- In today’s CEO Daily: Diane Brady talks to Strategy CEO Michael Saylor on the migration to digital capital.
- The big story: U.S. sides with Russia and China at the U.N. but a Ukraine mineral deal is in sight.
- The markets: Down, down, down.
- Analyst notes from Saxo (on Nvidia earnings), Wedbush (on Tesla), Apollo (on the S&P), Convera (on Trump’s tariffs).
- Plus: All the news and watercooler chat from Fortune.
Good morning. From 1989 to 2022, Michael Saylor was cofounder and CEO of MicroStrategy, recently rebranded as Strategy, a software company that was plodding along in the shadows of bigger rivals. Then Saylor pivoted the company to become a buyer of Bitcoin—a lot of Bitcoin. As of yesterday, it holds 499,096 Bitcoins. That’s worth about $46.6 billion, a number that could shift quite a bit by today or tomorrow, depending on supply and demand. While that can be said of any asset class, what’s different about Bitcoin is that it has no legislated or intrinsic value, no backing by a central bank or financial institution. That makes it speculative for many investors and a fan favorite among ransomware gangs—and others with a huge appetite for risk.
