Strategy has made public its Bitcoin Investor Guide, a document written by its team and revised on Sept. 7, 2026. The market data cited in the guide is current through Sept. 4.
The guide is intended for professional investors, individual investors, bankers, advisers, and capital allocators. It lays out Bitcoin’s monetary characteristics, investment thesis, market structure, role in portfolios, custody approaches, and risk profile.
Bitcoin presented as digital capital
The guide’s core argument is that Bitcoin is no longer only a speculative asset. It describes BTC as becoming a foundation for a new digital capital market, calling it a scarce, open, global reserve asset.
According to the document, Bitcoin’s long-term case rests on scarcity, open access, global liquidity, and independent verification. It also says Bitcoin could absorb part of the monetary premium currently attached to gold, real estate, equities, bonds, and art.
The guide places strong emphasis on Bitcoin’s identity as “digital capital.” It says the asset has a fixed maximum supply of 21 million coins, no issuer, no maturity date, and no contractual cash flow. In that framework, value is driven mainly by scarcity and the monetary premium assigned by the market. The document also says Bitcoin can be held directly, transferred globally, and verified independently.
Market snapshot through Sept. 4
The guide includes a set of key market figures as of Sept. 4, 2026. Bitcoin was listed at about $79,809, while its 200-week moving average stood at about $64,715, implying a premium of roughly 23.3%.
- 1-year return: about -28.3%
- 10-year annualized return: about 62.8%
- 30-day average trading volume: about $28.3 billion
- Open interest: about $96 billion
- Spot ETF holdings: about 1.27 million BTC
- Network hash rate: about 935 EH/s
Institutional access and market infrastructure
The guide says institutional access improved significantly after the U.S. Securities and Exchange Commission approved spot Bitcoin ETPs in January 2024. It also notes that futures, options, and custody infrastructure have continued to mature.
Risks highlighted in the document
On risk, the guide says Bitcoin remains highly volatile and carries no repayment promise, meaning prices can fall sharply.
It adds that self-custody, third-party custody, ETPs, corporate securities, and derivatives each involve different legal, operational, and counterparty risks. Because transactions are irreversible, lost keys can lead to permanent loss.
The document also states that Strategy, as a publicly listed company holding a large amount of Bitcoin, has an economic interest tied to Bitcoin’s price.
It says explicitly that the guide is for educational purposes only and does not constitute investment advice.