- Michael Saylor’s two-word post reconnects Bitcoin’s origin with corporate-scale conviction.
- Strategy’s massive Bitcoin treasury continues to trade at a deep market discount.
- A historic phrase now represents control of over 3% supply.
A brief post on X has drawn fresh attention to Bitcoin’s origins while spotlighting its largest corporate supporter, as Michael Saylor shared the phrase “Running bitcoin,” echoing Hal Finney’s earliest words. The timing of the post appeared intentional and symbolic, as Hal Finney originally used the phrase when Bitcoin first became operational and entered crypto history.
Saylor’s decision to repeat those words shifted focus beyond nostalgia and quickly redirected market attention to Strategy, the company he leads, and its massive Bitcoin exposure. Strategy, formerly known as MicroStrategy, now holds 673,783 BTC, which the firm accumulated at an average purchase price of $75,024 per Bitcoin.
At current market prices, the Bitcoin treasury exceeds $61.16 billion, representing an unrealized gain of 20.98% on the company’s total Bitcoin position. As a result, Strategy controls more than 3% of Bitcoin’s total supply, placing the firm among the most influential Bitcoin holders globally.
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Market Valuation Fails to Match Strategy’s Bitcoin Scale
Despite the size of its holdings, Strategy’s stock continues to trade below its underlying Bitcoin value, with a basic net asset value multiple of 0.739. On a diluted basis, the NAV multiple rises slightly to 0.823, yet the market still applies a notable discount to the company’s balance sheet. This valuation gap suggests billions in Bitcoin exposure remain unpriced, and the discount has persisted through five years of steady accumulation.
Strategy’s structure differs sharply from spot Bitcoin ETFs, as the company provides no redemption mechanism and applies no fee adjustments. Instead, Strategy functions as a leveraged Bitcoin proxy, meaning investor sentiment plays a major role in determining its share price.
From Early Bitcoin Experiment to Corporate Conviction
When Finney first used the phrase “running bitcoin,” it referred to individuals operating software on personal computers, with participation limited and largely experimental. Today, the same words describe a publicly traded company with a multi-billion-dollar Bitcoin position, reflecting Bitcoin’s expanding role within global finance.
Meanwhile, interest in Bitcoin has increased following the approval of spot ETFs, giving traditional investors more direct exposure options than before. However, Strategy has not adjusted its approach and continues to hold Bitcoin without hedging strategies or defined exit plans.
Saylor offered no explanation alongside his post, allowing the message to rely entirely on timing and historical context. That silence reinforced Strategy’s long-term stance on Bitcoin, linking the network’s earliest operational moment with its largest corporate conviction. This development highlights how a simple reference can connect Bitcoin’s past with its present scale, while Strategy’s $61B Bitcoin position remains central to ongoing market valuation debates.
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