{"id":7577,"date":"2026-04-24T11:42:04","date_gmt":"2026-04-24T11:42:04","guid":{"rendered":"https:\/\/samer-choucair.com\/samer-choucair-strategy-is-no-longer-a-software-company-it-has-become-a-global-bitcoin-treasury-redefining-capital-markets\/"},"modified":"2026-04-24T11:42:04","modified_gmt":"2026-04-24T11:42:04","slug":"samer-choucair-strategy-is-no-longer-a-software-company-it-has-become-a-global-bitcoin-treasury-redefining-capital-markets","status":"publish","type":"post","link":"https:\/\/samer-choucair.com\/ar\/samer-choucair-strategy-is-no-longer-a-software-company-it-has-become-a-global-bitcoin-treasury-redefining-capital-markets\/","title":{"rendered":"Samer Choucair: Strategy Is No Longer a Software Company, It Has Become a Global Bitcoin Treasury Redefining Capital Markets"},"content":{"rendered":"<div class=\"captioned-image-container\">\n<figure><a class=\"image-link image2 is-viewable-img\" target=\"_blank\" href=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!NrC2!,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddaa69a9-1f06-49a2-b353-82bcd2be9924_1200x1600.jpeg\" data-component-name=\"Image2ToDOM\"><\/p>\n<div class=\"image2-inset\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!NrC2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddaa69a9-1f06-49a2-b353-82bcd2be9924_1200x1600.jpeg\" width=\"1200\" height=\"1600\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/ddaa69a9-1f06-49a2-b353-82bcd2be9924_1200x1600.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1600,&quot;width&quot;:1200,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:197168,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https:\/\/samerchoucair.substack.com\/i\/195338946?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddaa69a9-1f06-49a2-b353-82bcd2be9924_1200x1600.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" class=\"sizing-normal\" alt=\"\"><\/p>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><button type=\"button\" class=\"pencraft pc-reset pencraft icon-container restack-image\"><title><\/title><\/button><button type=\"button\" class=\"pencraft pc-reset pencraft icon-container view-image\"><\/button><\/div>\n<\/div>\n<\/div>\n<p><\/a><\/figure>\n<\/div>\n<p>In the context of reading the transformations underway in the digital asset market, investment leader Samer Choucair explains that Bitcoin is no longer viewed merely as a speculative asset, but has become the axis around which integrated institutional financial structures are being built, led by listed companies that have redefined the traditional concept of the treasury.<\/p>\n<p>A Radical Shift in the Concept of the Digital Institutional Treasury<\/p>\n<p>Choucair stated that Strategy, the new name for the formerly known MicroStrategy, represents one of the boldest models in redefining \u201ccorporate treasuries,\u201d where it no longer merely purchases Bitcoin, but has built around it an integrated financing structure and growth narrative.<\/p>\n<p>He noted that the company announced on April 20, 2026 the purchase of 34,164 Bitcoin during the period from April 13 to 19, at a total value of approximately $2.54 billion and an average price of $74,395 per unit. Its holdings thereby rose to 815,061 Bitcoin at a total cost of approximately $61.56 billion, with an average cost of $75,527 per Bitcoin.<\/p>\n<p>From a Software Company to a Global Bitcoin Treasury Entity<\/p>\n<p>Choucair explained that the company began in 1989 as a software and business analytics company, then gradually transformed since 2020 into a model centered on Bitcoin as a core element of its balance sheet and strategy.<\/p>\n<p>He added that the transformation accelerated when the company announced on February 5, 2025 its rebranding as Strategy, then became legally named Strategy Inc. officially on August 11, 2025, in a step that was not merely cosmetic but an expression of a fundamental shift in institutional identity.<\/p>\n<p>Dual Leadership and a Dual Strategy<\/p>\n<p>Choucair noted that Michael Saylor serves as Executive Chairman since 2022, while Phong Le handles day-to-day executive management.<\/p>\n<p>He affirmed that the market has come to treat the company as a \u201cBitcoin Treasury Company,\u201d despite its continued activity in software, analytics, and artificial intelligence.<\/p>\n<p>The Financing Mechanism, Converting Capital Markets Into a Bitcoin Purchasing Machine<\/p>\n<p>Choucair stated that the company does not rely solely on operating profits, but has developed a direct financing model linking capital markets to Bitcoin purchasing.<\/p>\n<p>He explained that in March 2026 the company announced two at-the-market financing programs valued at $21 billion through STRC shares and $21 billion through MSTR shares.<\/p>\n<p>The STRC Instrument, A Variable-Yield Income Model<\/p>\n<p>Choucair noted that the STRC instrument represents perpetual preferred shares with a variable yield, where the yield in April 2026 reached approximately 11.50% on the par value of $100, with the caveat that this yield is monthly variable and not guaranteed.<\/p>\n<p>He highlighted that the purpose of this instrument is to attract investors seeking periodic income, not merely exposure to Bitcoin risk or the MSTR share, thereby broadening the investor base within the company\u2019s ecosystem.<\/p>\n<p>A Cash Reserve to Mitigate Liquidity Risks<\/p>\n<p>Choucair added that the company announced in December 2025 the establishment of a cash reserve of $1.44 billion designated to support preferred share distributions, with the goal of reducing the likelihood of selling Bitcoin to cover cash obligations.<\/p>\n<p>The BTC Yield Indicator, A New Measure of Treasury Performance<\/p>\n<p>Choucair explained that the company uses an internal indicator called BTC Yield to measure the growth of Bitcoin holdings relative to the number of diluted shares.<\/p>\n<p>He noted that this indicator recorded 9.5% since the beginning of 2026, which management uses to justify that expansion in financing for Bitcoin purchasing may enhance value per share if conducted in a disciplined manner.<\/p>\n<p>The Accumulation Path, Between Reality and Analysis<\/p>\n<p>Choucair stated that market analyses point to the possibility of the company\u2019s holdings reaching one million Bitcoin by or during the end of 2026, but he emphasized that this scenario does not represent an officially announced target.<\/p>\n<p>He explained that official data confirms the existence of financing programs and the continuation of accumulation, but does not include an explicit commitment to this figure.<\/p>\n<p>A New Model for Institutional Treasuries in the Digital Age<\/p>\n<p>Choucair noted that Strategy\u2019s importance lies not only in the volume of its purchases, but in converting Bitcoin into the axis of the company\u2019s identity and financing policy, through the integration of public markets with digital assets within a single structure.<\/p>\n<p>He highlighted that the company has begun offering events and platforms such as Bitcoin for Corporations and Strategy World 2026 to promote this institutional model.<\/p>\n<p>The Gulf and Saudi Implication, From the Asset to the Ecosystem<\/p>\n<p>Choucair explained that the most important lesson is not in replicating the company\u2019s model, but in understanding the deeper structure it has created, where value in the digital economy is no longer tied only to the asset, but to the surrounding ecosystem.<\/p>\n<p>He noted that opportunities in Saudi Arabia and the Gulf may lie in institutional custody of digital assets, cybersecurity, blockchain infrastructure, compliance and regulatory services, digital treasury instruments, computing linked to sustainable mining, tokenized financing, or executive education in digital assets.<\/p>\n<p>A Strategic Vision, The Gulf\u2019s Position in the Digital Economy<\/p>\n<p>Choucair affirmed that Saudi Arabia and the Gulf do not need to replicate the American model, but to build their own regional model grounded in infrastructure, institutional trust, and the linking of capital with technology and regulation.<\/p>\n<p>He noted that the Kingdom, within Vision 2030, possesses the prerequisites to be a candidate for becoming a regional hub for digital asset infrastructure, benefiting from energy, financing, and growing demand for digital transformation.<\/p>\n<p>From Buying Bitcoin to Reengineering the Market<\/p>\n<p>Choucair concluded by affirming that what Strategy is doing is not merely repeated purchase operations, but a reengineering of the relationship between the listed company, the capital market, and the digital asset.<\/p>\n<p>He affirmed that the lesson for investors in Saudi Arabia and the Gulf does not lie in tracking fast-moving headlines, but in understanding the deep structure. Future value may not lie only in owning Bitcoin, but in owning a position within the ecosystem being built around it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the context of reading the transformations underway in the digital asset market, investment leader Samer Choucair explains that Bitcoin is no longer viewed merely as a speculative asset, but has become the axis around which integrated institutional financial structures are being built, led by listed companies that have redefined the traditional concept of the [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":7579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"class_list":["post-7577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter"],"acf":[],"_links":{"self":[{"href":"https:\/\/samer-choucair.com\/ar\/wp-json\/wp\/v2\/posts\/7577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/samer-choucair.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/samer-choucair.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/samer-choucair.com\/ar\/wp-json\/wp\/v2\/comments?post=7577"}],"version-history":[{"count":0,"href":"https:\/\/samer-choucair.com\/ar\/wp-json\/wp\/v2\/posts\/7577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/samer-choucair.com\/ar\/wp-json\/wp\/v2\/media\/7579"}],"wp:attachment":[{"href":"https:\/\/samer-choucair.com\/ar\/wp-json\/wp\/v2\/media?parent=7577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/samer-choucair.com\/ar\/wp-json\/wp\/v2\/categories?post=7577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/samer-choucair.com\/ar\/wp-json\/wp\/v2\/tags?post=7577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}