Strategy Inc. has solidified its position as a major financial player, with its Bitcoin holdings now valued at approximately $80 billion. This places the company's treasury among the top five largest in the United States, rivaling the cash reserves of established technology giants like Google and Microsoft, according to recent company data and regulatory filings.
Key Takeaways
- Strategy's Bitcoin treasury is valued at approximately $80 billion, ranking it fifth among U.S. corporate treasuries.
- The company holds 640,031 BTC, acquired at an average price of $73,983 per coin.
- In the third quarter of 2025, Strategy reported an unrealized gain of $3.9 billion on its digital assets.
- The company maintains access to nearly $64 billion in potential capital through various at-the-market (ATM) equity programs.
A Digital Treasury Among Corporate Giants
Strategy Inc. (NASDAQ: MSTR) has successfully executed a corporate strategy that positions its digital asset holdings in the same league as the cash treasuries of some of the world's largest corporations. A chart released by the company illustrates this achievement, comparing its Bitcoin reserves to the cash and short-term investments held by leading U.S. firms.
According to the data, only four companies hold larger total treasuries: Berkshire Hathaway, Amazon, Google, and Microsoft. This means Strategy's $80 billion Bitcoin position surpasses the liquid reserves of major technology and manufacturing players, including NVIDIA, Apple, Meta, and Tesla. This comparison highlights the scale of Strategy's commitment to Bitcoin as its primary treasury reserve asset.
A Pioneering Corporate Strategy
Most large corporations hold their treasury reserves in highly liquid, low-risk assets like cash, cash equivalents, and short-term government securities. Strategy's decision to use Bitcoin as its main reserve asset was a departure from traditional corporate finance. The company's current treasury valuation demonstrates the financial impact of this unconventional approach, especially during periods of Bitcoin price appreciation.
Detailed Look at Bitcoin Holdings and Performance
Regulatory filings provide a clear picture of Strategy's digital asset portfolio. A Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) confirms the company's holdings and recent performance.
Asset Valuation and Cost Basis
As of October 5, 2025, Strategy held a total of 640,031 BTC. The company reported that it made no additional Bitcoin purchases between September 29 and October 5. The average purchase price for its entire holding stands at $73,983 per BTC.
While the broader market valuation places the treasury around $80 billion, the filing noted a total fair value of $47.35 billion for the holdings on that specific date. This discrepancy often relates to different valuation methods and timing.
For accounting purposes, the company's balance sheet listed the carrying value of its digital assets at $73.21 billion as of September 30, 2025.
Strong Third-Quarter Gains
The third quarter of 2025 proved to be highly profitable for Strategy's Bitcoin strategy. The company recorded a fair value appreciation of $3.9 billion for the quarter. This represents one of the largest unrealized quarterly gains in the company's history, driven by a sustained rally in Bitcoin's market price during that period.
These gains also bring significant accounting considerations. Strategy reported a deferred tax expense of $1.12 billion for the quarter, reflecting the tax implications tied to the increased value of its digital assets. The total deferred-tax liability associated with its holdings was $7.43 billion.
Capital Raising and Financial Framework
To fund its ongoing Bitcoin acquisition strategy, Strategy has established several at-the-market (ATM) equity programs. These programs allow the company to issue and sell shares over time to raise capital efficiently. The combined potential capital from these programs totals approximately $63.9 billion.
The company has several classes of stock available for potential issuance, highlighting a flexible and multi-faceted approach to funding.
Breakdown of Equity Programs
The potential capital is structured across various types of preferred and common stock:
- $21 billion in Class A common stock (MSTR)
- $21 billion in 8% Series A Perpetual Strike Preferred Stock (STRK)
- $4.2 billion in 10% Series A Perpetual Stride Preferred Stock (STRD)
- $4.2 billion in Variable Rate Series A Perpetual Stretch Preferred Stock (STRC)
- $2.1 billion in 10% Series A Perpetual Strife Preferred Stock (STRF)
In its latest filing, Strategy confirmed that no new shares were issued during the reporting period. The company noted that any proceeds from future sales would be presented net of commissions. This extensive financial framework provides Strategy with substantial capacity to acquire more Bitcoin should it choose to do so.
Oversight and Market Position
Strategy's financial disclosures are prepared internally and reviewed by its independent registered public accounting firm, KPMG LLP, ensuring compliance and transparency. The company's unwavering commitment to its Bitcoin-centric treasury model has made it a closely watched name in both the technology and financial sectors.
"Strategy’s unwavering commitment to Bitcoin as its core corporate reserve asset is reaffirmed by these figures."
As Bitcoin's market value continues to fluctuate, Strategy's financial performance remains closely linked to the digital asset's price. The company's ability to maintain a treasury valuation competitive with some of the largest U.S. corporations marks a significant milestone for a firm whose primary reserves are composed of a digital asset rather than traditional cash.
