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Strategy Calls Bitcoin ‘Core of Digital Capital Markets’
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Strategy has declared in its latest Bitcoin Investor Guide that Bitcoin is transitioning from a speculative asset to a core asset of digital capital markets. The company cited improved institutional access and expanded market infrastructure as key drivers, arguing that Bitcoin’s long-term value rests on four pillars: scarcity, open access, global liquidity, and independent verifiability. As of the 4th, Bitcoin traded approximately 23.3% above its 200-week moving average, and U.S. spot ETFs held 1.27 million BTC. However, The Motley Fool columnist Dominic Basulto countered that Strategy repeatedly sold low and bought high this summer, exposing structural flaws in the Bitcoin treasury company model. Strategy’s stock has fallen 58% over the past year, and other Bitcoin treasury companies have also struggled.
Key Elements
Strategy has declared that Bitcoin (BTC) is no longer merely a speculative asset but rather a core asset of digital capital markets. The company’s assessment is that Bitcoin’s role is fundamentally expanding as institutional investor access improves and market infrastructure matures.
According to crypto-focused media outlet Odaily, Strategy laid out this view in its latest “Bitcoin Investor Guide.” The company explained that Bitcoin’s long-term value rests on four pillars: scarcity, open access, global liquidity, and independent verifiability.
Strategy further projected that Bitcoin could absorb some of the monetary premium currently attached to traditional assets such as gold, real estate, equities, bonds, and art. The logic: Bitcoin is not simply a vehicle for price appreciation but a store of value capable of encroaching on the territory of established asset classes.
Market indicators cited in the guide support the narrative of Bitcoin’s institutional integration. As of the 4th, Bitcoin traded at approximately $79,809, about 23.3% above its 200-week moving average of $64,715. While the one-year return was a disappointing -28.3%, the 10-year annualized return stood at approximately 62.8%.
At the same time, Bitcoin’s 30-day average trading volume was approximately $28.3 billion, and futures open interest (OI) totaled roughly $96 billion. U.S. spot Bitcoin exchange-traded funds (ETFs) held a combined 1.27 million BTC, while the Bitcoin network hashrate reached approximately 935 EH/s.
Strategy did, however, make clear that Bitcoin remains a highly volatile asset with no principal repayment guarantee. The company added that holding methods — direct custody, third-party custody, exchange-traded products (ETPs), or derivatives — each carry their own operational, legal, and counterparty risks.
‘Buying High, Selling Low’ Controversy
Despite this optimistic assessment, skeptics in the market have raised questions about Strategy’s actual trading behavior. Dominic Basulto, a columnist at U.S. investment media outlet The Motley Fool, recently pointed out that Strategy repeatedly “sold low and bought high” this summer.
According to Basulto, Strategy sold Bitcoin on four separate occasions between June 30 and August 10 at prices ranging from $59,256 to $64,262. Then, on August 31, the company bought Bitcoin at $80,318 — its first purchase in several weeks.
“The company needed cash at the time it was selling,” Basulto wrote. “It had to dispose of Bitcoin to fund operations and pay preferred stock dividends, and it had no choice but to accept whatever price the market offered.”
He highlighted the structural limitations of the Bitcoin Treasury Company model. The model only works when Bitcoin prices are rising; when prices fall or trade sideways, the profit logic collapses. Basulto noted that Strategy’s selling during June and July — when Bitcoin prices were rangebound — serves as evidence of this dynamic.
Bitcoin Treasury Companies Struggle
The bigger problem is that many Bitcoin treasury companies are facing difficulties. Some are trading at market capitalizations below the value of their Bitcoin holdings, while others are shutting down entirely or pivoting to other growth sectors such as artificial intelligence (AI). There are also cases of smaller Bitcoin treasury companies being absorbed through mergers and acquisitions by larger peers.
Stock performance has been equally poor. Strategy (NASDAQ: MSTR) has fallen 58% over the past year, while Twenty One Capital has dropped 71% and Strive has plunged 78%.
Basulto concluded: “You’re better off just buying Bitcoin and waiting for a price rebound than buying shares of a Bitcoin treasury company. While these companies could outperform Bitcoin in the short term, there is no way to beat Bitcoin over the long term.”
It should be noted that this represents one investor’s personal view and stands in contrast to the perspective outlined in Strategy’s guide. Strategy emphasizes long-term value accumulation based on Bitcoin’s institutional adoption and infrastructure maturation, while critics point to problems with the company’s own financial structure and trading timing.
The trajectory of Bitcoin prices, Strategy’s fundraising capacity, and the overallhe outcome of this debate going forward
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Source: finance.biggo.com