Strategy (MSTR) chairman Michael Saylor has drawn a direct analogy between accumulating cryptocurrency and an aristocratic sport. The billionaire posted a 25-second video filmed on a golf course, where he methodically sinks balls into holes while wearing a business suit in front of an audience.
The main message of the post is that investing in Bitcoin requires the same discipline and composure as playing the strategic “long game” on green fairways, where success depends on the ability to keep “eagling it again.” Saylor states directly in the video that “rich people like to buy Bitcoin” and “buying Bitcoin makes you rich,” summing up his actions with a concise remark: “I need to buy some Bitcoin.”
This philosophy is supported by the company’s September report. With $66 billion in Total Reserve Capital (TRC), Strategy ranked second among financial companies in the S&P 500, behind only Berkshire Hathaway, with $364 billion.
Traditional giants such as JPMorgan Chase (-$1.347 trillion) and Citigroup (-$619 billion) fell deep into negative territory due to the inclusion of customer deposits, while Strategy’s reserve coverage ratio reached a record 10.75x.
Strategy overpays for Bitcoin — and believes it is the right thing to do
A recent management maneuver that surprised short-term investors provided a practical example of this logic. During the summer, Strategy sold about 7,000 $BTC at prices ranging from $60,000 to $65,000, before buying back 4,603 $BTC in late August at $80,318 per coin, for a total of $370 million.
Strategy CEO Phong Le fully supported Saylor’s position, saying in an interview with Bloomberg that the company’s decisions depend “not on the Bitcoin rate, but on the cost of capital.”
According to him, the summer sale covered obligations related to preferred shares, while the August price surge allowed Strategy to raise $602.8 million in inexpensive funding from the stock market for new purchases. Le emphasized that the company would continue buying even at $100,000 because “the asset is bought whenever financing conditions allow it.”
Strategy currently holds 845,050 $BTC, worth approximately $65.2 billion at a price of $77,200, as well as $6.7 billion in cash.
Although independent analysts note that the TRC metric does not account for $14.8 billion in preferred-share obligations — excluding them would reduce net reserves to $50.7 billion — Wall Street increasingly views Strategy not as a speculative fund, but as a flexible “two-way capital management company” operating exclusively with a long-term horizon.
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