Michael Saylor, Strategy’s chief executive, expects Bitcoin to move back above $100,000, a target well below his previous projection of $13 million per coin by 2045. The company holds roughly 650,000 bitcoins acquired at an average cost of about $74,000 each and values this reserve through its listed shares. To finance the cash dividends on its preferred shares without selling bitcoins, Strategy relies in particular on common-stock issuance and its mNAV ratio, as part of a plan to raise $84 billion by the end of 2027. U.S. spot bitcoin ETFs, which collectively hold more than one million bitcoins, also exert a growing influence on market flows and the asset’s price.
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