Strategy, formerly known as MicroStrategy, holds approximately 845,050 BTC, which represents more than 4% of the total Bitcoin supply. Under the leadership of CEO Phong Le since 2022, the company has shifted from a simple buy-and-hold strategy to creating a complex capital structure using traditional financial instruments.
The company offers equity, preferred stock, and other securities, including STRC variable-rate perpetual preferred shares, to provide Bitcoin-linked returns. This approach allows investors to gain exposure to the asset without needing a digital wallet or a cryptocurrency exchange account.
Phong Le aims to provide Bitcoin access to 8 billion people by using these securities as a bridge between traditional capital markets and the crypto economy. He envisions Strategy as the 'JPMorgan of the crypto economy,' focusing on delivering shareholder returns that exceed Bitcoin's own performance.
The firm's financial decisions are based on the cost of capital rather than spot price movements. For example, in the summer of 2026, Strategy sold about 7,000 BTC at prices between $60,000 and $65,000 to cover dividend obligations, and later purchased 4,603 BTC at an average price of approximately $80,318.