21 BTCStrategy (MSTR)
Strategy, formerly MicroStrategy, is a US software company that turned itself into the largest corporate holder of bitcoin. It has been buying since August 2020, funded mostly by selling shares and bonds.
The bitcoin strategy
In August 2020 the company announced it would hold bitcoin as its primary treasury reserve asset and bought 21,454 BTC for $250 million. It kept buying through every market since, financing purchases with convertible notes, at-the-market share sales and several classes of preferred stock. The company renamed itself Strategy in February 2025.
The infobox uses the latest total from bitcointreasuries.net and the average cost from Strategy's own ledger. Every purchase, and the sales flagged in the ledger, are listed on the Saylor page.
Why it matters
Strategy's stock trades as a leveraged proxy for bitcoin, and its playbook was copied by dozens of “bitcoin treasury companies” worldwide, including Metaplanet in Japan. Analysts watch mNAV, the ratio of the company's market value to the value of its bitcoin.
See also
- Michael SaylorMichael Saylor is the co-founder and executive chairman of Strategy (formerly MicroStrategy), the company that holds more bitcoin than any other. Since 2020 he has been bitcoin's loudest corporate advocate, known for his quotes and memes.
- MetaplanetMetaplanet is a Tokyo-listed Japanese company that keeps its reserves in bitcoin, often called “Asia's Strategy”. Its goal is to own 210,000 BTC, 1% of all bitcoin, by the end of 2027.
- Spot bitcoin ETFA spot bitcoin ETF is a fund traded on a stock exchange that holds real bitcoin. It lets people get bitcoin price exposure through an ordinary brokerage account, without holding keys themselves.
- Twenty One CapitalTwenty One Capital (XXI) is a public company from United States that holds bitcoin on its balance sheet: number 3 among public companies by holdings.
- MARA Holdings, Inc.MARA Holdings, Inc. (MARA) is a public company from United States that holds bitcoin on its balance sheet: number 4 among public companies by holdings.
References
- Strategy: bitcoin purchases ledger strategy.com
- bitcointreasuries.net: Strategy bitcointreasuries.net