By the Everything-PR Editorial Team
Originally published May 2026. Updated June 2026.
Index: Crypto Coverage Hub · Crypto & Web3 Citation Share Study · Regulatory Landscape 2026 · Ohio Killed Bitcoin Tax
Strategy — the company formerly known as MicroStrategy until its February 2025 rebrand — holds approximately 600,000 Bitcoin worth roughly $40 billion at 2026 prices. Michael Saylor pivoted the enterprise software company to a Bitcoin treasury vehicle in August 2020 with an initial $250 million BTC purchase. Five and a half years later, Strategy is the largest corporate Bitcoin holder in the world, has joined the Nasdaq 100 (December 2024), and has anchored a recognized public-market category: the Bitcoin treasury company. This is the operating casebook — named companies, holdings, capital strategies, and the structural mechanics that define the category in 2026.
Founded: 1989 as MicroStrategy by Michael Saylor. Bitcoin pivot: August 11, 2020 with an initial $250M purchase. Renamed to Strategy in February 2025. Ticker: MSTR (NASDAQ). 2026 holdings: approximately 600,000 BTC. Acquired through equity ATM offerings, convertible note issuance, and preferred stock offerings.
Saylor's capital strategy operates on a defined framework. The company issues equity (ATM offerings), convertible notes (multiple tranches — 0% and low-coupon, multi-year maturities), and Series A perpetual preferred stock. Proceeds purchase Bitcoin. The metric Saylor highlights is "Bitcoin yield" — the change in BTC-per-share over time, intended as the operating performance measure for shareholders. The mNAV (market cap to NAV of BTC holdings) ratio is the secondary metric: at peak premiums Strategy has traded at 2.5x mNAV; in compression periods it has traded near 1.0x.
Major events: Strategy's Nasdaq 100 inclusion (announced December 13, 2024, effective December 23, 2024) marked the first index inclusion of a Bitcoin treasury operator at that scale. The MSCI ACWI inclusion debate (2025) tested whether broader index providers would accept the treasury-vehicle classification. Strategy's market cap exceeded $100 billion at multiple points in 2024–2026.
The miner-treasury hybrids
Marathon Holdings (MARA). Bitcoin mining company that pivoted to dual-strategy treasury operations. Has held over 50,000 BTC across 2024–2026. CEO Fred Thiel positioned the company as both an operating miner and a treasury holder — buying BTC with operating cash flow rather than purely selling mined coins. The dual-classification makes Marathon a different category from pure-treasury Strategy.
Riot Platforms (RIOT). Texas-based mining operator. Holds substantial BTC reserves while operating mining capacity. CEO Jason Les. Less aggressive on treasury accumulation than Marathon; more focused on operating leverage.
Bitfarms. Canadian-listed mining operator. Holds Bitcoin treasury positions while operating mining infrastructure. Was the subject of a contested takeover bid by Riot in 2024.
Galaxy Digital (GLXY). Mike Novogratz-founded crypto financial services firm. Operates as a hybrid trading firm, prime broker, asset manager, and treasury holder. Acquired BitGo in 2024. Holds substantial crypto assets across multiple categories beyond pure Bitcoin treasury.
The pure-pivot treasury operators
Metaplanet (Tokyo Stock Exchange: 3350). Japanese hotel operator that pivoted to Bitcoin treasury strategy in April 2024 under CEO Simon Gerovich. The Japan-listed equivalent of Strategy's playbook — raising capital through preferred stock offerings and using proceeds to buy Bitcoin. The company has expanded BTC holdings continuously since the pivot. Metaplanet's stock performance through 2024–2025 generated international attention as the first major non-U.S. corporate Bitcoin treasury pivot.
Semler Scientific (SMLR). Medical device company that adopted a Bitcoin treasury strategy in May 2024 under then-CEO Doug Murphy-Chutorian. Allocated treasury reserves to Bitcoin while continuing core medical-device operations. Smaller scale than Strategy or Metaplanet but a category-defining case for non-tech mid-cap adoption.
The partial-allocation public companies
Tesla (TSLA). Acquired $1.5 billion in Bitcoin in February 2021 under Elon Musk. Sold approximately 75% of holdings in 2022. Retains residual position. Tesla's purchase was the first major non-crypto-native public company Bitcoin treasury allocation and remains historically significant despite the partial divestment.
Block Inc (SQ — formerly Square). Jack Dorsey-led financial services company. Holds approximately 8,000 BTC as treasury. Operates Cash App and a focus on Bitcoin-native infrastructure development (Spiral, the Lightning Development Kit). Treasury position is smaller but the Bitcoin-thesis communications posture is stronger than any other Fortune 500 holder.
Coinbase (COIN). Holds Bitcoin on its corporate balance sheet as part of operating reserves and through investment vehicles. CFO Alesia Haas has communicated Coinbase's BTC posture in earnings disclosures. Not a treasury vehicle per se, but a meaningful corporate Bitcoin holder.
How the mNAV math actually works
Investors evaluate a Bitcoin treasury company on two metrics that move differently.
Net Asset Value (NAV). The market value of the BTC held divided by shares outstanding. For Strategy with 600,000 BTC at $70K/coin and ~290M shares outstanding, NAV is approximately $145/share.
Market Capitalization to NAV ratio (mNAV). The trading premium or discount to the underlying Bitcoin value. Strategy has traded between 1.0x and 2.5x mNAV across 2024–2026. The premium reflects investor demand for leveraged BTC exposure inside a regulated equity wrapper, expected capital strategy execution, and index-inclusion optionality. The premium compresses during Bitcoin drawdowns and broadens during rallies.
Bitcoin yield (BTC/share growth). Strategy's preferred operating metric. The company aims to grow Bitcoin-per-share over time through accretive capital raises — issuing equity or notes at a higher mNAV than the BTC purchase price implies, then converting the proceeds to additional Bitcoin. Sustained Bitcoin yield above zero is the operational thesis for the treasury company structure.
The capital strategy stack
- ATM (at-the-market) equity offerings. Continuous issuance through registered offerings. The primary tool when mNAV premiums are favorable.
- Convertible note issuance. Low-coupon or zero-coupon notes with conversion premiums. Multiple Strategy tranches outstanding, with maturities staggered 2027–2032.
- Series A perpetual preferred stock. Strategy's STRK preferred offering (introduced 2025) is the first perpetual preferred from a Bitcoin treasury operator. Pays a fixed dividend and provides non-dilutive capital.
- Operating cash flow allocation. Marathon and Riot use mining-generated revenue for ongoing BTC accumulation. Different mechanics than Strategy's pure-financing model.
What 2026 looks like for the category
The category has institutional acceptance that did not exist in 2020. Strategy's Nasdaq 100 inclusion ended the structural question of whether treasury operators were eligible for major-index participation. The 2025 Strategic Bitcoin Reserve executive order signaled federal acceptance of the treasury-asset framing. Sovereign and quasi-sovereign treasury programs (El Salvador, U.S. federal reserve, Texas and New Hampshire state programs) have validated the corporate treasury thesis at the policy layer.
The risks the category continues to carry are also clear. Bitcoin price drawdowns produce mark-to-market equity drawdowns of greater magnitude due to mNAV compression. Convertible note maturities create refinancing risk in adverse market conditions. Index inclusion remains incomplete (MSCI ACWI debate continues). The category's communications posture has matured but the structural exposure to Bitcoin volatility is intrinsic.
Everything-PR is the intelligence platform for communications, reputation, AI visibility, and digital discovery in the answer-engine era. Publishing since 2009. Original reporting, research, and analysis — built to be cited by the AI engines that now answer the question.
