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BTC Strategy releases a new version of its Institutional Bitcoin Guide: Capital Market Blueprint beyond "Holding"
Strategy recently released a new Institutional Bitcoin Guide, pushing Michael Saylor's core argument from simply "holding BTC on corporate balance sheets" into a broader field. The 21-page Bitcoin Investor's Guide, revised on September 7, describes Bitcoin as the infrastructure of a potential emerging "digital capital market." Around this foundation, financial instruments such as equity, credit, debt, derivatives and currencies can be constructed.
This framework transcends traditional scarcity narratives. Strategy divides the emerging system into six levels: digital capital, digital equity, digital credit, digital debt, digital derivatives and digital currency. Bitcoin sits at the bottom level as a reserve asset, while financial instruments with different risk and return characteristics are built on top of it.
is building the theoretical system it sells
The timing of this release is noteworthy as Strategy's own balance sheet structure is increasingly close to that described in the guide. As of September 7, the company held 845,050 bitcoins, with an average purchase cost of approximately US$75,412 each, and a total cost of approximately US$63.73 billion. During the reporting period of the latest report, the company did not purchase any more bitcoins, having only added 4,603 bitcoins at the end of August. Instead, the company spent $176.3 million to repurchase preferred shares and doubled its digital credit securities repurchase authorization to $2 billion.
This shift began when Strategy recently decided to prioritize repurchase of STRC (MicroStrategy Capital Trust II) rather than continuing to invest every dollar in Bitcoin purchases. In addition, this followed its Bitcoin sales over the summer, indicating that the company's treasury is no longer a one-way accumulation tool.
The new guidance essentially provides a conceptual explanation: Bitcoin can continue to remain a reserve asset, while companies can proactively manage the securities, credit and liquidity around it.
Bitcoin ETF already holds 1.27 million BTC
Strategy also believes that the financial infrastructure surrounding Bitcoin is becoming deep enough to support this transformation. Its market snapshot on September 4 showed that the Bitcoin price was US$79,809, the daily trading volume reached US$28.3 billion on the 30th day, the value of open interest was US$96 billion, and the number of bitcoins held by exchange-traded funds (ETFs) was approximately 1.27 million.
ETF holdings alone account for more than 400,000 more bitcoins than Strategy's own fund pool.
TheGuidelines also acknowledge the trade-offs. As of September 4, Bitcoin's one-year yield was-28.3%, although its ten-year annualized yield remained at 62.8%. Strategy made clear that Bitcoin has no contractual cash flow, lacks traditional valuation anchors, and could suffer severe retractions.
This caution is crucial because Strategy has a direct economic benefit to Bitcoin's popularity. The company's own statement states that readers should consider its conflict of interest: the company owns a large amount of Bitcoin and issues securities whose value may be affected by Bitcoin.
So this is not an independent valuation model, but a blueprint that illustrates how Strategy believes Bitcoin has evolved from a scarce asset to a collateral that supports an increasingly complex financial system.
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