MicroStrategy executive chairman Michael Saylor recently appeared on CNBC’s Squawk Box, where he described Bitcoin as “digital capital” and explained how his company has structured its entire business model around this concept. The Bitcoin advocate outlined how MicroStrategy operates by issuing digital credits similar to preferred stocks and then using those funds to accumulate more Bitcoin holdings.
Aggressive Funding Strategy Fuels Bitcoin Accumulation
Saylor revealed that MicroStrategy has completed four major funding rounds throughout this year, demonstrating the company’s commitment to its Bitcoin-focused strategy. The firm raised $500 million in two separate occasions, followed by a $1 billion raise, and culminated with their largest effort yet – a $2.5 billion preferred stock offering.
The final funding round proved particularly significant, as MicroStrategy sold 28 million shares of Series A Perpetual Preferred Stock at $90 per share. This offering earned recognition as the largest U.S. IPO of 2025 by gross proceeds, highlighting the scale of investor interest in the company’s Bitcoin-centric approach.
Following this substantial capital raise, MicroStrategy wasted little time in deploying the funds. On July 29, the company announced it had purchased an additional 21,021 BTC for approximately $2.46 billion, bringing their total Bitcoin holdings to 628,791 BTC. At current market prices, this stash carries a value of roughly $71.91 billion and represents about 3% of Bitcoin’s total 21 million supply cap.
Michael Saylor says he’s going to keep raising billions in cheap capital until MicroStrategy owns at least $3 trillion in Bitcoin and has a market cap of $10 trillion dollars.
A $10 trillion market cap is a 120x from here. pic.twitter.com/zb1ll55sAG
— The ₿itcoin Therapist (@TheBTCTherapist) December 6, 2024
Long-Term Vision and Market Positioning
When discussing the company’s Bitcoin investment thesis, Saylor emphasized his view that BTC functions as a 50-year duration asset. He believes Bitcoin investors are positioned to benefit from potential upside that could extend across multiple decades, reinforcing his long-term commitment to the asset class.
Addressing questions about whether MicroStrategy might eventually own too much Bitcoin, Saylor clarified that the company has no intention of cornering the entire market. He noted that owning up to 7% of the Bitcoin supply wouldn’t be unreasonable, pointing out that BlackRock currently holds more BTC through its iShares Bitcoin Trust ETF, which contains 740,896 BTC.
Saylor stressed that MicroStrategy wants other entities to participate in what he calls the “Bitcoin pie,” indicating the company supports broader institutional adoption rather than monopolization. He highlighted growing corporate interest in Bitcoin treasury strategies, noting that over 160 public companies now hold Bitcoin compared to just 60 firms last year.
Looking ahead, Saylor maintains optimistic projections for Bitcoin’s performance, suggesting the asset could deliver an average annual return of 30% over the next two decades. Based on this projection, he estimates Bitcoin’s price could potentially reach approximately $13 million per coin.
Corporate Adoption Momentum
The continued institutional adoption of Bitcoin as a treasury asset reflects growing confidence in the cryptocurrency’s long-term value proposition. MicroStrategy’s aggressive accumulation strategy and successful capital raises demonstrate that investors remain willing to back Bitcoin-focused corporate strategies despite market volatility.
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