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Strategy’s stock and treasury moves have grabbed fresh attention after the company’s executive chairman compared the firm’s returns to those of the so-called Magnificent 7 tech giants. Short and blunt: Strategy has leaned hard into Bitcoin, and recent numbers make a striking case.

Strategy’s Bitcoin Haul And Returns

According to posts by Michael Saylor, Strategy now holds about 638,460 BTC following a purchase of 1,955 BTC at an average price near 111,196. The company has spent roughly $47 billion, fees included, to build that stack at an average buy price of $73,880.

Based on reports, the current value of those holdings is about $71 billion. Those figures sit at the center of Saylor’s argument that his firm’s balance sheet strategy has paid off in ways typical tech plays have not.

Open Interest And Market Cap Comparison

Saylor also shared a chart that matched open interest against market capitalization. Strategy topped that metric at 100%, while Tesla registered 26%. The rest of the Magnificent 7 — Nvidia, Meta, Alphabet, Apple, Amazon, and Microsoft — came in well below Strategy’s reading.

According to his post, this comparison underpins the claim that Strategy’s market dynamics tied to Bitcoin have outpaced many heavyweight tech names.

What’s your Strategy to beat the Magnificent 7? pic.twitter.com/wywaAij3Rs

— Michael Saylor (@saylor) September 13, 2025

Magnificent 7 Face Headwinds

Based on reports, each of those big tech firms is dealing with different pressures. Apple and Microsoft face tougher regulatory checks.

Amazon is seeing slower consumer demand. Tesla must contend with rising competition in electric vehicles. Nvidia remains a strong performer because of AI chip demand, but even Nvidia’s run this year has not matched its earlier explosive gains.

Annualized returns presented by Saylor put Strategy at 91%, Nvidia at 72%, Tesla at 32%, Alphabet at 26%, and Meta at 23%. Microsoft, Apple, and Amazon showed significantly lower annualized gains in that comparison.

Other Firms Are Buying Bitcoin Too

Reports have disclosed that about 12 companies upped their Bitcoin holdings last week, led by Strategy’s 1,955 BTC purchase. Gemini added 1,191 BTC and Bitdeer took on 333.5 BTC.

Companies from Japan’s Metaplanet to China’s Cango and the US firm Volcon also added coins. According to BitcoinTreasuries.NET, the 100 largest public holders now control 1,009,202 BTC, which is valued at more than $117 billion today.

Bitcoin Could Be The Answer

“What’s your Strategy to beat the Magnificent 7?” Saylor asked on X, hinting that Bitcoin—and his company’s bold treasury bet—may offer the answer.

Whether investors see it as a challenge or a warning depends on how they weigh Bitcoin exposure against traditional tech growth.

Featured image from Unsplash, chart from TradingView

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Key takeaways:

• Michael Saylor transformed MicroStrategy from a business intelligence firm into the world’s largest corporate Bitcoin holder.

• Saylor’s conviction redefined corporate strategy, turning volatility into opportunity through long-term, dollar-cost averaging purchases.

• His approach set the standard for institutional Bitcoin adoption despite concerns over dilution and debt.

• Saylor’s playbook highlights research, perseverance, risk control and long-term thinking in Bitcoin investing.

Saylor’s Bitcoin awakening

In August 2020, Michael Saylor transformed from a technology executive into a symbol of corporate crypto adoption.

Saylor, long known as the co-founder and head of enterprise-software firm Strategy (previously MicroStrategy), made his first bold move into cryptocurrencies by allocating $250 million of the company’s cash to purchase Bitcoin (BTC). 

He cited a weakening dollar and long-term inflation risks as the underlying reasons behind this strategic move. Incidentally, it marked the largest acquisition of Bitcoin by a publicly traded company at that time and set a new precedent.

Within months, Strategy expanded its holdings: $175 million more in September, $50 million in December and a $650-million convertible-note issuance, bringing Bitcoin holdings over $1 billion. 

He recognized Bitcoin as “capital preservation,” comparing it to “Manhattan in cyberspace,” a scarce, indestructible asset.

The move drew both praise and criticism. Skeptics called it reckless, while supporters saw it as a bold innovation at a time when few dared to put Bitcoin on a company’s balance sheet. For Saylor, though, it wasn’t a gamble. It was a calculated hedge against monetary uncertainty and a signal that digital assets would reshape capital strategy.

Did you know? In 2013, Saylor tweeted that Bitcoin’s days were numbered, predicting it would “go the way of online gambling.” That post resurfaced in 2020, right as he pivoted Strategy into the biggest Bitcoin holder among public companies. He has since referred to it as the “most costly tweet in history.”

Saylor’s Bitcoin expansion

From that initial entry point, Saylor doubled and tripled down on his belief in Bitcoin. He applied structured finance tools to scale holdings and shape Strategy into a “Bitcoin treasury company.”

It all started during the July 2020 earnings calls when Saylor announced his plan to explore alternative assets, such as Bitcoin and gold, instead of holding cash. He put the plan into motion with quarterly Bitcoin buys that rapidly scaled holdings to tens of thousands of coins at a favorable cost basis.

By early 2021, Saylor had borrowed over $2 billion to expand his Bitcoin position, an aggressive posture powered by conviction, not speculation. He articulated a vision of long-term ownership by saying that Strategy will hold its Bitcoin investment for at least 100 years.

Despite Bitcoin’s extreme volatility, soaring to $64,000 from $11,000 in 2021 and then plunging to near $16,000 by the end of 2022, Saylor remained unwavering. In support of the claim that Bitcoin is the apex of monetary structure, his team used dollar-cost averaging to take advantage of price dips to increase holdings.

Saylor’s strategy worked: His company’s stock surged, often outperforming Bitcoin itself. By late 2024, Strategy’s stock had gained multiples of S&P 500 returns, and the business became viewed less as a software firm and more as a leveraged crypto proxy.

Saylor’s Bitcoin financing

Saylor’s obsession evolved from a bold entry to dominating corporate demand for Bitcoin, shifting market dynamics through sheer scale. By early 2025, Strategy held over 2% of Bitcoin’s total fixed supply, roughly half a million BTC.

Year-to-date, Strategy acquired more than 150,000 BTC at average prices near $94,000, putting its holdings’ market value above $50 billion.

These massive allocations exert structural pressure on Bitcoin’s finite supply, and corporations now compete for scarce coins. Saylor set a benchmark that other firms began to follow. In the first five months of 2025 alone, institutional and corporate Bitcoin purchases surpassed $25 billion.

This scale shifted Strategy’s identity: Software revenue was dwarfed by Bitcoin’s impact on valuation. The equity-raising strategy, issuing stock and debt to fund purchases, was scrutinized as a recursion: If Bitcoin fell, debt could strain the company; if stock was diluted too much, investor confidence could wane.

In June 2025, Strategy added 10,100 BTC via a $1.05-billion purchase, having spent nearly $42 billion on Bitcoin overall. The company’s model was now replicable, but not without increasing systemic risk.

Saylor’s transformation from tech CEO to crypto-treasury architect made him a polarizing figure and inspired imitators. His aggressive playbook reframed not just Strategy’s valuation but the broader institutional adoption narrative.

Did you know? Saylor disclosed that prior to converting company assets into Bitcoin, he had used his own funds to buy 17,732 BTC, which at the time was valued at almost $175 million. This gave him enough conviction to push for Strategy’s corporate allocation.

What’s next for Saylor and Bitcoin?

Saylor has shown no signs of slowing down. Strategy continues to double down on Bitcoin, even financing new purchases through convertible debt and other creative instruments. With halving cycles tightening supply and institutional interest accelerating, Saylor positions Bitcoin not just as a store of value but as a corporate treasury standard.

Looking ahead, the main questions are whether more businesses will follow Strategy’s example, how corporate adoption will be influenced by regulatory frameworks and whether Bitcoin’s function will be limited to balance sheets or extend to other areas of the financial system. If Saylor’s theory is correct, he might not only be known as a bold CEO but also as one of the key players who revolutionized business financing in relation to Bitcoin.

What can you learn from Saylor’s Bitcoin obsession?

Saylor’s journey is unique, but there are practical lessons anyone exploring Bitcoin can take from his approach:

• Do your research before committing: Before making an investment, Saylor studied the fundamentals of Bitcoin for months. For novices, this means avoiding hype and beginning with reputable sources, white papers and competent analysis.

• Think long term: Saylor has no intention of making a quick profit. For individuals, this translates into only investing what you can hold through volatility rather than trying to time the market.

• Risk management matters: Strategy took a hazardous but audacious step by borrowing money to purchase Bitcoin. Retail investors ought to exercise greater caution, refrain from taking on excessive debt and maintain cryptocurrency as a portion of a larger portfolio.

• Have conviction, but stay flexible: Throughout the years, Saylor methodically planned his purchases, but he also doubled down on Bitcoin even during downturns. For beginners, dollar-cost averaging may become a useful strategy.

• Separate personal belief from company strategy: Not everyone has a corporation to back Bitcoin bets. Saylor blended personal holdings and Strategy’s treasury. For individuals, it’s better to clearly separate personal savings from speculative investments.

Even if you don’t have Saylor’s fortune, you can still use some of his strategies to better navigate Bitcoin, such as doing your own research and being patient and disciplined.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Michael Saylor’s Strategy missed out on inclusion in the S&P 500 this Friday, sending MSTR tumbling almost 3% despite meeting every published criterion. Unexpectedly, commission-free trading app Robinhood was included, sending its stock soaring by 7%, and exposing how discretionary and secretive the selection process really is.

The SPX is run by a ‘secret committee’

The S&P 500 is often seen as the gold standard of U.S. corporate prestige, a club that companies fight hard to join.

Strategy comfortably checked all the boxes: strong market cap, liquidity, and four consecutive quarters of positive earnings. Many investors expected the company’s Bitcoin-heavy balance sheet (now over 636,000 BTC) would finally land it a coveted spot.

But as Boomberg ETF analyst Eric Balchunas pointed out on X, meeting the criteria isn’t enough:

“Why wasn’t $MSTR allowed into the S&P 500 Index despite meeting all the criteria? Because the ‘Committee’ said no. You have to realize SPX is essentially an active fund run by a secret committee.”

This “Committee” is not public. Its members are senior analysts from S&P Dow Jones Indices, but their identities are withheld to avoid lobbying and outside influence. The reality is that even after meeting strict metrics, final entry is a matter of human discretion, not a rules-based process. The Bitcoin Therapist said it best:

“Reminder that a company that literally sells a shitcoin called ‘Fartcoin’ with a treasury of 11,776 BTC was included in the S&P 500 but Strategy, a Bitcoin only company with a treasury of 636,505 BTC and the largest fixed income IPOs of the year was not included.”

Strategy is the largest corporate Bitcoin holder and has become a proxy for BTC exposure on U.S. financial markets. Its omission has sparked frustration among crypto advocates and traditional investors alike, who believe old-guard prejudice is still alive and well inside the committee room.

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Why was Strategy blocked?

There is no published reasoning for S&P 500 exclusions, just as Tesla saw unexplained delays years before its own eventual inclusion. As Eric Balchunas posted:

“Would be interesting to see a list of all the stocks that were delayed entrance to SPX by The Committee, I know it would include some real studs, eg Microsoft, Tesla. Would be interesting to see a basket of those stocks vs SPX itself historically.’

Strategy’s unique reliance on Bitcoin for corporate treasury and market value is unprecedented. Traditional committee members may be wary of this new type of public equity.

Moreover, volatility concerns persist. MSTR moves with Bitcoin, which exposes the index to greater swings than most conventional stocks.

Strategy’s exclusion means S&P 500 index funds won’t be forced to buy its shares, limiting automatic passive flows and keeping BTC exposure out of the default retirement portfolios of millions.

The case lifts the veil on the S&P 500’s true nature, which is more actively curated than most investors realize, and far less transparent than its reputation suggests.

Mentioned in this article

Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), has dismissed concerns that the firm holds too much Bitcoin.

In an Aug. 1 interview with CNBC, Saylor argued that owning 3% to 7% of the total Bitcoin supply is not excessive. Instead, he called it a balanced position that allows other institutions and individuals to participate.

Saylor also highlighted the growing interest from public companies. He said more than 160 firms now hold Bitcoin on their balance sheets, a sharp rise from about 60 last year. This growth, he added, is not limited to the US but includes firms across Europe and Asia.

According to him:

“The Bitcoin treasury movement is exploding, companies like MetaPlanet (Japan), Capital B (France), and Smarter Web (UK) are joining in.”

Strategy is currently the largest corporate holder of Bitcoin, holding over 628,000 BTC, valued at $72 billion. Based on data from Bitcoin Treasuries, this represents approximately 3% of Bitcoin’s total supply and more than half of all Bitcoin held by public companies.

Digital credit backed by Bitcoin

Beyond buying Bitcoin, Saylor pointed out that Strategy also creates financial products around the flagship digital asset.

According to him, the company is building a financial ecosystem around the asset by issuing credit instruments backed by its Bitcoin treasury. Depending on their risk appetite, these products offer different ways for investors to gain exposure.

For context, the firm’s latest offering, a preferred equity called Stretch, is a way to issue digital credit backed by digital capital. The product targets investors seeking monthly income, capital protection, and less exposure to market swings.

According to Saylor, the offering delivers a 9% annual dividend, a figure he contrasts with the average 4% yield in money markets. He claimed that such yields are made possible by Bitcoin’s long-term appreciation potential, which he estimates at 30% annually over the next two decades.

Saylor also highlighted Strike as another offering designed to attract investors to the sector.

He pointed out that the company offers products like Strike for more risk-managed returns, while adding that:

“Strike gives you 80% of the upside, 20% in a structured dividend, and principal protection. It’s for investors used to hedge funds or the S&P.”

Moreover, Saylor described Bitcoin as “a digital commodity with 50% volatility and a 50-year duration.” For investors seeking amplified exposure, Strategy’s equity offers “2x Bitcoin,” a structure attractive to derivatives traders.

Mentioned in this article

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Strategy’s co-founder, Michael Saylor, has again displayed his company’s Bitcoin portfolio tracker, highlighting the current value of its BTC holdings. This comes amid plans to raise up to $2.5 billion through a stock offering for more BTC purchases. 

Michael Saylor Showcases Strategy’s Bitcoin Holdings

In an X post, Michael Saylor shared an image of the company’s Bitcoin portfolio tracker, which showed that its 607,770 BTC holdings were currently worth around $71.8 billion. Saylor captioned the post, saying, “It all began with a quarter billion in bitcoin.” This refers to the amount the company initially invested to initiate this Bitcoin Strategy. 

Michael Saylor’s Strategy began buying Bitcoin in August 2020, when they first bought 21,454 BTC worth $250 million. Since then, the company has continued to make massive purchases, bringing its total holdings to 607,770 BTC, which it acquired for a total of $43.61 billion at an average price of $71,756 per BTC. Its latest purchase came between July 14 and 20, when it bought 6,220 BTC. 

Thanks to the Bitcoin price appreciation since Strategy began buying BTC, the company now boasts an unrealized gain of around $30 billion on its holdings. It is also worth noting that Michael Saylor’s company is the largest BTC treasury company. The company is well ahead of the other BTC treasury companies, with second-place MARA Holdings holding 50,000 BTC. 

Meanwhile, Michael Saylor’s post again hints that the company likely made another purchase in the week ending July 27. A BTC purchase announcement has most times followed his posts on the portfolio tracker. As such, there is the likelihood that the company will announce another Bitcoin purchase today, which it made between July 21 and 27. 

Strategy To Raise $2.5 Billion To Buy More BTC

Michael Saylor’s Strategy has also announced plans to raise up to $2.5 billion for more Bitcoin purchases. In a press release, the company revealed that it has upsized its STRC IPO from $500 million to $2.5 billion. The company plans to offer 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock at a public offering price of $90 per share. 

Strategy plans to issue and sell these STRC shares by July 29. As such, it is unlikely that the latest BTC purchase was made with proceeds from the offering. The company estimates that the net proceeds from the offering will be around $2.474 billion. It also confirmed that the net proceeds will be used for the acquisition of BTC. It is worth noting that Michael Saylor and his company have sold mainly MSTR shares to fund their last two Bitcoin purchases. 

At the time of writing, the Bitcoin price is trading at around $119,500, up in the last 24 hours, according to data from CoinMarketCap.

Featured image from Pixabay, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

As Bitcoin’s price passed $120,000 on July 13, Arkham, a blockchain analytics firm, estimated Nakamoto’s known holdings, about 1.096 million BTC
BTC


$121,747.09

That would place them just above Dell Technologies founder Michael Dell, who has an estimated net worth of $125.1 billion.

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Despite this, Nakamoto’s name is not included on Forbes’ official billionaire list. The reason is that Forbes only includes assets that are publicly confirmed, like stocks or company shares. Bitcoin stored in private wallets, even in large amounts, is not counted.

According to market data from Nansen, Bitcoin needs to rise much further for Nakamoto to reach the top of the wealth list. Analysts estimate Bitcoin would have to climb to around $370,000, a gain of more than 200%, for Nakamoto to overtake current leaders if their wealth remains unchanged.

On June 2, Eric Balchunas, an analyst at Bloomberg, shared in a post on X that if Bitcoin continues to grow at about 50% per year, Nakamoto could become the second-richest person by 2026.

He also noted that Nakamoto’s decision not to spend any of their Bitcoin is unusual and drew a comparison to Vanguard founder Jack Bogle, who left behind a relatively modest fortune despite his major influence on investing.

Meanwhile, Canadian rapper Drake included a Bitcoin reference in his latest song, “What Did I Miss?”. What do the lyrics say? Read the full story.

Strategy co-founder Michael Saylor signaled that Strategy would resume Bitcoin (BTC) buying on Monday after the company took a week-long hiatus from accumulating the digital asset.

“Some weeks, you don’t just HODL,” the executive wrote on Sunday. The company skipped buying BTC last week but announced a $4.2 billion capital raise. Before the break, Strategy racked up 12 consecutive weeks of BTC accumulation.

Strategy’s most recent BTC buy occurred on June 30, when the company bought 4,980 BTC for $532 million, bringing its total holdings to 597,325 BTC, valued at over $70.9 billion.

Shares of the company are trading hands at about $434 and are up over 16% this month, but still trail the all-time high of $543 per share hit in November 2024.

Bitcoin treasury companies are now major players in the Bitcoin market, scooping up BTC at a faster rate than it is mined. This demand could cause a supply shock and drive prices higher, though some analysts warn that debt-fueled institutional BTC buying is unsustainable and could trigger a systemic market downturn.

Related: Strategy set to post $13B Bitcoin gains, but revenue stalls

Bitcoin treasury companies outstripping newly-mined supply

Bitcoin treasury companies bought 159,107 BTC in Q2, led by Strategy, which is the largest corporate holder of BTC, according to BitcoinTreasuries.

There are currently 3.5 million BTC held in institutional treasuries, which include public companies, private enterprises, crypto firms, government organizations, pension funds, and asset managers, data from the site shows.

In April, Adam Livingston, the author of  “The Great Harvest: AI, Labor, and the Bitcoin Lifeline,” said that Strategy is “synthetically halving” Bitcoin through the rapid accumulation of the digital currency.

Miners collectively produce around 450 BTC per day, or about 13,500 BTC per month, while Strategy accumulated 379,800 BTC in six months, according to Livingston.

“Strategy has accumulated 379,800 in the past 182 days. That’s 2,087 BTC per day — far outpacing the miners,” Livingston wrote, while forecasting the Bitcoin treasury company to become the “financial superpower” of the future.

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