What is Strategy (MSTR)?

Strategy is a US public company that holds bitcoin as its primary treasury reserve asset and also runs an enterprise software business. It was called MicroStrategy until 2025 and its Class A shares trade on the Nasdaq Global Select Market under the ticker MSTR. It is the best-known example of a crypto treasury company.

What is Strategy MicroStrategy?

The company announced a rebrand from MicroStrategy to Strategy on February 5, 2025. Its legal name changed from MicroStrategy Incorporated to Strategy Inc with effect from August 11, 2025, according to its own press release. The ticker did not change. The company is based in Tysons Corner, Virginia.

What does Strategy MSTR do?

Its annual report for 2025 describes two lines of business. The first is its bitcoin treasury. The second is enterprise analytics software, sold under the Strategy One platform. The same filing lists 1,539 employees at the end of 2025.

In practice, bitcoin dominates. The 10-K says the vast bulk of the company's assets are concentrated in bitcoin, which limits diversification. That makes the shares an indirect form of bitcoin exposure, with company debt and dividend obligations added on top. This differs from a bitcoin ETF, which simply holds coins for its shareholders.

How does the MSTR bitcoin strategy work?

Strategy announced its first bitcoin purchase in August 2020. Early buying was funded largely with convertible notes and other debt. More recent purchases have been funded mainly by selling Class A common stock and preferred stock through at-the-market programs, which let the company sell shares gradually into the market.

Its weekly 8-K filings name four preferred stocks besides the MSTR common shares. They are Strike (STRK), Strife (STRF), Stride (STRD) and Stretch (STRC). The company also keeps a cash reserve. Its October 26, 2026 filing put this USD Reserve at $4.83 billion and said it is meant to support preferred dividends and interest on debt.

The 10-K says Strategy may sell bitcoin for general corporate purposes or to meet obligations, and that it might need to if the reserve ran out and new financing was not available.

How much bitcoin does Strategy hold?

Strategy reports purchases in SEC filings, usually each Monday, and lists them on its website. Its October 19, 2026 filing reported buying 267 bitcoin in the prior week, funded mostly by MSTR share sales, bringing holdings to about 848,517 bitcoin. The October 26 filing reported no purchases or sales for October 19 to 25, so the total as of October 25, 2026 stayed at about 848,517 bitcoin. That week it instead bought back some STRC preferred shares using cash.

These figures change often. For how Strategy compares with ETFs, governments and Satoshi Nakamoto, see who owns the most bitcoin.

Crypto prices are volatile, and the value of a company's holdings can fall sharply.