- Strategy’s market cap rose to $129B as Bitcoin holdings surpassed 600,000 BTC.
- The company bought 4,225 Bitcoin last week, expanding its treasury to over $70 billion.
- Strategy has qualified for the S&P 500 index for 11 straight days, signaling potential entry.
Strategy Inc. (MSTR), the bitcoin-buying firm led by Michael Saylor, reached a market capitalization of $129 billion this week, placing it among the top 100 U.S. public companies by valuation. The company’s rise from a sub-$2 billion market cap five years ago highlights its aggressive pivot toward becoming a corporate vehicle for bitcoin exposure.
The firm’s stock closed at $455.90 on Wednesday, about 15% below its November 2024 high. Still, the price reflects continued investor interest in Strategy’s unique business model, which leverages capital markets to acquire Bitcoin. According to filings, the company has amassed 601,550 BTC, valued at over $70 billion at current market prices.
Aggressive Equity Strategy Powers Bitcoin Treasury Growth
Strategy’s financial transformation is primarily due to its equity issuance program. The shares outstanding have almost tripled since 2020 and currently stand at 281.9 million. This amount includes the shares following a 10-for-1 stock split in August 2024, ATM equity sales, and stock-based compensation.
The company launched a $42 billion capital-raising program in October 2024, following an achievement of $21 billion in the third quarter alone. These funds were mainly used to purchase additional bitcoin, which increased Strategy’s treasury position. However, it also increased the risks of exposure to the movement of the crypto market.
The firm’s assumed diluted share count, which includes convertible notes and pending equity awards, stands at 315.1 million. This capital structure supports its positioning as a leveraged bitcoin proxy in the equity markets.
Related: Strategy Holds 11th Largest U.S. Corporate Treasury With Bitcoin
S&P 500 Qualification and Institutional Recognition
According to Strive Funds’ Jeff Walton, Strategy has now marked its 11th consecutive day meeting the eligibility criteria for S&P 500 inclusion. The inclusion process typically requires sustained market cap, profitability, and liquidity metrics. Strategy’s qualification streak could lead to index addition if conditions remain favorable.
Walton, who appeared in a Financial Times documentary earlier this year, previously described Strategy as a candidate for becoming the leading publicly traded equity due to its bitcoin-focused balance sheet. He credited the firm’s long-term positioning and crypto treasury as drivers of potential outperformance.
Meanwhile, Strategy confirmed on Monday that it acquired 4,225 BTC last week for $472.5 million. The purchase came after a one-week pause in buying activity. This latest acquisition affirms the firm’s continued commitment to expanding its bitcoin holdings regardless of short-term market volatility.
The company is scheduled to release its next earnings report on August 5. Despite posting net losses for the past three quarters, Strategy has attracted institutional and retail investors drawn to its role as a high-beta asset linked to bitcoin performance.
