Michael Saylor · Strategy · Bitcoin · U.S. Treasury · Decrypt
Today, Strategy is one of the most important institutions in cryptocurrency, but it didn’t start out that way
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Now, however, it’s best known for its aggressive strategy of acquiring Bitcoin for its corporate reserves, with Saylor becoming a figurehead for the institutional adoption of the asset.
Key facts
- In March 2026, Bitcoin mining firm MARA Holdings sold 28% of its Bitcoin holdings, around 15,000 BTC, raising around $1.1 billion to repurchase part of its convertible debt
- In May 2026, the firm used 61% of its cash buffer to repurchase $1.5 billion in convertible notes
- Similar to the concerns raised about the drop in MSTR, a more than 4.5% drop from the $100 par value of STRC in June 2026 led others to show skepticism in the firm’s ability to maneuver cleanly
- As of June 2026, it holds nearly 843,706 Bitcoin, worth around $53.53 billion—making it the largest Bitcoin treasury among publicly traded companies
Summary
Formerly software firm MicroStrategy, Strategy has transitioned to a Bitcoin treasury company model after adopting BTC as its primary reserve asset. Under co-founder and chair Michael Saylor, Strategy embarked on an aggressive Bitcoin buying spree for its corporate treasury. In June 2026, Strategy revealed that it had sold 32 BTC, in a pivot from its “never sell Bitcoin” stance. Today, Strategy is one of the most important institutions in cryptocurrency, but it didn’t start out that way.