Strategy

In 2020, the business intelligence firm Microstrategy began investing in Bitcoin as a reserve asset. Since then, the company has aggressively bought up the world's largest cryptocurrency. Crypto became so central to the company that, in 2025, it changed its logo to reference Bitcoin and rebranded to Strategy, in reference to the firm's "strategy" of gobbling up digital assets.

By June 2026, Strategy held more than $53 billion in Bitcoin. Over the last five years, Strategy has seen its stock more than double—driven in part by investor excitement around its reserve strategy. And Michael Saylor, the firm's executive chairman, has become a crypto celebrity famous for his Bitcoin bullishness.

To fund its investment strategy, the company sells equity and convertible debt for cash, which it then uses to buy Bitcoin. Many other public companies have copied this playbook, but none have replicated Strategy's success. In May 2026, Saylor's firm sold 32 Bitcoin for $2.5 million, marking its first net Bitcoin sale since December 2022.