#StrategyPlaybook: The Saylor Model Is No Longer a Bet — It's a Blueprint When Michael Saylor started buying Bitcoin with company money in 2020, most CFOs thought he'd lost his mind. In 2026, they're copying his homework. The playbook is simple on paper: issue stock and debt, buy Bitcoin, repeat. Strategy now holds 815,061 BTC — the largest corporate Bitcoin position on the planet — acquired at an average price of $75,527 per coin. Total cost basis: $61.56 billion. The machine keeps running. Just last week, Strategy added another 34,164 BTC in a single week using proceeds from its preferred stock program. That preferred stock innovation is the new chapter of the playbook. STRC — Strategy's variable rate preferred stock — raised $1.56 billion in March alone, offering an 11.5% annual dividend. Fixed-income investors who would never touch Bitcoin directly are now funding Bitcoin purchases through a yield instrument they understand. Binance Research called it a potential "new sector-wide structural bid for Bitcoin" if it spreads to other companies. It's already spreading. Strive raised over $250 million through a similar structure. Metaplanet is executing the same model in Japan. And the broader Digital Asset Treasury sector now has enough participants that Saylor's approach has stopped being eccentric and started being a category. What makes Strategy different from the copycats is the leverage and the scale. MSTR stock is up 7.1% year-to-date versus Bitcoin's 1.5% — the leverage multiplier working exactly as designed. But that same lever cuts down when Bitcoin falls. Strategy is buying at $75,000 on a cost basis that's underwater against current prices. They're not worried. They're buying more. Concentration married to conviction. That's the whole playbook. #StrategyPlaybook