MicroStrategy: The Corporate Bitcoin Treasury Pioneer

MicroStrategy announced it had purchased 21,454 Bitcoin for approximately USD 250 million, becoming the first publicly traded company to adopt Bitcoin as a treasury reserve asset. CEO Michael Saylor cited declining returns from cash and a weakening US dollar as motivating factors.

MicroStrategy announced an additional Bitcoin purchase of 16,796 BTC for approximately USD 175 million, bringing total holdings to approximately 38,250 BTC. The company formalized its Bitcoin treasury strategy as its primary corporate reserve asset policy.

MicroStrategy announced a USD 650 million convertible senior notes offering, the first such debt issuance specifically to fund Bitcoin purchases. The offering set a precedent for corporate Bitcoin acquisition through capital markets and was later upsized to USD 1.05 billion.

MicroStrategy announced a convertible senior notes offering that was upsized to USD 1.05 billion to acquire additional Bitcoin. The company's Bitcoin holdings surpassed 90,000 BTC, cementing its position as the largest publicly traded corporate holder of the cryptocurrency.

MicroStrategy completed a private offering of USD 500 million in senior secured notes, using the proceeds to purchase additional Bitcoin. Total Bitcoin holdings surpassed 100,000 BTC.

Michael Saylor resigned as CEO of MicroStrategy, transitioning to executive chairman to concentrate on the company's Bitcoin acquisition strategy. President Phong Le succeeded Saylor as CEO, with Saylor continuing to lead the Bitcoin treasury initiative.

MicroStrategy was added to the Nasdaq-100 index effective December 23, 2024, reflecting its market capitalization growth driven by Bitcoin holdings. The company held 423,650 BTC worth approximately USD 42.43 billion at the time of inclusion.

MicroStrategy rebranded to Strategy Inc., adopting a new logo featuring the Bitcoin symbol. The company reported holding 471,107 BTC and launched a new corporate website at strategy.com, formalizing its identity as a Bitcoin treasury company.

Strategy was reported to own over 650,000 Bitcoin, worth approximately USD 59.69 billion, making it the largest corporate holder of the asset globally. The company had raised over USD 4 billion through perpetual securities and convertible bonds in 2025 alone.

Between late June and mid-August 2026, Strategy sold 6,916 BTC in four tranches at a weighted average near 62,200 USD, its first bitcoin sales since 2022, to fund STRC preferred dividends after share issuance became expensive. On August 31 the company resumed buying with a 4,603 BTC purchase at an average of about 80,318 USD, roughly 370 million USD, bringing holdings to 845,050 BTC. CEO Phong Le called the sale the right trade and described Strategy as a two-way capital management company, ending its reputation as a perpetual never-seller.