Strategy, formerly MicroStrategy, has fundamentally shifted its identity to become a premier Bitcoin treasury company. Under the leadership of co-founder and chair Michael Saylor, the firm has executed an aggressive strategy of acquiring Bitcoin for its corporate reserves.
Originally established in 1989 as a business intelligence software provider, Strategy's trajectory changed dramatically in 2020. Driven by concerns over fiat currency devaluation and inflation, Saylor initiated the company's first Bitcoin purchase of $250 million, viewing it as a hedge against economic uncertainty and a superior store of value compared to cash.
Strategy's approach involves leveraging the sale of convertible notes to raise capital for further Bitcoin acquisitions. This model has inspired other publicly traded companies in the digital asset space. The firm has signaled its commitment to this strategy, planning significant capital raises to expand its Bitcoin holdings.
Michael Saylor, now a prominent advocate for Bitcoin, has undergone a significant evolution in his stance. Previously expressing skepticism, he now champions Bitcoin as a long-term asset, committing to continuous accumulation. Saylor projects Bitcoin's value to reach $13 million per coin within two decades.
However, Strategy's Bitcoin treasury gambit has faced considerable scrutiny. Critics point to the company's market capitalization often trading at a premium to its Bitcoin holdings, and the potential for forced Bitcoin sales to repay billions in convertible notes if the share price declines significantly.
In response to these concerns, Strategy has established substantial cash reserves to cover its debt obligations, even in scenarios where Bitcoin's price experiences sharp declines. Saylor asserts the company's capacity to manage its debt even if Bitcoin falls to $8,000.
As of February 2026, Strategy holds 717,131 Bitcoin, valued at nearly $48 billion, positioning it as the largest Bitcoin treasury among publicly traded companies. Saylor envisions Strategy evolving into a "Bitcoin bank" with a trillion-dollar valuation, developing capital market instruments tied to Bitcoin.
Strategy has also actively promoted its Bitcoin playbook to other corporations, though its pitch to the Microsoft board for Bitcoin adoption was ultimately unsuccessful.