# Strategy **Strategy** (Nasdaq: MSTR), called **MicroStrategy** until its February 2025 rebrand, is a 1989 business-intelligence software company that [[Michael Saylor]] turned, from 2020 on, into a leveraged [[Bitcoin]] holding vehicle. Saylor is executive chairman and Phong Le is CEO. It is the largest corporate bitcoin holder in the world and the template for every "bitcoin treasury company" that followed. ## Holdings As of **September 28, 2026**, Strategy held **847,666 BTC**, worth about $70 billion at the time. After a brief mid-2026 sale to cover preferred-stock dividends, it went back to buying. Its stated long-term target is 1 million coins. No other public company comes close. ## The machine The model is a reflexive loop: 1. Sell securities to investors who want bitcoin exposure through a stock. 2. Use the proceeds to buy bitcoin. 3. Watch the bitcoin gains support the share price. 4. Sell more securities. The funding stack has grown more elaborate each year. It includes convertible notes, at-the-market common stock sales, and four classes of perpetual preferred shares (STRK, STRF, STRD and STRC) that Strategy markets as "digital credit." The loop only works while the stock trades at a premium to the bitcoin it holds. By late September 2026 that premium (mNAV) had narrowed to about **1.14×** on an enterprise-value basis, down from the multiples of 2024. The less room there is between the stock and the coin, the less each new share sale adds, and the more the fixed preferred dividends become a claim on the bitcoin itself. ## Why it matters here - **Policy.** Saylor is the most prominent corporate advocate of the [[Strategic Bitcoin Reserve]]. He pushed Washington to hold a large share of all bitcoin, a policy that would directly support the value of his company's holdings. - **Imitation.** [[Trump Media and Technology Group]] copied the treasury model, bringing the President's own company into the same trade. - **Concentration risk.** One company's balance sheet is now a systemic node in the crypto market. A forced seller of this size would move the market it depends on. That is why analysts watch the premium and the dividend load rather than the holdings alone. ## See also - [[Michael Saylor]] · [[Bitcoin]] · [[Strategic Bitcoin Reserve]] · [[Cryptocurrency Ecosystem]] · [[Cryptocurrency Sector]] - [[Trump Media and Technology Group]] · [[Trump Media-TAE Technologies Merger]] · [[Regulatory Capture]]