What Is Strategy (MSTR)? The Bitcoin Treasury Company
In brief Formerly software firm MicroStrategy, Strategy transitioned to a Bitcoin treasury company model after adopting BTC as its primary reserve asset at the behest of co-founder and chair Michael Saylor Strategy has sold 6,948 BTC for roughly $432.5 million since May, abandoning its "never sell Bitcoin" stance in favour of a goal to "never be a net seller." It now holds two separate pools of dollars alongside its Bitcoin: a USD Reserve ring-fenced for dividends and interest, and an unrestricted USD Cash account that can be spent on anything, including buying more Bitcoin. Today, Strategy is one of the most important institutions in cryptocurrency, but it didn't start out that way.
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Key Facts
- Fact 1: In brief Formerly software firm MicroStrategy, Strategy transitioned to a Bitcoin treasury company model after adopting BTC as its primary reserve asset at the behest of co-founder and chair Michael Saylor Strategy has sold 6,948 BTC for roughly $432.5 million since May, abandoning its "never sell Bitcoin" stance in favour of a goal to "never be a net seller." It now holds two separate pools of dollars alongside its Bitcoin: a USD Reserve ring-fenced for dividends and interest, and an unrestricted USD Cash account that can be spent on anything, including buying more Bitcoin.
- Fact 2: Founded in 1989 by Michael Saylor, Strategy went public on the NASDAQ in 1998 as MSTR.
- Fact 3: Two years later, Saylor and two other top executives had to settle a case with the SEC, which alleged the company had "materially overstated revenues and earnings from the sales of software and information services." After a brief spike in 2000, MSTR traded in a tight range for two decades, only moving upwards at the end of 2020—the same year it announced its first Bitcoin purchase.
- Fact 4: Until early 2025, Saylor's company operated as MicroStrategy—but dropped the "Micro" in February that year.
In brief Formerly software firm MicroStrategy, Strategy transitioned to a Bitcoin treasury company model after adopting BTC as its primary reserve asset at the behest of co-founder and chair Michael Saylor Strategy has sold 6,948 BTC for roughly $432.5 million since May, abandoning its "never sell Bitcoin" stance in favour of a goal to "never be a net seller." It now holds two separate pools of dollars alongside its Bitcoin: a USD Reserve ring-fenced for dividends and interest, and an unrestricted USD Cash account that can be spent on anything, including buying more Bitcoin. Today, Strategy is one of the most important institutions in cryptocurrency, but it didn't start out that way.
Originally called MicroStrategy, the company co-founded by Michael Saylor—one of the most influential figures in the world of Bitcoin—first made its mark in software. Now it's best known for its aggressive strategy of acquiring Bitcoin for its corporate reserves, with Saylor becoming a figurehead for institutional adoption of the asset. What is Strategy?
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