Michael Saylor Unveils 'Bill of Digital Rights' as Strategy Teases More Bitcoin Buying

WASHINGTON, 28 SEPTEMBER 2026 —

Michael Saylor, the executive chairman of Strategy (MSTR), has laid out an ambitious regulatory framework for digital assets that he argues could unlock a $100 trillion industry, while separately signaling that the company's Bitcoin (BTC) accumulation campaign is far from over.

"An asset's value depends on what its owner can do with it," he wrote. "Restrict its usefulness, and you restrict its economic potential." The statement encapsulates his broader critique of what he sees as a regulatory environment that protects incumbent business models while making it harder for new ventures to raise capital — an approach he argues "leaves the economy poorly prepared for technological change." The timing of the essay is notable.

It lands just as Strategy appears to have resumed its aggressive Bitcoin buying after a two-week pause. The company disclosed on September 21 that it had acquired 950 BTC for $75.7 million, bringing its total holdings to 846,000 coins with a cost basis of roughly $63.8 billion. At current prices near $84,500, that position is worth approximately $71.5 billion. A central plank of Saylor's framework involves reshaping how banks interact with cryptocurrency.

He advocates for allowing financial institutions to custody Bitcoin and extend loans against it using standard commercial lending criteria, rather than treating it as an exceptionally high-risk asset class. He specifically took aim at the Basel Committee's 1,250% risk weighting applied to certain crypto holdings, arguing that policymakers should reconsider the requirement so Bitcoin owners can access credit without liquidating their positions. That weighting is the most punitive number in the global bank capital framework.

Under the Basel Committee's cryptoasset standard, known as SCO60 and in force since January 1, 2026, Bitcoin and Ether sit in "Group 2b," the bucket reserved for unbacked crypto. A 1,250% risk weight means that at the 8% minimum capital ratio a bank must hold capital equal to 100% of a position's value: $100 of Bitcoin ties up $100 of capital, against roughly $8 for a comparable equity exposure.

A separate cap limits a bank's entire Group 2 book to 2% of Tier 1 capital, with a 1% soft trigger that pushes all of it into the harsher treatment. Saylor's target is not, however, a rule his home market enforces.

The United States rejected the fixed 1,250% weight through Executive Order 14178 and the July 2025 Digital Assets Report, which described it as "anti-innovation" and "anti-competitive" and directed federal banking agencies toward a risk-based framework tied to observed volatility and liquidity instead. The European Union applies the Basel treatment on a transitional basis, and the United Kingdom has committed to it with its own calibration.

The Basel Committee itself agreed in November 2025 to expedite a targeted review of the cryptoasset rules, with the growth of stablecoins the proximate trigger — so the treatment Saylor is attacking may not be final even in the jurisdictions that adopted it. The proposal also addresses tokenized securities, envisioning a system where investors maintain direct ownership of assets and can move them across service providers without custodial lock-in.

Saylor noted that the Securities and Exchange Commission has already floated modifications to transfer-agent rules that would accommodate blockchain-based record-keeping, suggesting his vision may be closer to regulatory reality than it first appears.

On the money side, Saylor argues that "digital dollars" should be allowed to compete on yield and operate at what he calls "the speed of light." Banks, fintech startups, and technology platforms should all be able to offer digital dollar products that integrate with consumer applications and deliver competitive returns. Where existing law prevents this, he wrote, "the law should change." Saylor frames the entire proposal against the backdrop of artificial intelligence.

He argues that while AI will increase production and automate many tasks, it will also make existing products obsolete and require societies to generate new businesses at an unprecedented pace. That, in turn, demands capital markets capable of funding innovation quickly. "Our ambition should be to enable 10 million new companies to raise capital," he wrote, setting a concrete target for the entrepreneurial ecosystem he hopes the framework would support.

He also anticipates that autonomous AI agents will eventually need dedicated digital wallets and access to programmable, continuously operational payment infrastructure — a use case that current financial rails are not designed to handle.

Separately, Saylor posted a chart on X Saturday showing Strategy's Bitcoin holdings marked with orange circles, accompanied by the caption "Even more orange." The graphic listed 846,000 BTC with a market value of $71.81 billion at the time it was captured, and an average acquisition price of $75,416 per coin. The post follows a pattern that has become familiar to Strategy watchers.

On August 30, Saylor shared a similar holdings chart with the message "We're Back" when the company's reported position stood at 840,447 BTC. The next day, Strategy disclosed a $369.7 million purchase totaling 4,603 coins. That sequence has established a precedent: a Saylor chart tease often precedes an official disclosure of new acquisitions. Strategy typically reveals its Bitcoin purchases every Monday.

Its most recent filing with the SEC, covering the week ending September 20, confirmed the 950 BTC addition and also noted that the company spent $174 million repurchasing shares of its STRC preferred stock during the same period. Strategy sold no shares under its at-the-market offering program that week, funding both the purchase and the buyback from cash already on the balance sheet.

Those repurchases, and the dividends on its preferred stock, have not been funded by equity alone.

Related: Strategy · Basel Committee · Michael Saylor