Strategy Hits $128.5B Market Cap as Bitcoin-Fueled Overhaul Gains Traction
Strategy (MSTR), the software firm turned bitcoin powerhouse under Michael Saylor’s leadership, has reached a record $128.5 billion market valuation, completing a dramatic reinvention anchored in digital asset accumulation and aggressive capital raising.
Once valued below $2 billion, the Virginia-based company now ranks as the 84th largest publicly traded firm in the U.S., thanks to a bold pivot that’s made it the most visible corporate holder of bitcoin in public markets.
Since 2020, Strategy’s outstanding shares have nearly tripled to 281.9 million, a figure reflecting its 2024 10-for-1 stock split and extensive use of at-the-market (ATM) equity offerings. This tally includes all common shares and those issued through exercised options, vested RSUs, and convertible note conversions.
In October, the company revealed a sweeping $42 billion capital plan spread over three years, following a $21 billion fundraising round in Q3 2024. Proceeds have been funneled primarily into bitcoin purchases, with Strategy now holding 601,550 BTC — worth over $70 billion — on its balance sheet.
As a result, Strategy functions less like a traditional tech company and more like a leveraged, publicly traded bitcoin vehicle, offering investors indirect exposure to the cryptocurrency through a regulated equity.
Shares are currently trading at $455.90, roughly 15% below their all-time high in November 2024, but sentiment remains bullish. Investors view MSTR as a liquid, high-beta instrument for playing bitcoin’s upside.
Factoring in all potential dilution from options, convertibles, and performance awards, the company’s Assumed Diluted Share Count stands at 315.1 million, reflecting the full scope of its financial architecture backing its crypto-first vision.
