Michael Saylor has done it again, going straight to the heart of the matter. The Strategy chairman, who has spent the last five years turning his company into a pure Bitcoin play, summed things up in one line.
This framing comes at a time when Strategy's balance sheet looks more like a sovereign reserve than a corporate ledger.
As of Sept. 22, the company has 639,835 BTC, bought since August 2020, with a total cost of just over $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 being bought for $73,972, and with Bitcoin trading higher, the unrealized profit margin is already more than 52%. That is like $72.3 billion in market value locked away, which is a war chest that no regular treasurer could ever match with fiat instruments.
Strategy doing numbers with Bitcoin
In September alone, Strategy added more than 7,300 BTC across four separate purchases, each recorded with a rising cost basis as the market absorbed supply.
The market is responding accordingly to the strategy. The firm's market cap is now at $95 billion, with its enterprise value peaking above $110 billion. It is clear from things like market NAV ratios that there ia a premium, which shows how investors are valuing the Bitcoin stack that is part of the equity.
Saylor's message is about branding as much as it is about the balance sheet. To him, Bitcoin is not a way to hedge or trade — it is just money itself.
Everything else is just someone else's promise.
