Key Takeaways
- Saylor, executive chairman of Strategy, said he’s comfortable with the company owning up to 7% of the world’s total Bitcoin supply, but not all of it.
- He noted that 97% of the total Bitcoin supply is already held by others.
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Strategy could hold as much as 7% of the world’s Bitcoin, Michael Saylor told CNBC on Friday, but he pushed back on the idea of total dominance, saying the company has no intention, or ability, to own the entire supply.
“I don’t think we’ll get all of it,” said Saylor when asked whether there’s such a thing as too much Bitcoin for Strategy to own or if it could ever own all of it. “I don’t think in the range of 3-5% or 3-7% is too much.”
Following its latest acquisition of 21,000 BTC this week, Strategy’s Bitcoin holdings have grown to 628,791 BTC, equivalent to nearly 3% of the total coin supply. The company’s Bitcoin stash is now valued at approximately $73 billion.
“We had very little when Bitcoin was $10,000,” Saylor noted. “And now Bitcoin is more than $100,000, and 97% of Bitcoin is worth ten times as much. And somebody else, not us, has it. So it is a practical matter. What we’re doing is we’re monetizing and powering up this.”
Pressed on whether he would desire to own all of Bitcoin, Saylor asserted that complete control wasn’t the goal.
“We wouldn’t want to own all of it; we want everybody else to have their piece,” Saylor said, adding that he’s encouraged by the growth of corporate adoption, which supports the idea of widespread, decentralized participation in the Bitcoin ecosystem.
“There are 160 companies that are capitalizing on Bitcoin in the public market, up from about 60 last year. So the Bitcoin treasury movement’s exploding,” he added.
“The big idea,” Saylor said, “is to take digital capital, issue digital credit, and offer securities tailored to different investor profiles.”
Aggressive Bitcoin strategy as ‘digital capital’ play
Saylor described Bitcoin as “digital capital” and reiterated that Strategy’s core business model is to accumulate Bitcoin and issue “digital credit” like preferred equity to strip out volatility for investors while offering structured yield and exposure to the underlying asset.
“We see Bitcoin as digital capital. The business model of the company is to accumulate the digital capital and then issue digital credit like preferred stocks against that digital capital in order to strip the volatility and the risk of Bitcoin and provide yield to investors,” Saylor said.
Asked whether the strategy relied too heavily on Bitcoin’s success, Saylor remained bullish. “Our 20-year forecast for Bitcoin is 30% ARR,” he said, arguing that digital assets are replacing 20th-century physical stores of value like gold, real estate, and treasuries.
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