Strategy, formerly known as MicroStrategy, marked five years since adopting a bitcoin-focused treasury strategy on August 11, 2025.

The US-based business intelligence company began accumulating bitcoin in 2020, starting with a US$250 million purchase.

Strategy has continued to add to its bitcoin holdings, most recently acquiring 155 BTC for US$18 million, bringing its total to 628,946 coins worth about US$76 billion.

This represents roughly 3% of bitcoin’s maximum supply.

The average purchase price for its bitcoin holdings is around US$74,000 per coin.

Strategy is now among the most heavily traded stocks, with a daily trading volume of US$4.4 billion and open interest in its options at US$90 billion, both ranking just behind Google.

🔗 Source: CoinDesk

🧠 Food for thought

1️⃣ Corporate reinvention through radical treasury strategy can revive stagnant businesses

MicroStrategy’s transformation demonstrates how a complete pivot in corporate strategy can resurrect a struggling company.

The firm had seen its stock fall over 95% from its peak after the early 2000s tech boom and remained stagnant for two decades before adopting Bitcoin as its primary treasury asset in 2020.

Since implementing this strategy, the company has evolved from a business intelligence firm generating $463 million in annual software revenue to the largest corporate holder of Bitcoin, with holdings valued at approximately $63 billion1.

This dramatic shift has resulted in significant stock gains since August 2020, compared to Bitcoin’s notable return over the same period.

The success illustrates how traditional companies can reimagine their value proposition when core business models reach maturity or decline.

2️⃣ First-mover advantage in emerging asset classes can create sustainable competitive moats

MicroStrategy’s early Bitcoin adoption has established a position that becomes increasingly difficult for competitors to replicate as the asset appreciates.

Recent Strategy developments