MicroStrategy Incorporated announced that its total Bitcoin holdings surpassed 500,000 BTC by late February 2026, making the Virginia-based software company the largest corporate holder of the cryptocurrency by a wide margin. At a Bitcoin price of approximately $66,000, the treasury is valued at roughly $33 billion.
How the Company Accumulated Bitcoin
MicroStrategy began purchasing Bitcoin in August 2020 under the direction of then-CEO Michael Saylor, who remains the company's executive chairman. The initial purchase was 21,454 BTC for approximately $250 million. The company has since made dozens of additional purchases, funded through a combination of corporate cash, debt issuances, and at-the-market stock offerings.
The company's average purchase price across all acquisitions stands at approximately $35,000 per coin, meaning the treasury is currently showing an unrealised profit of roughly $15.5 billion. For the current MSTR stock price, visit Yahoo Finance.
Stock Performance
MSTR shares have become a de facto leveraged bet on Bitcoin's price. The stock traded at approximately $340 in late February 2026, up from $140 a year earlier. The company's market capitalisation of approximately $75 billion is more than double the value of its Bitcoin holdings, reflecting what analysts describe as a "Bitcoin premium" that investors are willing to pay for the company's unique treasury strategy.
This premium has attracted both supporters and critics. Proponents argue that MicroStrategy provides regulated, stock-market-accessible exposure to Bitcoin without the operational complexity of managing wallets and private keys. Critics note that the premium could evaporate rapidly during a Bitcoin downturn, and that the company's core software business generates limited revenue relative to its market capitalisation.
The Funding Strategy
MicroStrategy has raised capital through several mechanisms to fund its purchases. The company has issued convertible notes with a total face value exceeding $7 billion, typically at low or zero-coupon interest rates. It has also sold shares directly through at-the-market offerings, diluting existing shareholders but increasing the total Bitcoin held per share when Bitcoin prices are rising.
This strategy carries risks. If Bitcoin prices were to decline significantly, the company could face margin-related pressure on its convertible debt and a declining stock price that makes further equity raises less attractive. The company itself has acknowledged this risk in its regulatory filings with the US Securities and Exchange Commission.
Other Corporate Bitcoin Holders
While MicroStrategy holds more Bitcoin than any other public company, it is not alone. Tesla holds approximately 9,720 BTC, though it sold a portion of its holdings in 2022. Marathon Digital, the Bitcoin mining company, holds approximately 46,000 BTC. Block (formerly Square, founded by Jack Dorsey) holds approximately 8,027 BTC on its balance sheet.
The launch of spot Bitcoin ETFs in the United States in January 2024 has provided an alternative route for institutional investment. Funds such as the BlackRock iShares Bitcoin Trust (IBIT) now hold more than 550,000 BTC in aggregate, though these are held on behalf of fund investors rather than on a single corporate balance sheet. For Bitcoin spot price data, visit CoinMarketCap.