Throughout 2025, Michael Saylor's Strategy, the company formerly known as MicroStrategy, continued its aggressive bitcoin accumulation. By May it held more than 555,000 BTC, and in early December it bought over 10,000 bitcoin in a single week for close to $1 billion, largely funded through the sale of common stock and preferred equity offerings.
The strategy has turned the software firm into the largest corporate holder of bitcoin and a de facto leveraged proxy for the asset.
A high-conviction, high-risk bet
Supporters view Strategy as a pioneering treasury model; sceptics warn that funding perpetual purchases through equity and debt concentrates enormous risk on a single volatile asset. Either way, the company remains one of the most closely watched barometers of institutional bitcoin conviction.
A leveraged bet with equity holders attached
Financing bitcoin purchases through convertible debt works while the asset rises and refinancing stays open. Both conditions are cyclical.
The company has been unusually clear about its strategy, which is more than can be said for the imitators who copied the trade without the disclosure.
