Strategy Builds World’s Largest Corporate Bitcoin Treasury

Strategy, the company formerly known as MicroStrategy, has built the largest corporate Bitcoin treasury, holding roughly 843,706 BTC accumulated since 2020. The company financed most purchases through convertible senior notes and multiple preferred-stock offerings created to raise funds for Bitcoin purchases.

The firm began buying Bitcoin in 2020 after an initial $250 million purchase led by co-founder and chairman Michael Saylor. At the time, Saylor described Bitcoin as “a dependable store of value and an attractive investment” compared with holding cash. In February 2025 the company dropped “Micro” from its name to reflect a public identity centered on its Bitcoin holdings.

Strategy’s funding strategy has relied heavily on debt and equity instruments tailored to Bitcoin buying. Offerings included Strike (STRK), priced at $80 per share, and later products marketed as Stretch, Stride, Strife and Stream. In February 2025 the company sold $2 billion of convertible senior notes. The board had earlier authorized a plan that signaled as much as $42 billion in potential future fundraising, and shareholders approved a 30-for-1 split of Class A common shares in January 2025 to create capacity for additional purchases.

As of June 2026 the holdings total about 843,706 BTC, worth roughly $61 billion depending on bitcoin’s market price. Strategy reports an average acquisition cost near $75,701 per bitcoin, producing paper losses when market prices trade below that level.

The company revised its long-standing pledge not to sell Bitcoin. During the Q1 2026 earnings call, CEO Phong Le stated, “We will sell Bitcoin when it’s advantageous to the company.” Saylor added that the firm aims to “never be a net seller.” In late May 2026 an SEC filing showed Strategy sold 32 BTC at an average price of about $77,135; the company said proceeds would fund preferred stock distributions.

Market and accounting effects have followed Strategy’s accumulation. The firm’s market value traded at a large premium to net asset value in 2024, reaching a multiple near 3.9, but that premium had fallen by early 2026 as bitcoin declined and the company’s market capitalization moved below the reported value of its bitcoin holdings. Strategy’s share price fell about 70% between August 2025 and February 2026. The company reported large impairment-related losses, including a multibillion-dollar markdown in Q4 2025 and a net loss of $12.54 billion in Q1 2026 driven mainly by bitcoin markdowns.

Concerns about the firm’s financing position have prompted action on cash reserves. In December 2025 Strategy created a cash buffer, initially depositing $1.44 billion and later adding to it. In May 2026 the company used roughly 61% of that buffer to repurchase $1.5 billion of convertible notes, leaving about $871 million earmarked for debt service and dividend payments.

Saylor has outlined plans for Strategy beyond holding bitcoin, proposing the company could evolve into a bitcoin-focused financial institution and offering the treasury approach to other corporate boards. He presented the idea publicly to at least one major board, which declined to add bitcoin to its balance sheet.

Strategy continued to add to its treasury at times and to develop funding tools aimed at supporting future bitcoin purchases. The company’s accumulation since 2020, the introduction of tailored securities and the acceptance of limited sales to meet obligations have been central elements of its public reporting and investor communications.