Strategy, formerly known as MicroStrategy, has evolved from a business intelligence software company into one of the most significant Bitcoin holders among publicly traded corporations. Co-founded by Michael Saylor in 1989, the company went public on NASDAQ in 1998 under the ticker MSTR before dropping "Micro" from its name in February 2025.
The company's transition to a Bitcoin-focused treasury strategy began in 2020, when Saylor championed a $250 million Bitcoin purchase as a hedge against dollar devaluation. This represented a significant shift for Saylor, who had previously expressed skepticism about Bitcoin. The investment philosophy positioned Bitcoin as a dependable store of value with long-term appreciation potential.
The Debt-Funded Acquisition Model
Strategy's Bitcoin accumulation strategy relied heavily on raising short-term debt through convertible notes, which it converted into Bitcoin purchases. The company announced plans in October 2024 to raise up to $42 billion and secured shareholder approval in January 2025 for a 30x increase in Class A common shares. It subsequently launched a series of preferred stock offerings—Strike (STRK), Stretch (STRC), Stride (STRD), Strife (STRF), and Stream (STRE)—each designed for investors with different risk tolerances.
Measuring Performance and Financial Metrics
Strategy's valuation premium over its net asset value, measured through mNAV (multiple to net asset value), reached 3.89x in November 2024 but fell below 1 as Bitcoin prices declined in 2026. In response, the company overhauled its investor metrics in July 2026, introducing "net Bitcoin per share" to account for preferred stock and convertible debt obligations. This recalculation shifted the company's apparent discount to approximate parity with the same share price.
The company also established separate cash reserves to manage its obligations. In December 2025, Strategy created a USD Reserve designated for preferred dividends and debt interest, later adding a USD Cash account in August 2026 for general treasury purposes, including potential Bitcoin purchases and security repurchases.
A Shift in Bitcoin Philosophy
Strategy abandoned its long-held "never sell Bitcoin" stance in May 2026. CEO Phong Le stated the company would sell Bitcoin if it improved per-share metrics or helped manage debt and dividend obligations. Saylor clarified that the new goal was to "never be a net seller."
In June 2026, the company formalized this shift with a "Digital Credit Capital Framework" and "BTC Monetization Program" authorizing up to $1.25 billion in Bitcoin sales. Since May 2026, Strategy has sold 6,948 BTC for approximately $432.5 million, with proceeds directed toward preferred dividends and security buybacks. The company halted Bitcoin purchases after June 2026.
Current Holdings and Future Direction
As of August 28, 2026, Strategy holds 840,447 Bitcoin accumulated across 113 purchases at an average price of $75,653, making it the largest Bitcoin treasury among publicly traded companies at roughly 4% of total Bitcoin supply. The position has experienced significant volatility, moving from a $13 billion underwater position in July 2026 to approximately $3.2 billion above cost by August 28, 2026.
Saylor has outlined a longer-term vision for Strategy as a "Bitcoin bank" with potential trillion-dollar valuation, though the company has not bought Bitcoin since June 2026. Other public companies including Marathon Digital Holdings, Riot Platforms, and Metaplanet have adopted similar Bitcoin treasury strategies.
