Bitcoin
is not enough.
Michael Saylor made accumulating Bitcoin a corporate mission. But that mission comes with a bill in dollars.
One man.
One direction.
Saylor leads the Bitcoin strategy. Phong Le is CEO. The bitcoin on Strategy’s balance sheet belongs to the company.
A company figure, not Saylor’s personal wealth.
Capital
becomes Bitcoin.
Shares, debt and preferred stock: three ways to raise money. Three different commitments to those who provide it.
Treasury and other uses
Buying MSTR means owning equity. New issuance increases the number of shares: BTC per share matters too.
Debt provides capital with repayment terms; convertible instruments can become shares under their stated conditions.
Preferred shares have their own rights and dividends. They differ from MSTR common shares and from owning BTC directly.
Model overview · choose an instrument
Two currencies.
Two jobs.
Bitcoin sits at the heart of the treasury. For dividends and interest, Strategy maintains a dollar reserve.
845,050 BTC in the treasury. Their dollar value changes with the market.
$5.10 billion in the reserve intended to support dividends and interest.
As of August 30, 2026. The reserve includes expected proceeds from share sales not yet settled; it is separate from USD Cash.
Payments
need capital too.
In the same week, proceeds from MSTR share sales funded both Bitcoin purchases and STRC dividends.
August 24–30, 2026 · two reported uses of MSTR proceeds, not the full allocation.
What does it cost
to keep going?
This is part of Saylor’s portrait too: how much bitcoin the company accumulates, and on what terms it can raise money.
Archive photo · Barcelona, 2013- 01Accumulation
Total BTC and BTC per share
- 02Fundraising
Access to capital and its cost
- 03Payments
Cash, dividends and interest
The conviction is public. So are the filings.