Six years ago, MicroStrategy, a then little-known software company, made a bold pivot by adopting Bitcoin as its primary treasury reserve asset. That decision, announced in August 2020, transformed the company into the largest corporate holder of Bitcoin. In 2025, the company rebranded to "Strategy" to reflect its new focus.
CEO Michael Saylor has been a vocal advocate for Bitcoin, and recent statements indicate that the company's commitment to the cryptocurrency remains unwavering. Despite some analysts questioning the strategy, Saylor has emphasized that Bitcoin is a superior store of value compared to traditional assets.
As of early August 2026, Strategy holds over 500,000 BTC, acquired at an average price of approximately $67,000 per coin. The company's stock has become a proxy for Bitcoin's performance, and its treasury strategy has been emulated by other firms.
However, not all analysts are convinced. Some have criticized the strategy's concentration risk and its reliance on debt financing to purchase more Bitcoin. The company has used convertible notes and other instruments to fund its acquisitions, which some see as a risky bet on Bitcoin's continued appreciation.
