Corporate treasuries have become a focal point for investors looking for indirect exposure to digital assets. Among these, Strategy (formerly MicroStrategy) stands out as perhaps the most ambitious — and controversial — example.
What began as a traditional enterprise-software firm pivoted dramatically when the company decided in 2020 to convert part of its cash reserves into Bitcoin. Today, Strategy’s massive holdings make it the largest publicly traded corporate owner of Bitcoin worldwide, turning its stock into a kind of “proxy” for Bitcoin investment. But exactly how much Bitcoin does Strategy own, and what does that imply for shareholders and the broader crypto market?
Strategy's Journey: From Software to Bitcoin Treasury
Founded in 1989, MicroStrategy originally built its business on enterprise software and business-intelligence tools. The shift toward Bitcoin began in 2020, when the company used cash reserves to buy its first allotment of BTC. The move was driven by concerns over cash devaluation and macroeconomic uncertainty.
Rather than gradually divesting during price swings, Strategy doubled down. Over time, the company raised capital through equity offerings, debt instruments, and preferred stock to fund additional BTC purchases — embracing a long-term accumulation strategy.
Bitcoin Holdings
According to the most recent public disclosures, Strategy holds approximately 649,870 BTC. This haul is valued at an estimated $61.7 billion. Put another way, that amount of Bitcoin represents just over 3% of the maximum supply of 21 million BTC — a staggering share for a single publicly traded company.
Top Bitcoin treasury companies (Source: BitcoinTreasueries.NET)
The company’s most recent major acquisition was executed in mid-November 2025, and added 8,178 BTC, reportedly purchased at an average price near $102,171 per coin.
What the Holdings Reveal: Strategy's Role in the Crypto Ecosystem
Strategy’s massive Bitcoin reserve is part of a much broader shift. Some public companies are behaving less like traditional businesses and more like institutional Bitcoin treasuries. Because of their size and the methods used to finance purchases, companies like Strategy effectively offer investors “wrapped” exposure to Bitcoin without requiring them to directly manage wallets or interact with exchanges.
By treating BTC as the core of its balance sheet rather than a speculative asset, Strategy turned its stock into a high-beta play on Bitcoin itself. This approach can yield huge upside when Bitcoin rallies — but also substantial downside if BTC’s value dips.
Strategy all-time stock price (Source: Google Finance)
For the broader crypto market, Strategy’s accumulation reinforces the idea that Bitcoin is no longer just for retail traders: it’s increasingly embraced by major corporations looking for long-term value preservation.
Conclusion
To answer the question: as of November 2025, Strategy (formerly MicroStrategy) owns about 649,870 BTC, making it the largest publicly traded corporate Bitcoin holder. With a book-value cost of roughly $48.4 billion, Strategy has effectively changed itself from enterprise-software vendor to “Bitcoin treasury company.” That transformation is important — not just for the firm itself, but also for the changing role of corporations in the crypto ecosystem.
