Michael Saylor's Bitcoin Treasury Strategy Explained
Since August 2020, Strategy (formerly MicroStrategy, ticker MSTR), led by executive chairman Michael Saylor, has pioneered the Digital Asset Treasury (DAT) model — replacing cash reserves with Bitcoin and using corporate capital markets to accumulate BTC at scale. Understanding how DAT companies raise capital, why their equity trades at a fluctuating multiple to net asset value (mNAV), and where the structural risks lie is essential for anyone trading Bitcoin or crypto-linked equities. ...