How Saylor’s $2 billion capital loop is quietly rewriting the rules of Bitcoin ownership

According to CryptoSlate, Michael Saylor published an essay arguing that institutional custody and securities can expand Bitcoin without eliminating self-custody. On the same day, Strategy reported $2.0065 billion in net MSTR share-sale proceeds, $5.10 billion in its USD Reserve, $1.59 billion in a new USD Cash pool, and a $136.4 million repurchase of STRC preferred stock while holding 840,447 BTC.

Saylor describes self-custody as a vital exit right and a check on intermediaries, while acknowledging that institutional custody adds legal and counterparty risks. The essay distinguishes unbacked unbacked promises from regulated exchange-traded products, company shares, preferred stock, bonds, and derivatives. Strategy's filings detail various cash categories, board-approved policies restricting reserves to preferred dividends and debt interest, and a discretionary Bitcoin Monetization Program. Strategy also explicitly states it is not an exchange-traded product and does not track underlying Bitcoin.

Additionally, the essay references BIP-110 as a test of consensus rules, which the BIP repository records as closed following a chain split and stalled mining.