Strategy releases new Bitcoin investor guide, shifting focus from holding BTC to broader areas

Strategy releases a new version of its Bitcoin Investor Guide, focusing on macro strategies beyond mere holding positions.

Strategy (formerly MicroStrategy), a company known for its large-scale holding of Bitcoin, recently released a new guide for institutional investors. The guide goes far beyond the simple accumulation of Bitcoin as a balance sheet asset. The 21-page document, updated on September 7, positions Bitcoin as not only a scarce commodity, but also a core pillar of emerging digital capital markets.

Bitcoin: The cornerstone of the digital financial system

This guide outlines a framework in which Bitcoin forms the reserve base of a multi-layered financial architecture. According to the document, the system is built upward from Bitcoin and includes five additional levels: digital capital, digital equity, digital credit, digital debt, digital derivatives, and the final level of digital currency. Each layer contains financial instruments with different risk and return characteristics, all of which are ultimately based on the stability of Bitcoin, a core asset.

This vision greatly expands the Bitcoin narrative that has traditionally focused on scarcity, advocating cryptocurrencies as the cornerstone for building new types of equity, credit and derivatives in digital markets.

Mini Dictionary: "Strategy" is a widely watched corporate entity in the cryptocurrency field. It is famous for its large investment in Bitcoin and its research on digital asset strategies.

Balance sheet development and treasury strategy adjustment

The timing of the guidance's release coincides with significant changes in the company's own approach. As of September 7, the company reported holding 845,050 bitcoins with a cumulative purchase cost of $63.73 billion, with an average cost per coin of $75,412. However, in recent weeks, the company has not increased its Bitcoin position. Instead, after increasing its holdings of 4,603 bitcoins at the end of August, Strategy used $176.3 million to repurchase preferred shares and expanded its repurchase authority for digital credit securities to $2 billion.

This shift marks a departure from the company's previous practice of continuously investing every available fund in Bitcoin accumulation. Strategy's partial sales of Bitcoin throughout the summer also showed that its treasury strategy has become more dynamic and is actively balancing digital asset holdings with broader capital management strategies.

Key data indicators (as of September 7)

• Total Bitcoin holdings: 845,050 BTC
• Average purchase price: US$75,412 per Bitcoin
• Total expenses: US$63.73 billion
• Recent Bitcoin purchases: 4,603 (end of August)
• Preferred share repurchase amount: US$176.3 million
• Digital credit repurchase authorization: US$2 billion

Bitcoin Market Dynamics and ETF Performance

According to Strategy's September 4 snapshot data, the price of Bitcoin is US$79,809. Data shows that the average daily trading volume in the past 30 days was US$28.3 billion, the value of open interest in the derivatives market was US$96 billion, and the number of bitcoins held by exchange-traded funds (ETFs) was approximately 1.27 million.

ETF accumulation of bitcoin now exceeds Strategy's own holdings by more than 400,000, highlighting the main trend of institutions adopting cryptocurrencies as reserve assets.

Risk factors and the evolution of investment narratives

This guide provides specific warnings for investors. During the one-year period ending September 4, Bitcoin recorded a negative return of-28.3%, although its 10-year-old annualized rate of return remained at a strong 62.8%. Strategy emphasized that Bitcoin does not generate contractual cash flows, does not follow traditional valuation anchors, and remains at risk of a significant price decline.

The company directly acknowledges its economic interest in the popularization of Bitcoin. Given Strategy's Bitcoin treasury and its securities tied to the value of Bitcoin, the company disclosed potential conflicts of interest to readers.

Strategy presents Bitcoin as not only a scarce asset, but also a collateral that can support a complex financial system, evolving with the deep financial infrastructure built around it.

Although the document is not an independent valuation model, it provides a blueprint showing how Bitcoin's role in the global financial system can expand from a simple store of value to a key component of digital capital formation.