Strategy’s Valuation Falls Below Value of Its Bitcoin Holdings

Strategy, formerly MicroStrategy, has treated Bitcoin as its primary treasury asset since 2020 and funded further purchases through common-stock and bond issuance as well as STRC perpetual preferred stock. Its Bitcoin holdings are worth about $52 billion, making MSTR a key proxy for corporate Bitcoin exposure and putting its financing and dividend obligations under close scrutiny.

On March 22, Michael Saylor posted a purchase chart on X captioned “The Orange March Continues,” signaling that Strategy would keep buying. The company bought 17,994 Bitcoin on March 9 and another 22,337 on March 16, investing about $2.9 billion during the month. Bitcoin fell as low as $67,725 that day, below Strategy’s average cost of $75,696 and leaving its holdings with an unrealized loss of more than 10%.

MicroStrategy, now known as Strategy, has raised funds by issuing STRC perpetual preferred stock and used the proceeds to add to its Bitcoin holdings. Investors have relied primarily on dividends and the shares’ $100 par value to underpin confidence. When Bitcoin fell to about $73,000, STRC dropped below $99, raising concerns about whether the company could continue raising capital, paying dividends and maintaining its Bitcoin treasury strategy.

As of July 19, 2026, STRC had extended its decline from below $99 to $75. It had also traded at $88–$89 during the period, while its annualized dividend yield rose to about 11.5%. Strategy’s latest cash reserves were estimated to cover about 10 months of dividends, up from roughly six months previously, but the widening discount showed that retail investor confidence continued to weaken.

Strategy, formerly known as MicroStrategy, has treated bitcoin as a core treasury asset since 2020, funding continued purchases through sales of common and preferred stock. The scale of its holdings has closely tied its share price and financing capacity to bitcoin's performance. A single listed company holding about 4% of the cryptocurrency's total supply has also raised concerns about concentration risk.

Strategy said on July 20, 2026, that it had spent about $101 million to buy 1,550 bitcoin, bringing its total holdings to 845,256, or roughly 4% of bitcoin's maximum supply of 21 million. Despite an unrealized loss of about $10.5 billion, the company plans to continue raising funds through stock sales. Bitcoin's price showed no significant reaction after the announcement.

MicroStrategy, now known as Strategy and trading under the ticker MSTR, holds more bitcoin than any other publicly listed company worldwide. It has long funded its purchases through debt issuance and stock sales. The company had added to its holdings for 13 consecutive weeks since late December last year, making its activity a closely watched indicator of corporate bitcoin demand and MSTR’s share price.

Strategy appeared to make no bitcoin purchases last week and also paused stock sales, potentially ending its 13-week accumulation streak. Executive Chairman Michael Saylor did not issue his customary hint of an impending purchase and instead only reposted information about STRC preferred stock. The company currently holds about 762,099 bitcoin, and the market is watching to see whether buying resumes around its first-quarter earnings report.

Strategy, formerly known as MicroStrategy, has long financed Bitcoin purchases through debt and equity offerings, making MSTR a highly leveraged U.S.-listed proxy for cryptocurrency prices. Bitcoin’s swings affect the value of its holdings, its financing capacity and its share price. Investors are therefore watching for signs of a technical reversal despite the company’s reported loss.

Strategy posted a net loss of $12.54 billion in the first quarter of 2026, but Bitcoin’s recent recovery has prompted the market to reassess MSTR. Technical analysis indicates that the shares are forming an ascending triangle. A confirmed breakout above resistance could send the stock toward $350, implying about 80% upside, with the rally potentially lasting several months.

MicroStrategy began as a business intelligence software company before adding Bitcoin to its corporate asset allocation in 2020 and gradually transforming into Strategy, a company centered on digital asset reserves. Its model combines cash flow from its core software business with capital-markets financing, making it a key barometer of Bitcoin adoption among publicly traded companies.

As of May 2026, Strategy's Bitcoin holdings were valued at more than $66 billion, firmly establishing it as the world's largest corporate Bitcoin holder among publicly traded companies. The company continues to expand its reserves through innovative financing instruments while using AI to strengthen its software business, creating a dual-track structure built on operating cash flow and its Bitcoin strategy.

MicroStrategy, now known as Strategy, has long used its corporate balance sheet and fundraising proceeds to buy Bitcoin, making it one of the most prominent corporate holders of the cryptocurrency. The accumulation strategy led by founder Michael Saylor has closely tied the company’s share price and financing capacity to Bitcoin’s performance. Its large holdings could also affect market supply and demand and institutional investor sentiment.

In early April, Strategy spent about $1 billion to acquire 13,927 Bitcoin at an average price of roughly $71,900 each, raising its total holdings to 780,897 Bitcoin, or more than 3.7% of the cryptocurrency’s maximum supply of 21 million. The purchase was financed primarily through the issuance of STRC perpetual preferred stock. Saylor said around the same time that Bitcoin may have bottomed near $60,000.

Strategy, formerly known as MicroStrategy, has become the world's largest corporate Bitcoin holder under co-founder Michael Saylor, financing long-term purchases through debt issuance and high-dividend preferred shares. Its financial performance and stock price are therefore closely tied to cryptocurrency markets, while the size of its holdings is large enough to influence market confidence.

Strategy spent about $330 million last week to buy 4,871 Bitcoin at an average price of $67,718 each, lifting its total holdings to 766,970 BTC, or about 3.8% of the circulating supply. The company recorded a first-quarter paper loss of about $14.46 billion and still has about $5 billion in unrealized losses.

Strategy, formerly MicroStrategy (Nasdaq: MSTR), has pursued a Bitcoin treasury strategy led by co-founder Michael Saylor, steadily accumulating BTC through stock issuance and other fundraising. Its vast holdings have closely linked the company's share price to Bitcoin's performance, making it a key gauge of corporate cryptocurrency adoption.

In the week ended July 19, 2026, Strategy spent $76.6 million to buy 1,031 Bitcoin, a notably smaller purchase than in the previous two weeks. The acquisition was funded primarily through common-stock sales. The company's holdings rose to 762,099 BTC, acquired at an average cost of about $75,694 per Bitcoin.

Strategy, formerly known as MicroStrategy, added Bitcoin to its corporate balance sheet in August 2020 and has continued to finance purchases through stock and bond offerings. Its holdings rank among the largest of any publicly traded company, making the pace of its purchases and its funding methods important indicators of corporate Bitcoin adoption.

In a March 16, 2026 filing with the U.S. Securities and Exchange Commission, Strategy said it spent $1.57 billion to acquire 22,337 Bitcoin from March 9 through March 15 at an average price of $70,194. The purchases lifted its total holdings to 761,068 Bitcoin, acquired for about $57.61 billion in aggregate. The funds came primarily from an offering of STRC preferred stock.