Strategy: From Software Firm to World's Largest Bitcoin Treasury Company
Strategy, formerly MicroStrategy, transitioned from a business intelligence software firm to a Bitcoin treasury company after adopting BTC as its primary reserve asset in 2020. Under co-founder Michael Saylor, the company has aggressively acquired Bitcoin, primarily through convertible note sales, raising billions to fund purchases. As of 2026, Strategy holds over $40 billion in Bitcoin and has become the largest corporate holder of the cryptocurrency. However, its strategy faces scrutiny as MSTR shares fell 70% from August 2025 to February 2026, and its market cap dropped below its Bitcoin holdings' value. In May 2026, Strategy revised its 'never sell' stance to 'never be a net seller,' signaling potential offloading. Saylor claims the company can cover $6 billion in debt even if Bitcoin falls to $8,000, backed by a $1.44 billion cash reserve. The firm continues to raise capital via preferred stock offerings like Strike (STRK) to fund further Bitcoin purchases.
Key facts
- Strategy adopted Bitcoin as primary reserve asset in 2020, holding over $40B in BTC as of 2026.
- Company raises funds primarily through convertible notes and preferred stock offerings like Strike.
- MSTR share price fell 70% from August 2025 to February 2026, mNAV dropped below 1.
- Revised 'never sell' policy to 'never be a net seller' in May 2026, allowing potential Bitcoin sales.
- Saylor claims $1.44B cash reserve covers $6B debt even if Bitcoin falls to $8,000.