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BTC New guidance highlights Bitcoin's expanding role in financial strategy
Strategy's latest report provides a comprehensive guide for institutions to adopt Bitcoin, emphasizing that its versatility goes beyond being a scarce asset on the balance sheet. The 21-page report, released on September 7, titled "Bitcoin Investors 'Guide", envisages Bitcoin as a reserve asset that can serve as an underlying foundation for stocks, credit, debt securities, derivatives and monetary-like instruments.
What is a six-layer structure?
This guide introduces a digital capital market concept based on a six-tier structure. At the lowest level, Bitcoin exists as a reserve asset; upwards, it includes digital capital, equity, credit, debt, derivatives and monetary instruments. This framework positions Bitcoin as something beyond a mere limited supply of assets, challenging traditional narrative methods.
Strategy, known for its business intelligence software and bitcoin-centric financial policies, has increasingly adopted this structured approach in its own balance sheet in recent years. "Strategy supports Bitcoin's role as a reserve asset, while advocating actively building securities, credit and liquidity management on this basis."
Is Bitcoin's influence in financial statements increasing?
As of September 7, the company held 845,050 bitcoins, with a total acquisition cost of approximately US$63.73 billion, and an average purchase price of US$75,412 per bitcoin. During the most recent reporting week, no additional Bitcoin purchases were made. After completing the acquisition for 4,603 bitcoins at the end of August, Strategy allocated $176.3 million for preferred share repurchases and increased its repurchase authority for digital credit securities to $2 billion.
This shift is consistent with the company's recent focus on repurchase of STRC (Strategy Treasury Reserve Certificates). Summer Bitcoin sales also showed that Strategy's financial management functions have gone beyond simple hoarding mechanisms.
Strategy points out that the financial infrastructure built around Bitcoin can support this transformation. On September 4, the bitcoin price was recorded at US$79,809, the 30-day daily trading volume was US$28.3 billion, and open positions were US$96 billion. Exchange-traded funds (ETFs) hold approximately 1.27 million bitcoins, more than 400,000 more than Strategy holds.
Bitcoin's infrastructure is increasingly maturing to support its broader financial role. The large number of ETF positions indicate increased institutional interest and adoption. Strategy focuses on diversified investments and is not limited to Bitcoin positions, reflecting its ability to adapt. Although the guide does not provide an independent valuation model, it highlights Strategy's belief in the potential evolution of Bitcoin: from a scarce resource to a cornerstone of an advanced financial system.
