Strategy

Strategy is the largest corporate Bitcoin holder in the world and the company that turned a software business into a Bitcoin treasury operation under Michael Saylor. The position now exceeds 600,000 BTC, and the company’s financing decisions have become a significant force in the crypto market on their own. The coverage here tracks what matters: Bitcoin purchase announcements and the cadence of treasury accumulation, convertible note issuances and the financing structure that funds the buying, the STRC, STRK, and other preferred share products that gave Strategy a permanent capital base, NAV premium and discount dynamics that shape whether new issuance is accretive, the quarterly earnings where Bitcoin gains and losses now overshadow the legacy software business, and Saylor’s public statements on quantum threats, digital credit, and Bitcoin’s role in corporate finance. Strategy’s playbook reshaped how public companies think about treasury allocation. Metaplanet copied it in Japan. Smaller imitators followed in Europe and Asia. Coingo covers the buying activity, the financing decisions, the legal disputes, the analyst debates over whether the model survives a serious BTC drawdown, and the policy implications as the company’s holdings approach a meaningful share of total Bitcoin supply.