Strategy's Bitcoin Holdings Surge 150% to $62.6 Billion

Michael Saylor, the former CEO of Strategy, implemented a bold strategy in August 2020 by adopting Bitcoin as the company's primary treasury reserve asset. This decision was driven by a deep concern about the future of fiat currency, particularly as governments were printing money at record levels during the COVID-19 pandemic, leading to rising inflation. Saylor saw Bitcoin as a digital, fixed-supply asset that could hold purchasing power over time, referring to it as "digital gold."

Strategy's initial purchase of 21,454 BTC for $250 million marked the beginning of a transformative journey. Over the next few years, Saylor reshaped Strategy into a company with a dual identity: a tech firm and a Bitcoin corporate treasury vehicle. The company's aggressive Bitcoin accumulation strategy, often referred to as the "Bitcoin flywheel," involved raising funds through low-interest debt or stock sales, using the capital to buy large amounts of Bitcoin, and then reinvesting the profits from the rising stock price back into more BTC purchases.

By June 2025, Strategy had acquired 582,000 BTC at an average price of roughly $70,086 per Bitcoin, totaling around $40.79 billion. This made Strategy the largest publicly traded company holding Bitcoin directly on its balance sheet, although it is not the biggest overall Bitcoin holder. The company's market cap reached roughly $106 billion, with its Bitcoin holdings valued at about $62.6 billion, indicating a 70% premium due to investor confidence in Saylor’s strategy.

Despite the risks associated with Bitcoin's price volatility and the company's significant debt, Strategy has held firm in its corporate Bitcoin strategy. The long-term price growth of Bitcoin has helped offset these risks, but the company still faces challenges, including billions in debt coming due. Critics like short-seller Jim Chanos have questioned the strategy, calling it "financial gibberish" and warning about the dangers of mixing a tech business with a speculative asset. However, Saylor remains unshaken, arguing that Strategy is creating a more efficient, modern version of corporate finance.

Strategy's Bitcoin journey is marked by several key milestones, including the initial purchase in August 2020, multiple rounds of convertible notes and stock offerings, and continued buying even during the crypto bear market. These milestones reflect Saylor’s commitment to the Bitcoin strategy and have helped Strategy become the largest publicly traded Bitcoin holder in the world. Saylor resigned as CEO in August 2022, moving into the role of executive chairman to focus on the company’s Bitcoin acquisition strategy while handing CEO duties to Phong Le.

Michael Saylor’s strategy has had a significant impact on the broader financial system, legitimizing Bitcoin as a real asset for corporate treasuries and encouraging other companies to consider allocating to BTC. The "Strategy model" has created a blueprint for businesses looking to hedge against inflation and diversify with digital assets. The success of Bitcoin spot ETFs and new accounting guidelines have made digital assets more accessible, driving the convergence between traditional finance and crypto. Saylor’s vision of Bitcoin reaching $1 million and the broader trend of rising digital asset adoption among corporations and funds highlight the influence of his strategy.