Strategy released a Bitcoin Investor Guide dated September 7th, covering Bitcoin's monetary properties, investment case, market structure, portfolio role, custody options, and risks for institutional investors.

Company founder and chairman Michael Saylor announced the guide in a September 12th X post.

Saylor described Bitcoin as "an open, global reserve asset with absolute scarcity" and pointed readers to the guide, published on Strategy's website.

The guide's market snapshot, dated September 4th, put Bitcoin's price at $79,809, a 23.3% premium to its 200-week moving average. It reported a ten-year annualized return of 62.8%, even as Bitcoin was down 28.3% over the trailing year.

The document also cited a median rolling four-year return of 1,301.7% and a worst-case four-year return of 32.6%. On risk, it noted Bitcoin remains 36.1% below its all-time high and fell as much as 93.1% from peak to trough during a 2011 drawdown.

On market structure, the guide reported that spot Bitcoin ETFs held 1.27 million Bitcoin, with 30-day net inflows of $4.25 billion. It put Bitcoin's dominance of the broader digital asset market at 66% and network hashrate at 935 exahashes per second.

The guide measured Bitcoin's $1.6 trillion market capitalization against larger, more established asset classes: global real estate at $393.3 trillion, global fixed-income debt at $160.7 trillion, global equity markets at $157.8 trillion, and investible gold at $15 trillion.

Strategy has held Bitcoin as its primary treasury reserve asset since August 10th, 2020, a period the guide labels its "Bitcoin Standard Era." The document reported an annualized return of 37.2% over that stretch.

On Bitcoin's supply, the guide noted a fixed cap of 21 million coins, each divisible into 100 million satoshis. The current block subsidy of 3.125 Bitcoin is expected to fall to 1.5625 Bitcoin around 2028, when the network's next halving is due.