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.
When bitcoin's price slumped in late 2025, Strategy's market capitalisation of $54bn fell below the value of its holdings, and the share price plunged from its mid-2025 peak. The firm risked being cut from MSCI indices. Its convertible debt starts to mature in 2027, and its lack of alternative income may force it to sell bitcoin. Mr 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.
The English have no respect for their language, and will not teach their children to speak it.