Michael Saylor has executed it once more, going straight to the center of the matter. The Technique chairman, who has spent the final 5 years turning his firm right into a pure Bitcoin play, summed issues up in a single line.
This framing comes at a time when Technique’s steadiness sheet seems extra like a sovereign reserve than a company ledger.
As of Sept. 22, the corporate has 639,835 BTC, purchased since August 2020, with a complete price of simply over $47.3 billion.
Bitcoin is cash. All the things else is credit score. pic.twitter.com/xPGSsuY9wA
— Michael Saylor (@saylor) September 23, 2025
On common, every coin is being purchased for $73,972, and with Bitcoin buying and selling larger, the unrealized revenue margin is already greater than 52%. That’s like $72.3 billion in market worth locked away, which is a conflict chest that no common treasurer may ever match with fiat devices.
Technique doing numbers with Bitcoin
In September alone, Technique added greater than 7,300 BTC throughout 4 separate purchases, every recorded with a rising price foundation because the market absorbed provide.
The market is responding accordingly to the technique. The agency’s market cap is now at $95 billion, with its enterprise worth peaking above $110 billion. It’s clear from issues like market NAV ratios that there ia a premium, which reveals how buyers are valuing the Bitcoin stack that’s a part of the fairness.
Saylor’s message is about branding as a lot as it’s in regards to the steadiness sheet. To him, Bitcoin is just not a technique to hedge or commerce — it’s simply cash itself.
All the things else is simply another person’s promise.
