Strategy’s $73 Billion Bitcoin Holdings Reach Historic Milestone

Strategy, the company formerly known as MicroStrategy, now owns 638,985 Bitcoin worth approximately $73 billion, making it the largest corporate Bitcoin holder in the world.

The company’s latest purchase came between September 8-14, when it bought 525 Bitcoin for $60.2 million at an average price of $114,562 per coin. This brings Strategy’s total investment to around $47.2 billion, generating paper gains of roughly $26 billion based on current Bitcoin prices.

From Software to Digital Gold

Strategy started buying Bitcoin in August 2020 under the leadership of Executive Chairman Michael Saylor. The company changed its name from MicroStrategy to Strategy in February 2025 to reflect its focus on Bitcoin investing rather than its original business intelligence software.

The transformation has been dramatic. Strategy’s market value jumped from $1.1 billion in August 2020 to nearly $94 billion today. However, this creates what experts call a “premium” – the stock trades at about 1.29 times the actual value of its Bitcoin holdings.

The Money Machine Behind the Purchases

Strategy funds its Bitcoin buying through several methods. The company sells different types of stock, including regular shares and special preferred stocks with names like Strike, Strife, and Stride. It also issues convertible bonds – a type of debt that can turn into stock.

In 2024, Strategy announced its ambitious “21/21 plan” to raise $42 billion by 2027. Half would come from selling stock, and half from debt. The goal is simple: buy more Bitcoin.

The company achieved a 25% “Bitcoin yield” in 2025, meaning it increased its Bitcoin holdings per share despite selling more stock. This metric shows Strategy can grow its Bitcoin holdings faster than it dilutes shareholders.

According to Strategy’s Q2 2025 report, the company raised over $10 billion in the second quarter alone through these funding methods.

Market Impact and Corporate Trend

Strategy’s bold move has inspired other companies. More than 161 publicly traded companies now hold Bitcoin on their balance sheets. The trend accelerated in 2025 after new laws called the GENIUS Act and CLARITY Act made it easier for institutions to own Bitcoin.

Source: @saylor

However, Strategy faces growing competition. Bitcoin exchange-traded funds (ETFs) now offer investors a simpler way to gain Bitcoin exposure without the complexity of Strategy’s business model. These ETFs have attracted nearly $70 billion in investments by mid-2025.

Some analysts worry about Strategy’s influence on Bitcoin markets. The company owns about 2.5% of total Bitcoin supply, giving it significant market power. Critics question whether one company should control so much of a decentralized currency.

Risks and Rewards of the Bitcoin Bet

Strategy’s approach comes with serious risks. The company’s stock price moves more dramatically than Bitcoin itself – when Bitcoin drops, Strategy’s stock typically falls further. When Bitcoin rises, the stock usually gains more.

The premium that investors pay for Strategy stock has changed over time. In August 2025, the company relaxed rules about when it would sell stock, causing a sharp sell-off. The company’s current market NAV (net asset value) multiple sits at around 1.29 times.

Financial experts also worry about sustainability. As Strategy accumulates more Bitcoin, it becomes harder to increase Bitcoin holdings per share. In 2021, the company needed just 2.6 Bitcoin to generate one basis point of yield. By 2025, that number jumped to 58 Bitcoin.

Strategy also faces dividend obligations on its preferred stocks. The company has issued various preferred stock offerings, but the specific annual obligation amount varies based on market conditions and issuance terms.

The company’s core software business has struggled, with Q4 2024 revenue missing analyst expectations and declining 3% year-over-year.

Regulatory Wins and Future Outlook

Strategy received good news in August 2025 when a lawsuit challenging its Bitcoin accounting methods was dismissed. The company can now report Bitcoin holdings at current market value instead of the lower purchase price, making its financial statements more accurate.

New accounting rules that took effect in January 2025 allow Strategy to show gains when Bitcoin rises, not just losses when it falls. This change reduced the artificial volatility in the company’s reported earnings.

Strategy continues buying Bitcoin weekly, though in smaller amounts than before. The company’s latest purchases show it remains committed to its Bitcoin strategy despite market volatility and growing competition.

The Verdict on Strategy’s Bitcoin Gambit

Strategy has proven that a public company can successfully use Bitcoin as a treasury asset, generating massive returns while inspiring widespread corporate adoption. However, the model faces challenges from competition, premium compression, and the mathematics of diminishing returns as the Bitcoin holdings grow larger. Whether this pioneering approach can maintain its momentum remains the key question for investors watching the world’s most ambitious corporate Bitcoin experiment.