Strategy has gone from less than 2 billion to a record high of 128.5 billion in just five years, becoming the 84th largest publicly traded company in the US. Quite an achievement for a company that was almost forgotten… until Michael Saylor bet big on Bitcoin.
Today, Strategy is no longer a software company. It’s a crypto-focused holding, now the planet’s largest institutional holder.
En 2020, c’était une petite boîte de logiciels. En 2025, c’est l’un des géants de Wall Street
Since 2020, Strategy has raised massive amounts of cash to buy Bitcoin. Their latest funding plan of $42 billion over three years includes a mix of stocks and debts, on top of the $21 billion raised in Q3 2024. As a result, the company now holds 601,550 BTC valued at over $70 billion at current rates. A bold, risky… but successful strategy. At this point, MSTR almost operates like a leveraged Bitcoin ETF, except it’s a publicly traded company with a star CEO.
Explosion of shares
To finance their purchases, Strategy has been ramping up share issuances. Since 2020, the number of shares has nearly tripled to 281.9 million, including classes A and B, direct sales through ATM programs, as well as RSUs and convertible bonds already exercised. In August 2024, the company also conducted a 10-for-1 stock split, making it more accessible to small investors while increasing liquidity. If all dilutive instruments were converted, the total number of shares would rise to 315.1 million. Massive dilution, but the markets still buy into Saylor’s long-term vision.
MSTR, the market’s preferred proxy to play Bitcoin
MSTR shares currently trade at $455.90, 15% below its November 2024 ATH. However, institutional investors continue to see it as a liquid and highly volatile proxy to Bitcoin, without directly touching cryptocurrencies. This unique position, combined with an outspoken ‘bitcoin maximalist’ strategy, allows Strategy to ride the market frenzy while crushing traditional asset management models.
A transformation that inspires or worries?
The meteoric rise of Strategy both fascinates and divides. Some view it as a model for a new generation of publicly traded companies, able to align with digital assets. Others criticize its ultra-risky management, totally dependent on Bitcoin cycles. One thing is certain: Michael Saylor has placed Strategy among the most closely watched companies on Wall Street. And as long as Bitcoin continues to climb, he’s not stopping there.
