When I gave this speech in October 2022, Bitcoin traded near $20,000, Strategy held 130,000 BTC worth about $2.6 billion, and $MSTR was ~$24 split-adjusted. Weeks later, after Bitcoin fell below $16,000, our debt exceeded the combined value of our BTC and cash reserves by ~$300 million, and $MSTR fell into the $13 range by year-end.
We stayed focused, strengthened the company, and executed our strategy. Since then, Strategy has raised over $60 billion of additional capital and invested it in Bitcoin, adding more than 716,000 BTC. Today, our BTC and USD reserves exceed debt by ~$48 billion. Thank you to everyone who believed, endured, and took the long view.
Strategy held 279,420 BTC when the stock hit an all time high of $543 in Nov of 2024.
Today Strategy owns 846,842 BTC and the price of MSTR trades at $112.
They’ve increased holdings 3x while watching the stock price drop -80% in 18 months.
Bitcoiners agree on the 99% that matters. We shouldn’t let the 1% divide us while nearly all global capital has yet to enter Bitcoin’s monetary network. The opportunity is bigger than the argument.
⚠️The US stock market has NEVER been this expensive:
The US equity market valuation has now reached the highest level on record.
This includes P/E, forward P/E, Shiller P/E, Price-to-Book, Price-to-Sales, EV/EBITDA, Q ratio, Warren Buffett indicator, and Return on Equity (RoE).
This combined metric is now higher than previous peaks seen before the Great Depression in 1929, or at the 2000 Dot-Com Bubble peak.
Historically, such periods have followed years of US stock market underperformance.
Is history set to repeat, or will the US equity market continue to thrive?
My beliefs: Retweets are notifications, not endorsements. Constructive dialogue leads to better outcomes. Bitcoin is hope and economic empowerment for everyone. Every good-faith effort to strengthen the network should be welcomed.
Bitcoin Technologist: Bitcoin reaches its full potential through continuous base-layer improvement that enhances scalability, usability, privacy, functionality, security, integrity, and compatibility as needs and threats evolve.
Bitcoin Capitalist: Bitcoin reaches its full potential by integrating with the global economy: currencies, credit, securities, companies, banks, institutions, governments, families, and individuals. Bitcoin is an open monetary network for everyone.