Strategy hits $128.4b market cap as bitcoin tops $122k

On July 16, 2025, Strategy (formerly MicroStrategy) hit a market capitalization of US$128.4 billion as bitcoin surpassed US$122,000 earlier in the week.

Its stock closed at US$455.90 per share on July 16, up 3% in the session and 174% over the past year.

In the last three months alone, shares climbed 36%, according to Nasdaq data.

Strategy is the largest corporate holder of bitcoin, owning 601,550 BTC, about 2.86% of the total supply.

As of July 14, the holdings were valued at over US$73 billion, with an average purchase price of US$71,270 per BTC.

🔗 Source: The Block

🧠 Food for thought

1️⃣ Strategy’s bitcoin treasury approach represents a radical business model innovation

Strategy (formerly MicroStrategy) has transformed from a traditional enterprise software company into primarily a bitcoin holding entity, with bitcoin now comprising 92.5% of its balance sheet 1.

The company holds 601,550 BTC valued at over $73 billion, representing 2.86% of bitcoin’s total supply, making it the largest corporate bitcoin holder by a significant margin 2, 1.

This business model shift has delivered extraordinary shareholder returns—174% in the past year according to the original article—despite traditional financial metrics showing concerning fundamentals like negative profit margins (-29.68% return on equity) 3.

Strategy’s approach of raising debt to acquire bitcoin, betting that future bitcoin appreciation will cover debt repayments, represents a significant departure from conventional corporate treasury management 3.

The company’s strategy aligns with a broader trend where 151 public firms have now integrated bitcoin into their treasury strategies as of June 2025, up from just 64 companies in 2024 4.

2️⃣ Institutional bitcoin ownership reshaping the cryptocurrency landscape

The bitcoin ownership structure has evolved dramatically, with corporations now collectively holding approximately 725,000 BTC, absorbing more than six years’ worth of new bitcoin issuance 4.

This institutional adoption extends beyond corporations to financial products, with BlackRock’s iShares Bitcoin Trust holding approximately 717,000 BTC, making it one of the largest institutional holders 5.