Just 17 years after Hal Finney typed “Running bitcoin” on X, Michael Saylor posted the exact same phrase.
The date was not just a guess. On Jan. 11, 2009, Finney sent the first-ever tweet confirming that Bitcoin was up and running. On Jan. 10, 2026, Saylor put on a near-perfect anniversary show — simple and calculated — as the company he runs holds one of the world’s biggest Bitcoin treasuries.
Strategy, formerly known as MicroStrategy, owns 673,783 BTC, which they bought on average for $75,024. At current prices, that stake is worth over $61.16 billion — a 20.98% unrealized gain.
Even so, MSTR shares are still trading way below their net asset value, with a basic NAV multiple of 0.739 and a diluted NAV of 0.823. That spread leaves billions in unpriced exposure, even after five years of consistent accumulation.
The message also comes at a time when there is a lot of interest in Bitcoin’s role in the world of money again. While there are now spot ETFs, Saylor’s firm continues to operate as a high-leverage BTC proxy — without redemption features, without fee compression and without strategic drift.
Running Bitcoin in 2026
The company’s enterprise value currently reflects just under 96% of its BTC holdings, suggesting that institutional investors are still reluctant to value Strategy at the same level as its main asset.
Back in 2009, “running Bitcoin” was all about getting software together on your own machine and hooking it up to a network with a couple of folks. In 2026, it now describes a public company that holds over 3% of the total Bitcoin supply — with no hedge, no escape plan and no excuse.
Saylor did not explain his tweet — the date did the talking.
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