Strategy Reaches All-Time High Market Cap of $128.5B Following Spike in Bitcoin Purchases

Strategy Hits $128.5B Valuation as Bitcoin Bet Reshapes Company

Strategy (MSTR), the enterprise software firm turned bitcoin investment vehicle under Michael Saylor’s leadership, has reached a record $128.5 billion market capitalization, highlighting the market’s continued endorsement of its aggressive pivot into digital assets.

Once a mid-cap tech company with a sub-$2 billion valuation, Strategy now ranks as the 84th largest publicly listed firm in the U.S. The company’s multiyear transformation has been powered by large-scale bitcoin purchases and an expansive capital-raising strategy.

Since 2020, the company has nearly tripled its share count to 281.9 million, driven by a 10-for-1 stock split in August 2024 and repeated at-the-market (ATM) equity offerings. This total includes all Class A and B shares, as well as equity issued or pending from exercised options, RSUs, and convertible securities.

In October, Strategy announced a three-year $42 billion capital plan, following a $21 billion raise in Q3 2024. Most of the funds have been allocated to bitcoin, growing the company’s holdings to 601,550 BTC, now worth over $70 billion.

This strategic positioning has effectively turned Strategy into a high-leverage bitcoin proxy, blending corporate structure with crypto exposure to attract both equity and digital asset investors.

Shares currently trade at $455.90, about 15% below their November 2024 peak. Still, demand for the stock remains strong, with MSTR seen as a liquid, high-beta vehicle for tracking bitcoin’s performance in public markets.

The company’s Assumed Diluted Share Count — including potential dilution from convertibles, options, and equity awards — stands at 315.1 million, reflecting the scale of the financial leverage behind its bitcoin-first model.