Michael Saylor did it again. The Strategic Chairman, who spent the last five years turning the company into pure Bitcoin play, put things together in one line.
This framing occurs when the strategy balance sheet appears to be more like a sovereign reserve than a corporate ledger.
As of September 22, the company had 639,835 BTC, purchased from August 2020, with a total cost of just $47.3 billion.
Bitcoin is money. Everything else is credit. pic.twitter.com/xpgssuy9wa
– Michael Saylor (@saylor) September 23, 2025
On average, each coin is purchased for $73,972, and with higher Bitcoin transactions, the unrealized profit margin is already above 52%. This is like a locked-up of $72.3 billion in market value. This is a war box that regular treasurers cannot match the Fiat instrument.
Strategies for implementing numbers with Bitcoin
In September alone, the strategy added over 7,300 BTC to four separate purchases, each recorded on a rising cost basis as the market absorbed supply.
The market responds accordingly to its strategy. The company currently has a market capitalization of $95 billion, with its corporate value exceeding $110 billion. It is clear from things like market NAV ratios that there is a premium. This shows how investors value the Bitcoin stack, which is part of their fairness.
Saylor’s message is as much about branding as it is about balance sheets. For him, Bitcoin is not a way of hedging or trading. It’s just money.
Everything else is someone else’s promise.
