Strategy Inc. (NASDAQ:MSTR), formerly known as MicroStrategy Incorporated, is one of the most transformative companies in the modern financial landscape—evolving from a pioneering enterprise analytics firm into the largest corporate holder of Bitcoin in the world. Founded in 1989 by Michael Saylor, the company initially built its reputation as a trusted provider of business intelligence, data analytics, and cloud-based enterprise software. Its flagship platform, MicroStrategy ONE, remains a widely adopted solution across Fortune 500 companies for real-time analytics and decision-making tools. However, it is the company’s radical strategic pivot toward digital assets that has redefined its identity on Wall Street and beyond.
In 2020, at the height of macroeconomic uncertainty and rapid monetary expansion, Strategy Inc. initiated a bold financial maneuver that would change the trajectory of the company forever—becoming the first publicly traded U.S. firm to adopt Bitcoin as its primary treasury reserve asset. Under the leadership of Executive Chairman and co-founder Michael Saylor, the company began converting large portions of its balance sheet into BTC, asserting that Bitcoin offered superior long-term value preservation over cash. This move signaled a paradigm shift not just in treasury management, but in corporate finance itself, as Strategy became a benchmark for institutional Bitcoin adoption.
Since then, the company has executed a series of high-profile capital raises through equity, convertible notes, and preferred stock offerings, deploying proceeds to steadily acquire Bitcoin at scale. As of mid-2025, Strategy holds nearly 600,000 BTC—by far the largest amount held by any public or private entity. These holdings, valued in the tens of billions of dollars, have transformed the company into a powerful hybrid between a technology firm and a digital asset treasury vehicle. MSTR stock is now seen by many investors as a high-leverage proxy for Bitcoin, with its market value closely tracking the price movements of the cryptocurrency.
Despite the focus on Bitcoin, Strategy has not abandoned its software roots. The company continues to generate revenue from its enterprise analytics segment, which has shown renewed growth thanks to AI integration and cloud migration trends. This dual-business model—anchored by core software offerings and turbocharged by its Bitcoin asset base—gives Strategy a uniquely diversified operating structure that stands out among both tech stocks and digital asset plays.
In June 2025, the company announced the issuance of a $1 billion preferred share offering to further expand its Bitcoin holdings. Shortly after, it surpassed 597,000 BTC on its balance sheet, with analysts projecting that Strategy could soon exceed the 600,000 mark. While recent insider selling by top executives, including CEO Phong Le, has raised some market curiosity, the sales represent only a fraction of total holdings and have had little impact on the company’s overall trajectory. With MSTR stock up significantly year-to-date and investor sentiment strongly bullish, Strategy Inc. continues to stand at the forefront of the corporate Bitcoin movement, reshaping how companies manage capital and risk in the digital age.
Relentless Bitcoin Buying at Historic Scale
Between June 23 and June 29 2025, Strategy added another 4,980 BTC for roughly $532 million, lifting cumulative holdings to about 597,325 coins—just shy of the psychologically potent 600 K mark. At a spot price near $109,000, that stack is worth more than $64 billion, dwarfing every other public-company treasury and generating more than $21 billion in unrealized gains relative to the firm’s blended cost of roughly $71,000 per coin.² Each new allotment is disclosed in real time via 8-K filings, reinforcing a culture of transparency rare in crypto finance.

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The Capital-Markets Flywheel Keeps Spinning
Strategy’s acquisition engine is fueled by an ever-evolving mix of at-the-market share sales, convertible notes, and—most recently—a 10 percent preferred equity dubbed “Stride.” In early June 2025 the company priced 11.76 million Stride shares at $85, raising nearly $1 billion that was routed into fresh BTC within weeks. Because the preferred dividend is non-cumulative and optional, it functions more like a call on future Bitcoin appreciation than a fixed liability; analysts describe it as highly accretive to common shareholders, who capture any BTC upside after the modest cash coupon.³ This financial engineering—issuing low-cost equity to buy an historically high-return asset—creates a compounding flywheel that has no corporate precedent outside Strategy.
Parsing the Insider-Selling Headlines
SEC filings also show that CEO Phong Le sold 8,400 Class A shares on June 18, bringing one-month insider sales to roughly $13.6 million. Social-media skeptics warn of executive “exit liquidity,” yet those transactions represent a sliver of management’s overall equity exposure and a microscopic share of Strategy’s two-million-plus daily volume. Executives still control tens of thousands of shares and sizable option grants, while Michael Saylor retains voting control through his super-voting Class B stock. In other words, insiders remain massively long even after routine diversification sales.⁴
Software and AI Revenues Provide Diversified Cash Flow
Behind the Bitcoin headlines, Strategy’s legacy software arm is resurfacing as a second growth driver. Cloud-subscription revenue jumped 62 percent year-over-year in Q1 2025, powered by the launch of Strategy Mosaic and an AI-infused analytics suite that lets customers surface insights via natural-language prompts. The flagship Strategy One platform now bundles large-language-model tooling, low-code dashboard builders, and embedded data governance—all of which carry gross margins north of 80 percent. That cash flow funds operating expenses and cushions volatility in Bitcoin’s mark-to-market swings, giving Strategy a dual-engine model that pure BTC vehicles such as ETFs cannot match.⁵
A Leveraged Proxy on the Next Bitcoin Super-Cycle
Because Strategy funds a portion of its Bitcoin purchases with low-cost equity and optional preferreds, every incremental uptick in BTC price amplifies book value per share. Chart technicians point to a multi-month cup-and-handle pattern that projects into the $600 region; macro tailwinds—including spot-ETF inflows, post-halving supply compression, and rising sovereign interest—support that trajectory. Should Bitcoin revisit its stock-to-flow implied path, Strategy’s embedded leverage could translate into equity gains that outpace the underlying coin by two to three times, recreating the explosive move investors witnessed in early 2024.⁶
Conclusion: Insider Noise, Outsized Opportunity
Insider sales may generate click-worthy headlines, but they pale beside Strategy’s structural advantages: an unparalleled Bitcoin trove, a proven capital-markets machine, and a revitalized enterprise-software franchise. As BTC edges toward new all-time highs and the firm approaches the symbolic 600 K-coin milestone, MSTR remains the quintessential high-beta vehicle for believers in Bitcoin’s next super-cycle—and one of the few equities on Wall Street where traditional valuation models are still catching up to a radically new balance-sheet paradigm.
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