Strategy, formerly MicroStrategy, has revised its Bitcoin Investor Guide to present Bitcoin as the reserve asset underpinning a proposed digital capital market spanning equity, credit, debt, derivatives and money. Executive Chairman Michael Saylor promoted the 21-page framework on X on Sept. 12, describing Bitcoin as an open global reserve asset with absolute scarcity. The guide argues that Bitcoin's 21 million-coin supply cap, independent verification and global transferability could support long-term demand, while acknowledging that demand, adoption, custody choices and market conditions determine investor outcomes. Strategy held 845,050 BTC as of Sept. 7, acquired for about $63.73 billion at an average cost of $75,412. The company says its Bitcoin holdings and Bitcoin-linked securities give it a direct financial interest in the adoption thesis, while warning that leverage, fees, corporate structures, counterparty failures and forced liquidations can cause losses even if Bitcoin rises over time.