Strategy’s Michael Saylor says the next Bitcoin bull market has already begun

Strategy's bitcoin treasury model dates to August 2020, when Michael Saylor's software firm, then MicroStrategy, began buying bitcoin as its primary reserve asset instead of cash. New fair-value accounting rules adopted this year now let Strategy book unrealized gains on its holdings as earnings, which is how the company reported $19.5 billion in third-quarter net income even as it keeps adding coins through regular at-the-market share sales.

Shareholders who bought into Strategy for bitcoin exposure now hold a shrinking claim on each coin, since new stock issued to fund purchases like the 811 BTC buy dilutes existing investors' per-share bitcoin backing. Strive, running a smaller version of the same playbook, added 124 BTC the same week. Both companies' boards keep choosing issuance over restraint, a bet that rising bitcoin prices outpace dilution, leaving long-term holders to judge whether that trade still favors them.

Saylor's claim that a new bull market has begun rests on bitcoin's growing ties to traditional finance, yet he names monetary policy as the obstacle that could blunt it. That tension is worth stating plainly: a corporate treasury strategy built on continuous debt and equity issuance depends on favorable rates and investor appetite, not on bitcoin's original design as money outside the banking system. The two goals do not always pull in the same direction.

Strategy's 8-K filing shows the 811 bitcoin were bought between October 26 and November 1 at an average $80,846 per coin, a pace of weekly disclosure that has become the market's clock for tracking corporate accumulation. The next filing, along with any update from Strive, will show whether both firms keep buying at similar size or scale back, a signal of whether this treasury strategy remains attractive once issuance costs and dilution draw more scrutiny.

The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.