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Strategy, the Nasdaq-listed business intelligence firm formerly known as MicroStrategy, has reached a new milestone. On Wednesday, its stock (MSTR) closed at a record high of $455.90, pushing the company’s total market capitalization to a whopping $124.64 billion. The stock climbed more than 3% during the session, continuing a bullish streak that’s been building over recent weeks.
In the past five trading days alone, MSTR gained nearly 6%, and its value has jumped over 17% this past month. Since its initial public offering (IPO), the company’s stock has soared by an eye-watering 3,699%, thanks largely to its aggressive Bitcoin investment strategy.
Originally listed on Nasdaq in 1998 with shares priced at $12, Strategy was once a typical tech firm. During the dot-com boom in 2000, its stock briefly surged to $139 before crashing below $1 in the aftermath. For nearly two decades, the stock struggled to stay above its IPO price, often trading well below $20.
Interestingly, the company’s founder and executive chairman, Michael Saylor, wasn’t always a Bitcoin believer. In 2013, he publicly criticized Bitcoin on X (formerly Twitter), calling it a passing trend comparable to online gambling. At that time, MSTR was barely holding onto a share price of $12.42.
However, Saylor had a dramatic change of heart. In August 2020, Strategy made its first major Bitcoin purchase—21,454 BTC for $250 million. Since then, the firm has consistently increased its holdings using a dollar-cost averaging approach. Today, the company holds a staggering 601,550 BTC, currently worth about $71.4 billion.
Strategy’s total investment in Bitcoin stands at around $43.3 billion. With BTC prices surging in 2024 and 2025, this has resulted in unrealized gains of more than $28 billion. Because of this massive position, many investors treat MSTR stock as a Bitcoin proxy. When BTC rises, MSTR tends to perform even better due to both its direct crypto exposure and the premium often attached to its shares.
This unique positioning has attracted both fans and skeptics. Bulls believe Strategy is redefining corporate treasury strategy, using Bitcoin as a long-term store of value. They see MSTR as an efficient way to gain exposure to Bitcoin without directly buying crypto.
But not everyone is convinced. Some financial experts, like short-seller Jim Chanos, argue that Strategy’s model is risky. Critics point out that the company frequently issues new stock or preferred shares to raise funds—then uses that cash to buy even more Bitcoin. They worry this cycle could turn dangerous if the price of Bitcoin falls or if market conditions dry up the capital Strategy relies on.
Despite these warnings, Strategy’s performance has silenced many doubters. So far, its Bitcoin bet has returned around 65% in profits. The firm continues to ride the bullish wave, and investors seem confident in its approach—at least for now.
One reason Strategy has maintained its momentum is its consistent messaging. Michael Saylor has become one of the most vocal Bitcoin advocates in the corporate world. He regularly defends Bitcoin as “digital gold” and sees it as a hedge against inflation and traditional currency devaluation. His commitment has helped build trust among retail and institutional investors alike.
It’s also worth noting that Strategy’s Bitcoin holdings are transparent and regularly updated. Unlike many firms that hide their crypto exposure or take partial positions through ETFs or funds, Strategy holds actual BTC on its balance sheet. This direct exposure appeals to investors seeking unfiltered access to crypto gains.
As Bitcoin continues to gain mainstream acceptance—with ETFs being approved and institutional demand rising—Strategy appears well-positioned to benefit. Its bold strategy has transformed the company from a traditional software firm into a financial powerhouse.
Whether or not its model is sustainable long-term is still up for debate. But for now, Strategy has proven that high-conviction investing in Bitcoin can pay off in a big way.
