Strategy (MicroStrategy)
MSTR#1Acquisition History
Treasury Metrics
Growth in BTC per diluted share during 2026, as last reported by the company. It measures how effective the accumulation strategy is.
What is Strategy (MicroStrategy)?
Strategy (formerly MicroStrategy) is the world's largest corporate Bitcoin treasury, with more than 800,000 BTC on its balance sheet. Founded in 1989 as a business-intelligence software company, it adopted Bitcoin as its primary reserve asset on August 11, 2020 under Michael Saylor's leadership and became the global reference for the treasury-first model.
History and model
Strategy was founded in 1989 by Michael Saylor in Tysons Corner, Virginia, as a business-intelligence software company, listed on Nasdaq since 1998. For three decades it operated as an enterprise-software firm unrelated to crypto-assets. The strategic shift came in August 2020, when Saylor announced the first purchase of 21,454 BTC for $250 million, with the stated goal of protecting the treasury from the monetary debasement driven by massive post-pandemic stimulus. In February 2025 the company rebranded to Strategy, formalising that its core business had moved from software to systematic Bitcoin accumulation. Phong Le serves as CEO and Saylor as Executive Chairman after stepping down from the executive role in 2022.
Bitcoin strategy
Strategy applies a continuous accumulation model with no window or target price: it buys Bitcoin in every market environment with whatever capital it can raise, assuming any entry point will be below the long-term future price. The primary management metric is Bitcoin per Share: each capital raise aims to increase the BTC/share ratio even if it dilutes in absolute terms. The company publishes BTC Yield quarterly, a proprietary metric measuring how much BTC per share it has added over a period. In 2025 it also introduced perpetual preferred shares (STRK, STRF, STRH, STRC) as a way to capture fixed-income demand without diluting the common stock.
Financing vehicles
Strategy has pioneered the financial engineering of the treasury-first model and keeps four active financing channels: convertible bond issuance (the original model, used intensively between 2020 and 2024), an ATM (At-The-Market) programme selling MSTR common stock at multiples over mNAV, perpetual preferred shares (STRK with an 8% dividend, STRF, STRH, STRC) that capture institutional fixed-income capital without diluting equity, and the selective sale of high-cost-basis Bitcoin to use tax credits and fund dividends without touching the common stock. This last mechanism, announced in May 2026 during the quarterly earnings call, marked a doctrinal shift from the original "we don't sell Bitcoin" mantra.
Position on SatsIntel
Strategy is the reference treasury of the SatsIntel directory and the first case to study for any investor interested in the treasury-first category. Its size concentrates a significant share of the Bitcoin held by listed companies. Strategy's mNAV acts as a thermometer of the market's appetite for leveraged BTC exposure: when MSTR trades at a high premium over its treasury value, it signals euphoria; when it falls toward multiples near 1×, it marks consolidation. The editorial pillar "Bitcoin treasury companies: complete list 2026" places Strategy in context against the emerging players (Twenty One Capital, Metaplanet) and the miners with BTC on the balance sheet (MARA, RIOT, CleanSpark).
Frequently asked questions
How many bitcoins does Strategy (MicroStrategy) hold?
Strategy holds more than 800,000 BTC on its balance sheet, making it the world's largest corporate Bitcoin treasury, ahead of any other listed company and the main spot ETFs. The exact figure updates after each purchase and appears in the live KPIs on its SatsIntel profile.
When did Strategy start buying Bitcoin?
Strategy acquired its first 21,454 BTC on August 11, 2020 for $250 million, in what was then the largest Bitcoin purchase ever made by a listed company. Michael Saylor, founder and CEO at the time, justified it as a hedge against the monetary debasement caused by pandemic stimulus. Since then the company has maintained continuous accumulation with no significant pauses.
How does Strategy finance its Bitcoin purchases?
Strategy combines four channels: convertible bond issuance (the original 2020-2024 model), an ATM programme selling MSTR common stock at multiples over mNAV, perpetual preferred shares (STRK, STRF, STRH, STRC) launched in 2025 that capture institutional fixed-income capital, and occasional sale of high-cost-basis Bitcoin to use tax credits without touching the common stock. Each operation aims to increase Bitcoin per Share even if it dilutes in absolute terms.
What is Strategy's mNAV?
mNAV (market Net Asset Value) is the metric that measures how many times the market values a listed company's Bitcoin treasury. It's calculated as market cap divided by the dollar value of the BTC on the balance sheet. An mNAV of 2× means the market pays double for Bitcoin exposure through the stock versus buying BTC spot. Strategy's mNAV updates live on its SatsIntel profile and in the /en/mnav calculator.
What's the difference between Strategy and a spot Bitcoin ETF?
A spot ETF (IBIT, FBTC, GBTC) tracks the price of Bitcoin with an annual fee and custodies the asset directly. Strategy, by contrast, is an operating company that uses Bitcoin as a strategic reserve and applies financial engineering (convertible debt, preferreds, ATM) to increase Bitcoin per Share. This introduces leverage, corporate risk and a premium/discount to the net treasury value — advantages and disadvantages versus the ETF depending on the investor's profile. SatsIntel covers both categories separately.
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Fixed Income Instruments Issued
Preferreds, bonds and ETFs linked to Strategy (MicroStrategy)'s treasury
Strike
8%
annual
Strife
10%
annual
Stretch
11.5%
annual
Stride
10%
annual
Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.