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Michael Saylor didn’t just break the rules. He built an entirely new scoreboard.
Strategy, his public company once known for enterprise software, has now posted a mind-melting $14 billion in unrealized gains for the second quarter of 2025 — all from Bitcoin. That single stroke of accounting genius, enabled by a switch to fair-value reporting, vaulted Strategy into the same tier as Big Tech giants, with quarterly operating profits over $10 billion.
Read that again: a publicly traded software company that turned itself into a Bitcoin vault just reported one of the largest quarterly profits in American history — without selling a single satoshi.
In any other era, they’d call this a bubble, a con, a fantasy. But in the twilight of late capitalism, these numbers are no longer a glitch. They’re the feature.
Michael Saylor has become the Leader of Late Capitalism, and here’s why that should scare you — and why you will still end up begging to buy MSTR at $500.
Short-sellers like Jim Chanos have been pounding the table, insisting Strategy is the dumbest way to own Bitcoin. Their thesis is simple: if you want Bitcoin, buy Bitcoin. Why pay a corporate premium?
