Bitcoin at $79,809 as Strategy Releases 21-Page Investor Guide

Strategy ($MSTR) has released a 21-page investor guide that defines Bitcoin (BTC) as 'digital capital for the 21st century.' The guide describes Bitcoin not merely as an investment asset but as foundational infrastructure for stocks, credit, debt, and derivatives. Updated September 7, the guide uses market data as of September 4.

The guide outlines Bitcoin's monetary properties, investment rationale, market structure, portfolio role, storage methods, and risks. Targeted at institutional investors, individual investors, bankers, advisors, and capital allocators, it highlights Bitcoin's capped supply of 21 million coins, open accessibility, global transferability, and independent verifiability as key investment logic.

Strategy proposes a capital market structure where Bitcoin sits at the base, with digital stocks, credit, debt, derivatives, and currency building upward based on risk tolerance and return profiles. As of September 4, Bitcoin traded at $79,809 (approximately KRW 117.18 million), 23.3% above its 200-day moving average of $64,715 (KRW 86.91 million). One-year return stood at -28.3%, while the 10-year annualized return was 62.8%. Other metrics included a 30-day average trading volume of $28.3 billion (KRW 3.87 trillion), open interest in derivatives of $96 billion (KRW 12.91 trillion), and Bitcoin dominance at 66%.

The guide clarifies that direct ownership, physical ETPs, Bitcoin-holding company stocks, preferred shares, bonds, futures, and options all provide exposure to Bitcoin but differ in legal rights, revenue structure, leverage, custody, and counterparty risk. Strategy warns that institutionalization shifts risks rather than eliminates them, citing historical data: Bitcoin's maximum observed drawdown was 93.1%, with worst annual returns of -83.6% over one year and 32.6% over four years.

Michael J. Saylor, Strategy CEO, stated that the guide examines Bitcoin's monetary attributes, investment logic, market structure, portfolio role, and custody risks. The guide is educational only and does not recommend buying, selling, or holding Bitcoin or related products. It notes that market data reflects a snapshot as of September 4 and does not guarantee future prices or returns.