Strategy Inc., formerly known as MicroStrategy, has significantly increased its Bitcoin holdings, now valued at approximately $80 billion. This substantial investment places the company's corporate treasury among the largest in the United States, rivaling those of tech giants like Amazon and closing in on the second-largest corporate treasury.
A Bold Bitcoin Strategy
Under the leadership of Michael Saylor, Strategy began its Bitcoin accumulation in August 2020 with an initial purchase of 21,454 BTC for around $250 million. Since then, the company has aggressively expanded its Bitcoin reserves, viewing the cryptocurrency as a superior store of value compared to cash. As of September 29, 2025, Strategy holds 640,031 BTC, representing approximately 3.2% of the total Bitcoin supply. The average purchase price is reported to be $66,384.56 per Bitcoin, with a total cost of $33.139 billion. However, more recent data indicates a cumulative investment of around $47.35 billion, with an average cost of approximately $73,983 per Bitcoin.
Ascending the Corporate Treasury Ranks
Strategy's massive Bitcoin treasury has propelled it into the upper echelons of corporate finance. The company's Bitcoin holdings now exceed the market capitalizations of major banks and even surpass the likes of Starbucks. Strategy's treasury size is now ranked among the top five in the U.S., surpassing companies like Apple, Meta, and Tesla. With Amazon and Microsoft's cash holdings around $95 billion, Strategy is within striking distance of surpassing either, depending on Bitcoin's price movement and any future purchases.
Impact and Market Influence
Strategy's unwavering commitment to Bitcoin has had a ripple effect on the cryptocurrency market and the broader corporate world. As more companies consider Bitcoin as a treasury asset, Strategy's approach serves as a case study for how digital assets can be integrated into corporate financial strategies. Institutional investors often look to Strategy's treasury as a gauge of sentiment, and the company's actions can influence market dynamics.
Financial Engineering and Bitcoin Accumulation
Strategy has primarily financed its Bitcoin acquisitions through convertible notes and equity offerings. The company issues stock when it believes the company is overvalued and uses it to buy more Bitcoin. Investors have the option to convert their initial loan into shares of Strategy stock. This financial strategy allows Strategy to acquire Bitcoin without depleting its operational funds.
Potential Risks and Criticisms
Despite the apparent success of Strategy's Bitcoin strategy, it is not without risks. The company's fortunes are closely tied to the volatile nature of Bitcoin. A significant downturn in Bitcoin's price could lead to liquidity issues and the potential need to sell assets at unfavorable prices. Some analysts also point out that Strategy's market capitalization includes a substantial premium over its Bitcoin holdings, suggesting that investors are paying a high price for exposure to the cryptocurrency through the company's stock.
A Pioneer in Corporate Bitcoin Adoption
Strategy's embrace of Bitcoin as a primary treasury asset has been a bold and transformative move. While other major corporations have hesitated to allocate significant portions of their treasuries to Bitcoin due to volatility concerns, Strategy has doubled down on its strategy, amassing a substantial digital asset portfolio. This approach has not only boosted the company's profile but has also contributed to the growing legitimacy of Bitcoin as a corporate asset.
