Michael Saylor didn’t simply break the principles. He constructed a wholly new scoreboard.
Technique, his public firm as soon as recognized for enterprise software program, has now posted a mind-melting $14 billion in unrealized features for the second quarter of 2025 — all from Bitcoin. That single stroke of accounting genius, enabled by a change to fair-value reporting, vaulted Technique into the identical tier as Massive Tech giants, with quarterly working earnings over $10 billion.
Learn that once more: a publicly traded software program firm that turned itself right into a Bitcoin vault simply reported one of many largest quarterly earnings in American historical past — with out promoting a single satoshi.
In another period, they’d name this a bubble, a con, a fantasy. However within the twilight of late capitalism, these numbers are now not a glitch. They’re the characteristic.
Michael Saylor has change into the Chief of Late Capitalism, and right here’s why that ought to scare you — and why you’ll nonetheless find yourself begging to purchase MSTR at $500.
Quick-sellers like Jim Chanos have been pounding the desk, insisting Technique is the dumbest approach to personal Bitcoin. Their thesis is straightforward: if you need Bitcoin, purchase Bitcoin. Why pay a company premium?
