An American company, formerly a middling software firm called MicroStrategy, that became the world's largest corporate owner of bitcoin. Founded by Michael Saylor. The firm began borrowing to buy bitcoin in 2020 and ramped up purchases from 2024, doing little else thereafter. By late 2025 it owned 650,000 bitcoin, or 3% of the total stock.
To fund its buying spree, Strategy issued equity, convertible bonds and preferred stock with meaty dividends. With few other sources of revenue, it owes $800m a year in dividends and debt-interest payments. Its share price rose by almost 600% from the start of 2024 to July 2025, outpacing a rise of under 200% for bitcoin itself.
By December 2025 bitcoin's price had fallen by a quarter from its early-October peak, and Strategy's share price dropped by more than 40%. Its market capitalisation of $54bn fell below the value of its holdings. In January 2026 the firm risked being cut from indices issued by MSCI. Its convertible debt starts to mature in 2027, and its lack of alternative income may force it to sell bitcoin. Saylor reversed a long-held promise never to sell the company's holdings. If it were to sell a sizeable chunk, it could swamp market liquidity: according to Kaiko, a research firm, less than $600m in buy and sell orders sit on all exchanges at any one time. By February 2026 the share price had dropped by almost 70% from its July 2025 peak.
The world is moving so fast these days that the man who says it can't be done is generally interrupted by someone doing it.