What is Strategy (formerly MicroStrategy)?

Few stocks can outperform Bitcoin (BTC) over an extended period of time. Yet, one company has provided more return over the past five years. Between Jun 18, 2020 and Jun 18, 2025, Strategy (MSTR) has returned 2,960%, while BTC has returned 1,006%. Previously MicroStrategy, Strategy was once a business intelligence firm that transformed itself into the largest corporate holder of Bitcoin, with 529,000 BTC in its treasury. 

In this article, we’ll look at Strategy to see how its founder, Michael Saylor, turned the company into the largest institutional Bitcoin holder — and how it’s inspired numerous global firms to adopt the corporate Bitcoin treasury strategy.

Key Takeaways:

• Strategy has transformed itself into a Bitcoin-focused company with over 529,000 BTC on its balance sheet.

• It raises capital through innovative financing tools, such as STRK and STRD, to expand its Bitcoin holdings without diluting common equity.

• While its Bitcoin-centric strategy has delivered major gains, this design also exposes the company to downside risk during Bitcoin bear markets.