Strategy Launches Bitcoin Monetization and $2 Billion Buyback Plan

Nasdaq-listed Strategy, formerly known as MicroStrategy, has treated Bitcoin as its primary reserve asset since 2020 and drawn attention for using debt financing to keep expanding its holdings. The outcome of the strategy has major implications for the company’s finances and is also viewed as a barometer of institutional cryptocurrency investment. Markets have therefore closely tracked how Strategy would withstand sharp swings in Bitcoin’s price and the threshold at which its assets could face liquidation risks.

Strategy’s CEO said in July 2026 that the company’s investment and operating strategies would remain extremely secure unless Bitcoin fell to between $8,000 and $10,000. He said the company would continue building its U.S. dollar reserves to maintain ample liquidity. Strategy’s market net asset value premium, or mNAV—the ratio of its equity value to the value of its Bitcoin holdings—currently stands at about 1.02, with investors continuing to closely monitor the security of its assets.

Strategy, formerly known as MicroStrategy and led by Executive Chairman Michael Saylor, has long accumulated Bitcoin by issuing debt and shares, becoming the world’s largest corporate holder of the cryptocurrency. Its convertible debt is closely tied to its Bitcoin treasury strategy. Buying back the notes early at a discount could reduce refinancing and equity-dilution risks at maturity, while testing whether the company can restructure its capital without selling Bitcoin.

Strategy said on May 26, 2026, that it had used about $1.38 billion in cash to repurchase $1.5 billion in face value of zero-coupon convertible senior notes due in 2029 between May 11 and May 25, representing a discount of about 8%. The funds came from cash reserves and sales of MSTR and STRC securities, with no Bitcoin sold. The transaction reduced total convertible-note principal outstanding to $6.7 billion from $8.2 billion.

Strategy, formerly known as MicroStrategy (Nasdaq: MSTR), has long raised funds through stock and debt issuance to buy Bitcoin and has become the world's largest publicly traded corporate holder of the cryptocurrency. Its asset allocation and financing capacity affect investors in MSTR common and preferred shares, while its U.S. dollar reserve is an important safeguard for the company's continued payment of preferred-stock dividends.

In the week ended July 19, 2026, Strategy raised funds by selling common stock and purchased 520 Bitcoin for about $34.9 million, bringing its total holdings to 847,363 BTC. The company also added $300 million to its U.S. dollar reserve, lifting its cash holdings to $1.4 billion to strengthen its capacity to pay preferred-stock dividends.

Strategy, formerly known as MicroStrategy, has treated Bitcoin as a core treasury asset since August 2020 and has continued adding to its holdings through equity and debt financing. The strategy, led by Michael Saylor, has made it the world’s largest publicly traded corporate holder of Bitcoin while closely tying its share price to cryptocurrency market movements.

Strategy disclosed in a Form 8-K filed on July 13, 2026, that it had raised funds through its at-the-market equity offering programs during the previous week and purchased 1,587 Bitcoin for about $100 million. The transaction increased its total holdings to 846,842 Bitcoin, with cumulative acquisition costs exceeding $64 billion.

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.