Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Strategy Inc.’s Bitcoin treasury has surged to a record $77.4 billion, a valuation that now surpasses the market capitalization of several major banks and rivals the gross domestic product of some nations. This milestone comes as Bitcoin recently returned to the $120,000 level, reflecting the firm’s aggressive accumulation strategy.
Strategy’s Growing Holdings
The digital asset treasury firm, led by Michael Saylor, now holds 640,031 BTC, which accounts for 3.2% of Bitcoin’s total circulating supply. Saylor noted that the firm’s journey began with an initial investment of $0.25 billion in Bitcoin, incurring an immediate $0.04 billion unrealized loss, a stark contrast to its current valuation which is nearly double its worth in early 2024.
This record valuation follows Strategy’s strategic acquisition of 11,085 BTC over the past seven weeks. The firm’s most recent purchase involved 196 BTC on Monday.
Market Comparisons and Impact
Strategy’s Bitcoin stash is now worth more than the market capitalization of several prominent financial institutions, including BNY Mellon, Sberbank, US Bancorp, CIBC, ING, Barclays, Deutsche Bank, ANZ Bank, and Lloyds. Furthermore, the value of its holdings is comparable to the entire annual economic output of countries such as Uruguay, Sri Lanka, and Slovenia.
Corporate and National Bitcoin Treasuries
While Strategy dominates the corporate Bitcoin treasury space, El Salvador holds the largest nation-state Bitcoin treasury with 6,338 BTC, valued at approximately $762.5 million. This figure is slightly below its mid-August all-time high valuation of nearly $770 million.
Globally, public and private companies collectively hold 1.32 million BTC, equivalent to 6.6% of the total supply, with a total worth of approximately $159 billion. Strategy alone accounts for a significant 48% of the total Bitcoin held by around 266 public and private companies.
Key Takeaways
Strategy’s substantial Bitcoin holdings underscore a growing trend among corporations to integrate digital assets into their treasuries, with the firm maintaining a dominant position in this evolving landscape.
