MICHAEL SAYLOR INTERVIEW ON BLOOMBERG RADIO MicroStrategy continued to buy more BTC, bringing its total holdings to 582,000 BTC, worth more than $60 billion. All purchases from 2020 to now are profitable Michael Saylor has pushed back against criticism from speculator Jim Chanos, who said MicroStrategy stock is overvalued for the amount of bitcoin the company holds. Saylor said that Chanos didn't understand their business model at all. MicroStrategy is currently the world's largest issuer of bitcoin-backed credit instruments. They have issued three types of preferred shares including STRK, STRD, and STRF to raise capital without diluting the common stock. The company uses bitcoin as collateral to raise long-term, low-risk, and often non-repayment capital. This money continues to be used to buy more BTC, helping to optimize profits. Saylor affirmed that MicroStrategy is not an ETF or asset holding company, but a business that operates with a financial strategy around bitcoin. He believes this explains why the company's shares always trade higher than NAV's net worth. In the first half of 2025, MicroStrategy generated $8.4 billion in bitcoin profits and aims to reach $15 billion for the full year. According to Saylor, if you apply a valuation factor of 10 to 20 times to that profit, the company's value will be much greater. Compared to ETFs such as Invesco PGX (preferred stock ETF), Saylor said their preferred stock offers higher yields, better tax efficiency, higher liquidity, and is fully collateralized in BTC