## MicroStrategy Accumulates Bitcoin at an Institutional Scale: A New Era of Institutional Interest

During the Bitcoin MENA conference in Abu Dhabi, a debate emerged about the role of Bitcoin in financial systems. Michael Saylor, Chairman of MicroStrategy, proposed a vision where Bitcoin functions as a core asset that needs to be processed into various financial instruments for a broader range of investors. This approach is akin to the model where oil transforms into different useful products for the market.

Economist Saifedean Ammous commented on this strategy, emphasizing that MicroStrategy’s perspective differs from the traditional approach of cryptocurrency advocates. According to Ammous, Saylor’s vision involves converting Bitcoin into financial assets accessible to institutional investors through traditional corporate channels.

## MicroStrategy’s Dominant Position in the Bitcoin Market

MicroStrategy has amassed an impressive 671,268 Bitcoin, representing 3.2% of the total global supply of this cryptocurrency. Data from December 15 shows that the average purchase price was around $75,000 per Bitcoin. The company's total investment reaches $50 billion, while the current net value of its Bitcoin holdings is $60 billion, indicating significant capital gains.

The company has conducted 90 separate purchase transactions since Q3 2020, demonstrating long-term commitment to accumulation. MicroStrategy’s holdings surpass those of the next largest corporate Bitcoin holder by twelve times, highlighting its exceptional position in the market.

## Exposure to Bitcoin via Financial Instruments

MicroStrategy’s capital structure allows investors to gain exposure to Bitcoin through Class A common shares, which act as leveraged positions on price movements. The company has issued several series of perpetual preferred shares dedicated to institutional investors, including convertible preferred bonds. This approach has attracted the attention of serious players, including the investment division of the Norwegian central bank. Norges Bank Investment Management holds MicroStrategy shares worth $500 million into the second half of 2024.

## Legislative Movements in the United States: Bitcoin as a State Reserve

The observed corporate strategy coincides with state-level actions. In spring 2025, fifteen US states announced efforts to establish Bitcoin reserves. Pennsylvania led this initiative by introducing the first state-level Bitcoin reserve bill in November 2024. Arizona, Florida, Texas, and Wyoming have taken similar legislative steps, signaling growing institutional appetite for Bitcoin.

## What Remains Unchanged About Bitcoin Despite Its Diverse Uses

Ammous maintains that regardless of financial instruments and applications, Bitcoin’s fundamental monetary properties remain unchanged. The economist views this discussion as an academic issue of limited practical significance for the evolution of cryptocurrency.

His perspective points to a long-term scenario where Bitcoin gradually assumes the role of money as the number of direct holders increases. Globally, the current monetary system generates an increase in money supply at a rate of 7% to 15% annually. The economist argues that companies will need to accumulate Bitcoin as strategic capital to access cheap debt financing in the future.