Strategy, formerly known as MicroStrategy, has shifted its business model to focus on acquiring Bitcoin for its corporate reserves. Founded in 1989 by Michael Saylor, the company initially provided business intelligence software. In 2020, it began using debt-funded strategies to accumulate Bitcoin, a move that has since been adopted by other public firms like MARA and Riot Platforms.
The company has faced financial volatility, reporting a loss of $12,4 billion for Q4 2025. To manage its debt and preferred stock obligations, Strategy implemented a Digital Credit Capital Framework in June 2026, which allows for the sale of Bitcoin. By mid-August 2026, the firm had sold 6,948 BTC to fund buybacks of its preferred stock, specifically the STRC series.
As of October 20, 2026, Strategy holds 848,517 Bitcoin, acquired for $64,02 billion at an average price of $75,446 per coin. The company maintains $4,83 billion in a dedicated reserve to cover dividends and debt interest. Recent efforts include increasing the repurchase program cap for STRC to $3 billion to stabilize its market value near the $100 par.
The company's market position faces new challenges as MSCI finalized a rule on October 15, 2026, that excludes non-operating companies dominated by a single asset from its Global Investable Market Indexes. This change is set to take effect from the close of November 30, 2026. Strategy shares traded at $144,65 on October 20, 2026.
