Michael Saylor is the founder and executive chairman of Strategy, the former software company MicroStrategy, and since August 2020 he has turned it into the largest publicly listed holder of Bitcoin. According to a mandatory filing with the US Securities and Exchange Commission dated November 2, 2026, Strategy owns 849,327 BTC, bought at an average price of $75,451. That is about 4 percent of all the Bitcoin that will ever exist.
What is on record: Strategy finances these holdings almost entirely through the capital markets, with new shares, convertible bonds and a series of its own preferred shares. Our assessment follows further down, kept separate from the figures. The model works as long as investors are willing to pay more for the stock than for the Bitcoin behind it. For investors in Germany, Strategy therefore first raises a question of access: anyone who wants a share in Saylor's bet buys a US stock through a crypto broker or a brokerage account, under tax rules quite different from those for Bitcoin itself.
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