Michael Saylor’s Strategy Inc. (MSTR) has surged to a record $128.5 billion market capitalization, climbing into the top 100 publicly traded U.S. companies as its bitcoin-focused transformation hits full stride.
From a sub-$2 billion valuation just five years ago, the Virginia-based company has rebranded itself from a software firm into a high-leverage bitcoin proxy, fueled by aggressive equity raises and a bold treasury strategy.
Key Highlights
- Market Cap: $128.5B, now ranked 84th among U.S. public companies
- Treasury Holdings: 601,550 BTC, valued at over $70B
- Equity Issuance: Shares outstanding nearly tripled since 2020
- Stock Price: Closed at $455.90, just 15% shy of its all-time high
- Assumed Diluted Shares: 315.1M (includes all options, RSUs, and convertibles)
Bitcoin-Fueled Growth Strategy
Strategy’s meteoric rise is tied to its aggressive accumulation of bitcoin, positioning it as the most prominent corporate holder of BTC. Since 2020, the company has raised tens of billions through at-the-market (ATM) equity offerings and fixed-income instruments, channeling that capital almost exclusively into bitcoin purchases.
🔹 In October 2024, the company unveiled a $42 billion, three-year capital raise plan, following a $21 billion round in Q3 of the same year.
🔹 These funds have enabled Strategy to build a $70B+ bitcoin treasury, effectively transforming MSTR into a leveraged, publicly traded bitcoin ETF alternative with equity characteristics.
Stock Split & Shareholder Sentiment
The company executed a 10-for-1 stock split in August 2024, significantly increasing retail access and trading liquidity. Despite the tripling of share count — now 281.9 million shares outstanding — investors continue to back the strategy.
MSTR shares are viewed as a high-beta proxy for bitcoin, offering amplified exposure to BTC’s price action, and remain a popular vehicle among institutional and retail investors seeking liquid bitcoin exposure.
Outlook: Bitcoin First, Software Second
While still technically a software company, Strategy’s core identity has shifted entirely to digital assets. Executive Chairman Michael Saylor has consistently framed bitcoin as the company’s treasury reserve and long-term wealth preservation tool.
With BTC currently trading above $118,000, and macro trends favoring digital assets, Strategy’s conviction bet appears to be paying off — massively.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.