Formerly known as MicroStrategy, now rebranded as Strategy, has emerged as the world's largest institutional holder of Bitcoin, surprising Wall Street with its approach. As Bitcoin reaches new ATHs, let's delve into the in-depth analysis of this company that converted a traditional treasury reserve into a war chest of 528,185 BTC valued at over $35 billion.
Founded in 1989 by Michael J. Saylor and Sanju Bansal, MicroStrategy began as a company specializing in business intelligence software. For over three decades, the company built a solid reputation in data analytics and BI solutions for large enterprises.
But in 2020, a radical strategic shift changed everything. Facing rampant inflation and the devaluation of the dollar, Saylor made a decision that would forever transform his company’s DNA: converting the treasury reserves into Bitcoin.
“Bitcoin is a digital bank in cyberspace, run by an incorruptible algorithm, offering sound money to anyone on the planet looking for a safe place to store value.”
– Michael SaylorBefore its crypto metamorphosis, MicroStrategy had already experienced its share of ups and downs. Its initial public offering in 1998 on NASDAQ under the symbol MSTR was a success, but the company went through significant turbulence after the dot-com bubble burst in 2000.
This resilience in the face of crises shaped Saylor’s mindset, who always knew how to bounce back and adapt his vision to market developments. This adaptability proved crucial when the COVID-19 pandemic hit the global economy.
In August 2020, MicroStrategy announced the acquisition of 21,454 BTC for $250 million, becoming the first publicly traded company to adopt Bitcoin as its primary treasury reserve. This decision, initially perceived as risky and unconventional, transformed into a genuine strategic revolution.
Key takeaway : MicroStrategy was founded in 1989 as a business intelligence software company. In August 2020, the company initiated its Bitcoin strategy with a first purchase of $250 million. The company changed its name from MicroStrategy to Strategy in 2024, reflecting its new Bitcoin-centered identity and “strategy”.
Unlike many institutional investors who practice active trading, Saylor has adopted a pure HODL approach. Since the first purchase in 2020, Strategy has never sold a single satoshi of its Bitcoin treasure, even during severe market corrections.
This unwavering conviction is based on Saylor’s vision that Bitcoin is the best store of value ever created and is destined to become the world’s benchmark asset for preserving wealth against inflation.
To finance its massive Bitcoin acquisitions, Strategy has deployed sophisticated financial engineering using three main methods :
This multi-instrument approach has allowed Strategy to continue acquiring Bitcoin at a sustained pace, even when the cryptocurrency reached all-time highs.
As of April 1, 2025, the average acquisition price of the 528,185 BTC held by Strategy stands at $66,384.56. This figure, well above the average acquisition price of $30,252 mentioned in the original 2024 article, reflects the massive purchases made during the bull run of 2024-2025.
With Bitcoin oscillating around $87,000 in April 2025, the strategy seems to be paying off. But what would happen in the case of a prolonged bear market? That’s the question many analysts are asking.
Strategy’s hunger for Bitcoin never seems to be satisfied. In April 2025, the company announced the acquisition of an additional 22,048 BTC at an average price of $86,969, bringing its total holdings to 528,185 BTC.
This latest acquisition, made despite prices near all-time highs, demonstrates Saylor’s unwavering conviction in his accumulation strategy, regardless of market conditions.
The evolution of Strategy’s Bitcoin holdings is staggering :
| Period | Number of BTC | Estimated Value | Average Acquisition Price |
| End of 2023 | ~130,000 BTC | ~$5.5 billion | ~$29,000 |
| End of 2024 | 252,220 BTC | ~$15 billion | ~$30,252 |
| April 2025 | 528,185 BTC | ~$35.63 billion | ~$66,384.56 |
In less than a year, Strategy has more than doubled its Bitcoin holdings, taking advantage of every opportunity to raise funds and immediately convert them into BTC.
Despite growing Bitcoin adoption by institutions, no other public company can match Strategy’s frenzied acquisition pace. The closest competitors like Tesla or Block (formerly Square) hold significantly smaller amounts.
This dominance can be explained by several factors :
The transformation of MicroStrategy into Strategy illustrates a fundamental change in its business model :
| Before 2020 | In 2025 | |
| Main Source of Value | Business intelligence software | Bitcoin holding |
| Revenue | ~$500 million | ~$500 million (stable) |
| Market Capitalization | ~$3.6 billion (2018) | >$35 billion |
| Growth Strategy | Software innovation | Bitcoin acquisition |
| Investor Perception | Traditional tech company | Bitcoin investment proxy |
This metamorphosis has completely changed how investors evaluate the company, which is now primarily considered a vehicle for Bitcoin exposure rather than a software company.
MicroStrategy is primarily known for its business intelligence (BI) software, data analytics, and cloud services. Strategy currently employs 1,534 people, mainly dedicated to the development, sales, and support of its software solutions. This substantial workforce testifies to the company’s continued commitment to its original core business.
The company has managed to maintain a culture of innovation despite its strategic pivot towards Bitcoin, with teams continuing to develop advanced features for its products:
Although Bitcoin acquisition has become the most publicized aspect of Strategy, the company continues to develop and market data analytics and artificial intelligence software solutions.
MicroStrategy Analytics, the company’s flagship platform, allows organizations to:
This historical activity still generates a stable annual revenue of around $500 million, providing a regular cash flow that complements the Bitcoin strategy.
MicroStrategy Mobile is a mobile solution that offers access to analytics and reports directly on mobile devices. This application allows users to analyze reports and make important decisions, regardless of where they are :
MicroStrategy Cloud allows businesses to deploy their BI solutions on high-performance cloud infrastructure.
The advantages of this solution are :
HyperIntelligence is a revolutionary solution that offers contextual insights in real-time. This technology overlays relevant data to facilitate decision-making.
Key features include :
In the field of data analytics software, Strategy faces intense competition from several major players :
| Competitor | Strengths | Market Share |
| Tableau (Salesforce) | Intuitive interface, powerful visualizations | Growing |
| Power BI (Microsoft) | Microsoft ecosystem integration, affordable pricing | Dominant |
| Qlik | Associative platform, free exploration | Stable |
| IBM Cognos | Integrated AI, predictive analytics | Declining |
Against these giants, Strategy’s market share in the business intelligence sector has gradually eroded as the company’s focus shifted more toward its Bitcoin strategy.
MicroStrategy has shown varied financial performance over the years. Here are some important key figures from 2019 to 2023 :
| 2018 | 2020 | 2021 | 2022 | 2023 |
| Market Cap ($M) | 3,601 | 5,796 | 1,602 | 9,177 |
| Revenue ($M) | 486.3 | 510.8 | 499.3 | 496.3 |
| EBITDA Margin | – | 19.89% | 17.03% | 17.11% |
| Net Income ($M) | 34.36 | -535.5 | -1,470 | 429.1 |
| Net Margin | – | -104.84% | -294.39% | 86.47% |
| Free Cash Flow ($M) | – | 91.13 | 0.725 | 9.77 |
| FCF Margin | – | 17.84% | 0.15% | 1.97% |
| Dividend per Share | – | – | – | – |
The MSTR stock has experienced extraordinary performance, recording a staggering gain of +2,347% over the past five years. This explosion is directly linked to the appreciation of Bitcoin’s value and the company’s transformation into a crypto investment vehicle.
Currently, the stock trades around $304.64, after reaching a peak of $543 over the past 52 weeks. Its lowest point during the same period was $101, illustrating the extreme volatility associated with this stock.
A recent phenomenon has further amplified the appeal of MSTR stock: the emergence of leveraged ETFs such as MSTX and MSTU which offer 2x exposure to the stock’s performance.
These derivative products have accumulated more than $3 billion in exposure to MSTR stock, creating additional demand that contributes to its exceptional performance and volatility.
The MSTR stock has experienced marked volatility in recent months, driven by Bitcoin’s momentum and MicroStrategy’s aggressive positioning. To assess the short-term bullish or bearish potential, it’s essential to observe the key technical levels that traders are watching.
Technical analysis of MSTR stock reveals several key levels that traders are closely monitoring:
The current price of $304.64 sits in a consolidation zone after bouncing off the main support, suggesting a possible bullish recovery if Bitcoin maintains its upward trajectory.
Several technical indicators provide clues about the future direction of MSTR stock :
Technical analysts remain divided on the short-term outlook, but most agree that Bitcoin’s direction will be the determining factor for MSTR stock.
Before investing in MSTR stock, it’s essential to understand the specific risks related to its strategy and heavy exposure to Bitcoin.
The primary risk for Strategy is obvious: a prolonged drop in Bitcoin’s price below the average acquisition price of $66,384.56. In this scenario, the company would technically be “underwater” on its Bitcoin investment.
Potential consequences include :
However, Saylor’s philosophy is clear: this is an investment over decades, and short-term fluctuations do not call into question the overall strategy.
To continue acquiring Bitcoin and pay dividends on its preferred shares, Strategy has regularly issued new shares, thus diluting existing shareholders’ stakes.
This dilution represents a significant risk :
In 2024, Michael Saylor lost majority voting control due to this continuous issuance of shares, which could potentially lead to future conflicts if activist investors sought to change the company’s strategy.
The regulatory environment around cryptocurrencies remains uncertain and evolving. Unfavorable changes in regulation could negatively affect the value of the company’s Bitcoin holdings.
Regulatory risks include :
Strategy closely monitors regulatory developments and actively participates in discussions with regulators to defend the interests of institutional Bitcoin holders.
To buy MicroStrategy shares, you simply need to open an account with a stockbroker or a trading platform depending on your objectives.
Many experts recommend a DCA (Dollar Cost Averaging) approach to investing in MSTR, consisting of regularly investing small amounts rather than entering with a large amount all at once.
This strategy offers several advantages:
A typical DCA plan might involve investing a fixed amount each month, regardless of the stock price, over a period of several years. Here are two popular CFD platforms that make it easy to trade MicroStrategy stock, while adapting to different investor profiles :
These brokers can be good choices for investors looking to enter the MicroStrategy stock market.
Investors often hesitate between investing directly in MSTR or in a Bitcoin ETF. Here’s a comparison of the two approaches :
| MSTR | Bitcoin ETF | |
| Exposition au Bitcoin | Indirect with leverage | Direct and proportional |
| Fees | Brokerage fees only | Annual management fees (0.20-0.95%) |
| Tax Structure | Stock taxation | ETF taxation |
| Specific Risk | Management and strategy-related risk | Limited to Bitcoin price fluctuations |
| Premium/Discount | Can trade at a premium or discount | Closely follows Bitcoin’s price |
| Diversification | Includes software business | Pure Bitcoin exposure |
The choice between these two options depends on the investor’s risk profile, investment horizon, and conviction in Michael Saylor’s specific strategy.
The choice of intermediary primarily depends on your skills in financial markets and your performance expectations.
Michael Saylor has repeatedly stated that his Bitcoin strategy is part of a very long-term vision. He believes that Bitcoin is only in its early stages of adoption and is destined to become the world’s premier reserve asset.
According to Saylor, several factors will propel Bitcoin to new heights in the coming years :
This vision explains why Strategy continues to acquire Bitcoin even at prices near all-time highs.
If Saylor’s most optimistic predictions come true, Strategy’s value could reach astronomical levels :
| BTC Price Scenario | Value of Held BTC | Potential MSTR Valuation |
| $100,000 | ~$52.8 billion | ~$60 billion |
| $250,000 | ~$132 billion | ~$150 billion |
| $500,000 | ~$264 billion | ~$300 billion |
| $1,000,000 | ~$528 billion | ~$600 billion |
Saylor has mentioned a scenario where Bitcoin could represent up to 7% of global financial capital by 2045, which would imply a Bitcoin price well above $1 million.
MicroStrategy stock presents an interesting profile for investors who want exposure to both the technology sector and cryptocurrencies. The company’s bold strategy of investing heavily in Bitcoin can offer significant returns over the long term. But it also carries significant risks due to the volatility of the cryptocurrency market.
As an investor, it’s crucial to assess your risk tolerance and investment horizon before making a decision.
Alexandre is one of the core writers at the crypto media outlet InvestX.fr. He specializes in finance in the broadest sense and has a true passion for writing. His articles offer expert insights into investing, the stock market, and cryptocurrencies.
Because MicroStrategy holds a huge amount of BTC in its treasury: over 528,000 as of April 1, 2025. MSTR’s stock price therefore moves largely in line with the price of Bitcoin, making it an indirect crypto investment proxy.
Yes, because MSTR combines two types of risks: the volatility of Bitcoin and the volatility of its stock price. Unlike a spot ETF, MSTR is a publicly traded company that uses financial leverage to accumulate BTC, which can amplify price movements.
To date, Michael Saylor has stated that he has never sold a single satoshi since the inception of his strategy. The company’s current policy is absolute HODL, with a long-term vision that transcends traditional market cycles.
Yes, even though it’s now taking a back seat in the media spotlight. Strategy (formerly MicroStrategy) continues to operate its data analytics platform and BI solutions, which generate approximately $500 million in annual revenue.
Potentially yes, if we believe Michael Saylor’s Bitcoin thesis. But it’s also a highly volatile stock, highly exposed to crypto cycles. It’s therefore not suitable for everyone and requires a high risk tolerance.
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