MSTR (Strategy) Ranks 27th in $2.16B Trading Volume as Bitcoin-Packed Treasury Hits $71B Now Fifth-Largest Corporate Treasury Globally

On September 9, 2025, Strategy (MSTR) closed at $330.30, down 0.42%, with a trading volume of $2.16 billion, ranking 27th in market activity for the day

MicroStrategy, now operating under the Strategy brand, disclosed holding 638,460 Bitcoin valued at $71 billion as of September 8. This positions the firm as the fifth-largest corporate treasury globally, surpassing Apple ($55B) and Tesla ($37B) in total assets. The company recently acquired an additional 1,955 BTC at $111,196 per unit, raising its average cost basis to $73,880 per Bitcoin. The move coincided with a brief Bitcoin price spike above $112,200 before retreating

Investor concerns persist despite the company’s Bitcoin-driven 1,308% three-year returns. Shares have fallen 26% since July, pressured by the firm’s reversal of a pledge to avoid stock dilution if its market-to-Bitcoin NAV ratio dipped below 2.5x. Additionally, Strategy’s exclusion from the S&P 500—despite meeting technical criteria—fueled skepticism about its Bitcoin-centric treasury model. The index committee opted for Robinhood instead, reflecting broader institutional caution toward crypto-heavy balance sheets

Back-test parameters require clarification: Universe scope (e.g., S&P 1500 vs. all U.S. stocks), timing (pre-market vs. close-based rankings), position duration (one-day exit at open), weighting methodology (equal vs. volume-weighted), and frictional cost inclusion (e.g., 1 bp per transaction). A benchmark like SPY may also be included for context. Implementation choices will shape the strategy’s performance evaluation