [16][17][19] - Digital credit, offering yields of 600-800 basis points (6-8%) above risk-free rates, is seen as a compelling product powered by digital capital [22] Crypto Company IPOs & Regulatory Environment - The current administration's embrace of digital assets has facilitated crypto company IPOs, including Galaxy Digital, Circle, American Bitcoin, and Gemini [24][25] - Constructive legislation, such as the Genius Act legitimizing stablecoins, has opened the way for crypto exchanges to go public [25] - The industry seeks clarity on tokenizing securities and currencies, raising capital with crypto tokens, and engaging in decentralized finance, with expectations for resolution in the Clarity Act [41][42] Bitcoin vs Altcoins & Institutional Adoption - Bitcoin is positioned as digital capital competing with gold, real estate, and public equity, while stablecoins are digital currency competing with traditional credit card networks [34][35] - Institutional adoption of crypto is expected to continue progressively, driven by positive guidance from banking regulators and banks announcing plans to custody and hold Bitcoin [46][47] - Banks moving into offering credit on digital assets, especially Bitcoin, is seen as beneficial for both banks and Bitcoin, acknowledging the $2 trillion of unbanked wealth [45]

Industry Focus - Discusses the revolution of digital credit [1] Media - Promotes True North Episode 45: The Revolution of Digital Credit [1]

Digital Credit - Digital Credit Innovations 相关信息值得关注 [1] Strategy - RT Strategy (@Strategy) 分享了 Digital Credit Innovations 的链接 [1]

Core Viewpoint - Michael Saylor, Chair of Strategy (NASDAQ:MSTR), remains unfazed by short seller Jim Chanos' criticism and believes that skeptics do not understand the value of Bitcoin and digital assets [2][3]. Group 1: Company Performance - Strategy has built a significant business model over the past five years by issuing debt to purchase Bitcoin, serving as a proxy for investors seeking exposure to digital assets [3]. - As of November 2024, the premium of Strategy's stock to its net asset value (NAV) reached as high as three times, which Chanos deemed "ridiculous" [4]. - The stock of Strategy has fallen approximately 32% over the past year, while Bitcoin has increased by 38%, leading to a collapse of the company's multiple to NAV to 1.2 [6]. Group 2: Market Dynamics - Chanos has publicly criticized the sustainability of Strategy's premium to its Bitcoin holdings, arguing that the valuation claims made by Saylor are absurd [5]. - Chanos has closed his short position against Saylor, stating that the thesis of the trade has largely played out and expects the premium to continue compressing as Strategy issues more common equity [7].

Digital Transformation & AI - The industry anticipates a future where digital intelligence, assets, capital, and credit will revolutionize financial transactions, enabling near instantaneous money transfers [1] - The industry foresees a world populated by 1 billion (十亿) AIs capable of processing information at speeds far exceeding human capabilities [1] - The industry predicts a future where 1 billion (十亿) robots will automate production and various tasks, leading to increased efficiency and empowerment [2] Technological Advancements - The industry envisions self-driving cars and intelligent products that proactively address user needs [2] - The industry expects a transition towards an intelligent world characterized by millions of times greater efficiency [2]

Core Insights - Bitcoin recently reached a record high of $126,000 but has since pulled back, leading to discussions about investor confidence in the cryptocurrency market [1] - The market has seen a surge in companies adding Bitcoin to their balance sheets, with significant improvements in accounting, tax regimes, and regulatory support [1][2] - The introduction of various financial instruments allows investors to engage with the digital asset market according to their risk tolerance and investment horizon [1][2] Investment Strategies - Investors seeking maximum performance must be prepared for high volatility, with strategies like MSTR showing a 75% average annual return over the last five years [1] - For those preferring lower volatility, credit instruments like STRC offer a stable yield of around 10% with tax deferral benefits, making them attractive alternatives [1][2] - The digital credit market has evolved significantly, with nearly $8 billion issued, providing a tax-equivalent yield four times higher than traditional bank credit [2] Market Dynamics - The digital asset market is evolving, with Bitcoin's market cap expected to surpass gold's by 2035, as only 1% of Bitcoin will remain to be mined after that year [8] - The recent government shutdown has not diminished confidence in the U.S. economy, but it has highlighted the appeal of Bitcoin as a stable asset amid economic uncertainty [2] - The energy sector is undergoing a transformation, with renewed interest in nuclear and natural gas power generation to meet the demands of cryptocurrency mining [3] Technological Advancements - The integration of AI in financial engineering has led to the creation of innovative securities, such as STRC, which has been described as the most successful preferred stock in recent history [3] - Continuous upgrades in hardware and software supporting Bitcoin's protocol are expected to enhance its security and efficiency, mitigating concerns about obsolescence [2][3] Investor Considerations - Investors are encouraged to assess their time horizons and risk tolerance when choosing between direct Bitcoin investment, ETFs, or equity in companies like MSTR that focus on digital credit [10][12] - The current market sentiment is viewed as a potential opportunity for equity investors who can make informed decisions based on improved fundamentals in the digital asset space [1][2]