TL;DR
- Saylor compared bitcoin accumulation to golf, arguing that “wealthy people buy bitcoin” and that buying bitcoin creates wealth.
- Strategy ranks second in S&P 500 reserves with $66 billion, surpassed only by Berkshire Hathaway with $364 billion.
- Saylor’s company sold around 7,000 BTC between $60,000 and $65,000, and bought back 4,603 BTC in August at $80,318 per unit, for a total of $370 million.
The executive chairman of Strategy, Michael Saylor, posted a 25-second video recorded on a golf course where, wearing a business suit, he methodically sinks putts in front of an audience.
The central message of Saylor’s clip is: “Wealthy people buy bitcoin” and “buying bitcoin makes you wealthy“. The analogy stems from Saylor equating bitcoin accumulation with the “long game” of the aristocratic sport, where discipline and composure determine the outcome. The video closed with a phrase that sums up his position: “I need to buy some bitcoin“.
Play the long game. pic.twitter.com/BXslAHd4Y5
— Michael Saylor (@saylor) September 3, 2026
Saylor: The Logic of Long-Term Capital
Strategy’s September report underpins that philosophy. With $66 billion in Total Reserve Capital (TRC), the company positioned itself second among financial companies in the S&P 500, trailing only Berkshire Hathaway, which holds $364 billion. Traditional giants such as JPMorgan Chase and Citigroup posted negative reports due to the inclusion of client deposits, while Strategy’s reserve coverage ratio reached a record 10.75x.
The most controversial maneuver of the period was the apparent buyback paradox. During the summer, the firm sold approximately 7,000 BTC at prices ranging between $60,000 and $65,000 per unit. Weeks later, in August, it bought back 4,603 BTC at $80,318 each, with a total investment of $370 million.
Strategy CEO Phong Le explained the logic behind the operations: purchasing decisions do not depend on the asset’s price, but on the cost of capital. The summer sale covered obligations tied to preferred shares, while the August rally allowed the company to raise $602.8 million in cheap financing from the equity market to make new acquisitions. Le added that the company will continue buying even at $100,000 per unit, because the criterion is when financing conditions allow it.
Real Reserves Under Scrutiny
Independent analysts noted that the TRC indicator does not account for $14.8 billion in preferred share obligations. Once that liability is deducted, net reserves would fall to $50.7 billion. Strategy currently holds 845,050 BTC valued at approximately $65.2 billion, plus $6.7 billion in cash. Despite the methodological challenge,
