Historical Context
Exactly 17 years after Hal Finney made history with his inaugural tweet stating “Running bitcoin,” Michael Saylor echoed those very words on January 10, 2026. This date marks a significant anniversary; Finney’s original tweet on January 11, 2009, was a confirmation of Bitcoin’s operational status, paving the way for cryptocurrency advent.
Michael Saylor’s Bitcoin Treasury
Saylor’s tweet came as his company, now called Strategy (formerly MicroStrategy), manages an impressive Bitcoin treasury consisting of 673,783 BTC, acquired at an average price of $75,024 each, currently valued at approximately $61.16 billion, demonstrating a notable unrealized gain of around 21%.
Market Performance and Valuation
Despite these gains, the trading value of MSTR shares significantly underperforms relative to its assets, reflecting a base net asset value (NAV) multiple of just 0.739 and a diluted NAV of 0.823. This discrepancy hints at unrecognized value that has persisted even as Strategy has been actively accumulating Bitcoin over the past five years.
Institutional Hesitance and Bitcoin’s Financial Implications
This assertion resonates amidst a renewed wave of interest in Bitcoin’s financial implications, especially given the recent emergence of spot exchange-traded funds (ETFs). Unlike many of these new financial products, Saylor’s firm stands as a high-leverage proxy for Bitcoin, lacking both redemption options and fee reductions, remaining steadfastly in its investment strategy.
Conclusion
Currently, the enterprise value of the company reflects just below 96% of its Bitcoin assets, indicating hesitance from institutional investors to appraise Strategy at par with its predominant asset. The term “running Bitcoin,” once a simple call to action directed at tech enthusiasts setting up software in 2009, now denotes a publicly traded firm that controls over 3% of Bitcoin’s total supply—a bold position taken without any hedges, contingency plans, or excuses. Saylor’s tweet, shared on such a notable date, spoke volumes without needing further clarification.
