Michael Saylor · Strategy · Bitcoin · Decrypt
In other words, Strategy utilizes short-term debt raises via convertible notes that allow investors to eventually cash
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This strategy has ultimately been adopted by other publicly traded companies like MARA, Metaplanet and Riot Platforms.
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. 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.